Nigerian fintech Rank has launched three new community-powered financial products designed to digitise traditional savings groups and expand access to affordable financing for individuals, workers and small businesses.
The company unveiled Money Circles, Tribe and Rank Perks, positioning the products as digital solutions that modernise Africa’s long-standing community savings systems while addressing the financing challenges faced by underserved entrepreneurs and employees.
The launch follows Rank’s acquisition of AjoMoney and Zazzau Microfinance Bank, now operating as Rank Microfinance Bank, giving the company a banking licence and strengthening its expansion into savings, payments and wealth management. According to Rank, it has processed more than $100 million in payouts to users across its communities over the past year.
Money Circles digitises rotating savings groups such as ajo and esusu, while Tribe enables families, friends, cooperatives and other communities to manage shared finances digitally. Rank Perks extends these services into the workplace by allowing employers to offer salary-backed credit and workplace savings circles with automated payroll deductions.
The launch comes as fintechs continue developing new approaches to improve financial inclusion in Nigeria, where access to formal financing remains limited for many micro, small and medium-sized enterprises.
