Circles – Frequently Asked Questions (FAQ)

Circles – Frequently Asked Questions (FAQ)

What is Circles?

Circles is a structured digital savings product on the Rank app that brings the traditional Nigerian rotating savings model, commonly known as ajo or esusu, into a secure and convenient digital experience.

It allows you to save together through a structured contribution and payout cycle without the need to create, manage, or find a savings group themselves. Rank manages the process, including member verification, contributions, payouts, and risk controls, providing a safer and more reliable way to save.

How does Circles work?

Circles works through a scheduled contribution and payout cycle.

When joining a Circle, members select:

  • Their preferred contribution amount
  • Contribution frequency (daily, weekly, or monthly)
  • Savings duration
  • Preferred payout slot
  • Payment method.
  • After reviewing and accepting the terms and conditions, members can start contributing towards their savings goal.

How do I join a Circle?

To join a Circle:

  1. Select your preferred Circle plan.
  2. Choose your contribution amount and frequency.
  3. Select your preferred payout slot.
  4. Link your payment method.
  5. Review your details and accept the terms and conditions.
  6. Start making contributions according to your selected schedule.

How do contributions work?

Members make contributions based on their selected frequency:

  • Daily
  • Weekly
  • Monthly

Automated contributions begin from the 25th of each month to ensure members stay consistent with their savings commitments.

When will I receive my payout?

Your payout will be processed based on your selected payout slot. Payouts are scheduled for the last day of the month

Do I need to create or find a group before joining Circles?

No. Unlike traditional ajo or esusu arrangements, you do not need to find, organize, or manage a group yourself.

Rank handles the structure, member verification, contribution tracking, payout process, and security measures to provide a seamless savings experience.

How is Circles different from traditional ajo or esusu?

Circles combine the discipline and benefits of traditional rotating savings with the convenience and security of a digital platform.

With Circles:

  • You do not need to find trusted group members.
  • Contributions and payouts are managed digitally.
  • Your savings activity is tracked transparently.
  • The process is structured and supported by Rank.

Why should I use Circles?

Circles help you build a consistent savings habit while enjoying the benefits of a structured savings community without the challenges of managing a traditional savings group.

It is a safer, simpler, and more flexible way to save using the familiar concept of ajo—reimagined for the digital age.

Do I need to find other people to join a Circle?

No. You do not need to create, invite, or manage your own savings group. Rank manages the Circle structure, member verification, contribution schedules, and payout process to provide a seamless savings experience.

What happens if another member defaults?

Your payout is supported by Rank’s verification, affordability assessment, collection processes, and risk management controls. Members are not required to personally follow up with or recover payments from other participants.

What happens if I miss a contribution?

Members have a grace period from the 1st to the 5th day of the month to complete any missed contribution. After the grace period, applicable penalties and recovery processes may be initiated in line with the Circle terms and conditions.

When will I receive my payout?

Payouts are processed on the 5th day of your scheduled payout month and credited directly to your Rank Wallet.

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