Moni, the leading digital community lending and savings platform by Rank Capital, on Wednesday announced a major update to its flagship fixed deposit product, Reserve, raising interest rates to up to 23% per annum.

As Nigeria’s benchmark interest rates and inflation numbers remain high, Moni’s new rates offer a high-yield alternative for savers looking for better returns on their capital.

Founded in 2020 by Femi Iromini and Dapo Sobayo, Moni provides financing to small business owners by using their membership of rotational savings groups embedded within their respective trade associations. This community-driven model has been
extremely successful.

“We found a strong correlation between loan repayments and community participation. In 2023, we disbursed nearly ₦67 billion in loans to over 20,000 small business owners, achieving a 96% repayment rate, thanks to our partnerships with trade associations”
explains Femi.

As these businesses grew, their owners looked for a high yield savings account that catered to the dynamics of their businesses and their ambitions of building a home, paying their children’s university tuition, and opening new locations for their businesses.

“We expanded our offerings to include a savings product that catered to how small business owners saved. As the product gained traction, it became clear that we could offer the same value to retail customers.” Iromini added.

Touching on Moni’s commitment to ensuring the safe return of capital to its customers, Femi added “For us, return of capital is always greater than return on capital.”

Beyond its digital financial platform, Moni hosts a series of financial education webinars like the Love and Money series – designed to help couples navigate their financial futures together.