Saving money in Nigeria has become easier, but turning those savings into wealth remains harder. Rank, a Nigerian integrated financial services and wealth management platform, wants to close that gap by pooling people’s savings so they can access investments and financial services that may be out of reach individually.
Its model is simple: combine small savings into larger pools of capital that can invest in assets and opportunities typically available to wealthier investors. The pitch comes as formal saving grows in Nigeria, with 38% of adults—69% of those with a transactional account—saving formally, according to Enhancing Financial Innovation & Access (EFInA)’s 2023 survey.
Rank sees saving as only the first step. By pooling its users’ money, it creates larger pools of capital that can access investments that may be out of reach for individuals. The company does this through financial communities that pool contributions, create scale, and give members access to investments, credit, and other financial services.
“Rank is a wealth management company, and what we are trying to do is change what wealth management is for young people,” Femi Iromini, CEO and co-founder, told TechCabal in an interview.
Originally published by TechCabal.