Nigerian fintech firm Rank has launched three community driven financial products aimed at expanding access to affordable capital by digitising traditional savings groups. The new offerings, Money Circles, Tribe and Rank Perks, were introduced in Nigeria to help individuals, workers and small businesses manage savings and access credit through trusted community networks.
The company said the products are designed to address the country’s financing gap, where only four per cent of micro, small and medium sized enterprises have access to formal bank loans. Money Circles digitises traditional rotating savings schemes, while Tribe enables families, friends and cooperatives to manage shared finances. Rank Perks allows employers to offer salary backed loans and workplace savings circles.
Chief Executive Officer and Co founder of Rank, Femi Iromini, said the platform modernises Africa’s long standing communal financial practices by combining technology with stronger security and trust mechanisms. He added that the company has disbursed over 100 million dollars to users in various communities over the past year.
The launch follows Rank’s acquisition of AjoMoney and Zazzau Microfinance Bank, now renamed Rank Microfinance Bank, as it expands beyond lending into savings, payments and wealth management. The company will compete with digital finance platforms such as PiggyVest and Cowrywise by focusing on community based financial solutions rather than individual savings alone.