Rank launches community finance products to expand access to capital

As I sit in a crowded bus in Lagos, I watch as a group of women in their mid-30s exchange envelopes and smile at each other, clearly relieved that they've made it through another month of contributing to their ajo, a traditional rotating savings and credit association. This is a scene that has played out for generations in Nigeria, where communal financial structures have been the backbone of community wealth-building. Now, with the launch of community-powered financial products by Rank, a Nigerian fintech formerly known as Moni, this tradition is taking on a modern spin.

Rank has unveiled three community-powered financial products, including Money Circles, a digital version of rotating savings groups that allows individuals and small businesses to save and borrow collectively. This is a direct response to the persistent financing gap in Nigeria, where only 4% of micro, small and medium-sized enterprises (MSMEs) have access to formal bank loans. By digitising community-based finance, Rank is betting that it can widen access to capital for entrepreneurs and workers who remain underserved by traditional lenders. The company has paid out over $100 million to users across various communities in the past year, evidence of the popularity of these traditional communal financial structures.

Tribe is Rank's second product, aimed at existing communities such as families, friends, colleagues, and cooperatives. It enables groups to manage rotating contributions and shared financial goals in one place, while tracking every contribution and payout in real time. This product is designed to bring collective finance into the modern age, making it easier for communities to manage their finances and achieve their goals. With Tribe, Rank is leveraging technology to solve the structural trust issues that have long plagued communal financial structures.

Rank Perks, the third product launched by the company, extends financial access into payroll. It allows employers to offer their staff salary-backed credit and company-wide savings circles, with repayments made directly from employees' salaries. This move marks a significant shift for Rank, which has previously focused on credit. With Rank Perks, the company is now pushing into savings, payments, and wealth management products centred on collective finance.

According to Femi Iromini, CEO and co-founder of Rank, the launch of these community-powered financial products represents a major step forward in bringing trusted traditions into the modern age. "We are layering cutting-edge technology, solving structural trust issues, and turning collective financial habits into a modern, institutional-grade engine for generational wealth," he says. With these words, Iromini's vision for Rank becomes clear: to harness the power of community finance to build wealth and create opportunities for Nigerians who have long been excluded from traditional financial systems.

• Rank has launched three community-powered financial products: Money Circles, Tribe, and Rank Perks.
• Only 4% of micro, small and medium-sized enterprises (MSMEs) in Nigeria have access to formal bank loans.
• Rank has paid out over $100 million to users across various communities in the past year.
• Femi Iromini, CEO and co-founder of Rank, believes that digitising community-based finance can widen access to capital for entrepreneurs and workers in Nigeria.

As I reflect on the launch of Rank's community-powered financial products, I am struck by the potential for technology to transform traditional communal financial structures. With Money Circles, Tribe, and Rank Perks, Rank is bringing a new level of sophistication and reliability to community finance, making it easier for Nigerians to build wealth and achieve their financial goals. Whether these products will succeed in bridging the financing gap in Nigeria remains to be seen, but one thing is clear: Rank is taking a bold step forward in harnessing the power of community finance to create a more inclusive and prosperous financial system.