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The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic.

Economic growth in Africa, overall, in 2023 was 3.2 per cent, according to the IMF — lower than in Asia, which grew at nearly 5 per cent. Given the African continent’s fast population expansion, this underperformance is even starker in per capita terms. Rather than closing the gap with wealthier regions, on aggregate, Africa is falling further behind.

“It’s very difficult to sell an El Dorado story in Africa,” says Stéphane Bacquaert, managing partner at Adenia, a private equity firm specialising in Africa.

Yet the FT-Statista list, he says, reveals the type of companies that, even in hard times, have managed to grow.

Africa’s Fastest Growing Companies 2024
RankCompany nameBrandCountrySectorAbsolute growth rate (%)Compound annual growth rate (CAGR, %)Revenues 2022 ($mn)Revenues 2019 ($mn)Number of employees 2022Number of employees 2019Founding year
1Omniretail Inc.OmniRetailNigeriaE-commerce66,294.88772.39139.880.25896112019
2Kyosk DigitalKyosk.AppMauritiusE-commerce41,644.81647.37155.350.37202202019
3Resourgenix Pty Ltd.ResourgenixSouth AfricaEmployment Services26,441.42542.6533.620.149152019
4Moniepoint Inc.MoniepointNigeriaFintech, Financial Services & Insurance7,979.35332.31148.661.849621112015
5Afex Commodities Exchange Ltd.AfexNigeriaFintech, Financial Services & Insurance5,733.12287.82415.548.38391592014
6Chari.CoChariMoroccoE-commerce4,107.31247.86.310.15187102019
7Enara GroupEnaraEgyptEnergy & Utilities3,265.65222.874.310.153632018
8Yellow Digital Retailers Ltd.YellowMauritiusEnergy & Utilities2,892.22210.4528.770.9685172018
9Kentegra Biotechnology Epz Ltd.Kentegra BiotechnologyKenyaHealthcare & Life Sciences2,333.05189.773.760.15194422017
10HearX Group Pty Ltd.HearX GroupSouth AfricaHealthcare & Life Sciences2,056.82178.3612.280.57172422016
11AfricaWorksAfricaworksMauritiusReal estate1,847.88169.067.450.3877122017
12Mycredit Investments Ltd.FairMoneyNigeriaFintech, Financial Services & Insurance1,719.13163142.939.25542452017
13Agro Supply Ltd.Agro SupplyUgandaAgriculture, Forestry & Fishing1,466.77150.232.290.151242017
14Lapaire Glasses Côte D’Ivoire S.A.R.L.LapaireIvory CoastHealthcare & Life Sciences1,344.04143.523.420.24323242018
15Deimos Cloud Pty Ltd.Deimos CloudSouth AfricaIT & Software1,196.11134.915.231.3382242018
16Alpha Morgan Capital Managers Ltd.Alpha Morgan CapitalNigeriaFintech, Financial Services & Insurance994.85122.0513.791.4859222012
17Balancell Energy Pty Ltd.Balancell EnergySouth AfricaManufacturing984.95121.3811.41.194082017
18Thrive Agric Ltd.ThriveAgricNigeriaProfessional, Scientific & Technical Services964.9120.0173.268.1223302016
19Bisedge Ltd.BisedgeNigeriaLogistics & Transportation926.54117.333.140.36372202016
20Evolution Foods International Pty Ltd.Evolution Foods InternationalSouth AfricaFood & Beverages911.04116.232.30.26112017
21TymeBank Ltd.TymeBankSouth AfricaFintech, Financial Services & Insurance885.69114.4140.414.653502302018
22Marchiche Global SolutionsMarchiche Global SolutionsMoroccoProfessional, Scientific & Technical Services858.61112.4310.341.14661042008
23Globe Medex For Trade And DistributionGlobe MedexEgyptPharmaceuticals & Cosmetics799.97108.012.550.281262017
24The Seamless Company Ltd.SeamlessHRNigeriaIT & Software700.66100.062.620.38160392018
25Lipa Later Ltd.Lipa LaterKenyaFintech, Financial Services & Insurance606.4491.887.171.0173122017
26Consilient Ltd. CompanyConsilientSomalia/SomalilandProfessional, Scientific & Technical Services599.7491.272.580.3735152019
27Zendascape PtyAuraSouth AfricaIT & Software596.4590.973.730.6163152017
28Terragon Holdings MauritiusTerragonMauritiusAdvertising & Marketing568.2388.3519.452.911091062017
29Natural Extracts Industries Ltd.Natural Extracts IndustriesTanzaniaAgriculture, Forestry & Fishing496.8581.392.990.51135392011
30Hubtel Ltd.HubtelGhanaFintech, Financial Services & Insurance448.9776.4131.955.82238602007
31West African Soy Industries Ltd.WasilNigeriaAgriculture, Forestry & Fishing44676.09248.7153.67621742015
32Herholdt’s Group Pty Ltd.The Herholdt’s GroupSouth AfricaEnergy & Utilities405.6671.64273.761.342081611989
33Open Vantage Pty Ltd.Open VantageSouth AfricaIT & Software362.2266.5830.7453282017
34Quick Mart Ltd.Quick MartKenyaRetail346.7264.69294.8676.345,3091,7342006
35Aces Africa Pty Ltd.AcesSouth AfricaEnergy & Utilities336.6562.493.961.0454202013
36Innovo Networks Pty Ltd.Innovo NetworksSouth AfricaMedia & Telecommunications316.4160.881.690.46852013
37CSSi South Africa Pty Ltd.CSSi South AfricaSouth AfricaIT & Software315.0260.744.1612.0682372000
38Fleetcam Pty Ltd.FleetcamSouth AfricaIT & Software311.6360.263.110.8644212014
39GoMyCodeGoMyCodeTunisiaEducation & Social Services309.459.972.10.51130402018
40Powergen East Africa Renewable Energy Ltd.Powergen Renewable EnergyKenyaEnergy & Utilities307.4859.723.440.851041462011
41Easy Solar (Sl) Ltd.Easy SolarSierra LeoneEnergy & Utilities303.5359.216.761.672561502016
42Turaco Ltd.TuracoKenyaFintech, Financial Services & Insurance303.4359.192.280.5660372019
43Luxity Pty Ltd.LuxitySouth AfricaE-commerce297.6158.422.980.7523122015
44Good Nature Agro Products Ltd.Good Nature AgroZambiaAgriculture, Forestry & Fishing291.457.599.82.5171312014
45Sundry Markets Ltd.MarketsquareNigeriaRetail281.4456.25128.4239.622,0989222014
46Solar Md Pty Ltd.Solar MDSouth AfricaElectrical Manufacturing272.154.9624.767.5475352014
47Veritasi Homes And Properties Ltd.Veritasi HomesNigeriaReal estate267.5654.3377.9424.9533232017
48KudiGo IncVerifibuyGhanaE-commerce266.2554.141.780.4918342017
49Paratus Group Holdings Ltd.ParatusNamibiaMedia & Telecommunications262.8653.6726.63130.042024502017
50AfriGrownAfriGrownSouth AfricaProfessional, Scientific & Technical Services260.6353.354.671.4731192008
51Wicorp Pty Ltd.WiSolarSouth AfricaEnergy & Utilities252.3752.171.860.61652016
52PayLogic S.A.PaylogicMoroccoFintech, Financial Services & Insurance248.851.668.32.5149342010
53CFO360 Pty Ltd.CFO360South AfricaProfessional, Scientific & Technical Services246.3351.31.80.5254112016
54Africa Healthcare NetworkAfrica Healthcare NetworkMauritiusHealthcare & Life Sciences245.4851.176.481.883911072015
55Zen Petroleum Ltd.Zen PetroleumGhanaEnergy & Utilities239.1350.24565.96281.388965152012
56Paga Group Ltd.Paga GroupNigeriaFintech, Financial Services & Insurance238.0750.0956.2919.592124482009
57M-Kopa Holdings Ltd.M-KopaKenyaFintech, Financial Services & Insurance224.648.06224.5669.181,7409392011
58Akdital S.A.AkditalMoroccoHealthcare & Life Sciences218.1347.07102.06325.272,920n.a.2016
59Mobiblanc S.A.R.L.MobiblancMoroccoIT & Software213.5446.363.421.1580502010
60United Capital Plc.United CapitalNigeriaFintech, Financial Services & Insurance213.0446.2963.4823.86103992012
61Nclose Pty Ltd.NcloseSouth AfricaIT & Software207.4945.4212.274.52101342017
62LayUp TechnologiesLayUpSouth AfricaFintech, Financial Services & Insurance202.3844.612.771.0414122018
63Reefy Micro Finance Enterprise ServicesReefyEgyptFintech, Financial Services & Insurance196.943.7349.9419.223,0041,8292007
64Impower Pty Ltd.ImpowerSouth AfricaEnergy & Utilities189.4342.516.342.483432014
65Fidson Healthcare Plc.Fidson HealthcareNigeriaPharmaceuticals & Cosmetics187.0442.1295.2639.051,2708021995
66Electrum Payments Pty Ltd.ElectrumSouth AfricaIT & Software186.5142.038.143.2278502012
67Ami-African Management InitiativeAMI African Management InstituteMauritiusEducational & Social Services183.541.535.141.8195522013
68Leatt, Corp.LeattSouth AfricaManufacturing169.5739.1776.3428.32115752005
69Elenjical Solutions Pty Ltd.Elenjical SolutionsSouth AfricaIT & Software169.4639.158.263.4883352013
70Sasini Plc.SasiniKenyaFood & Beverages162.823863.662,794.832,5674,1241952
71Entelect Software Pty Ltd.EntelectSouth AfricaIT & Software160.7937.6597.0942.191,0326572001
72R.T Briscoe Plc.R.T. BriscoeNigeriaRetail157.737.142.286,939.392122151957
73Bonben Assurance Namibia Ltd.Bonlife AssuranceNamibiaFintech, Financial Services & Insurance148.835.55.782.6346381996
74Green Med S.A.R.LGreen MedMoroccoAgriculture, Forestry & Fishing146.0835.012.230.9621132007
75Tripple Gee & Company Plc.Tripple Gee & CompanyNigeriaProfessional, Scientific & Technical Services140.4733.977.331,320.96110931980
76Société Tunisienne Des Industries De Pneumatiques S.A.Société Tunisienne des Industries de Pneumatiques (S.T.I.P.)TunisiaManufacturing138.4233.5949.2463.568956901980
77Bitventure Consulting Pty Ltd.BitventureSouth AfricaIT & Software137.6533.452.080.9914172012
78Impax Business Solutions Ltd.Impax Business SolutionsKenyaIT & Software136.1733.173.821.8778562003
79Bua Foods Plc.Bua FoodsNigeriaFood & Beverages135.4533.03987.33493.492,1073702008
80Victory Farms Ltd.Victory FarmsKenyaAgriculture, Forestry & Fishing133.1832.6118.417.891,3037282015
81Market Demand Trading 268 Pty Ltd.TruckFuelNetSouth AfricaLogistics & Transportation131.9432.375.62.7423182008
82Palmci S.A.PalmciIvory CoastAgriculture, Forestry & Fishing131.432.27387.23177.87,4587,6031997
83Abear Industrial Pty Ltd.Abear IndustrialSouth AfricaManufacturing131.3832.261.940.9535142015
84Atlantic Dredging Maroc S.A.Atlantic DredgingMoroccoProfessional, Scientific & Technical Services126.4731.3223.1910.821561072010
85iLearn Corporate Services Pty Ltd.iLearnSouth AfricaEducation & Social Services126.3331.33.011.5138282012
86Mauritius Oil Refineries Ltd.MoroilMauritiusManufacturing120.4130.1448.61994.691651711968
87MNT Investments BVMNT-HalanEgyptFintech, Financial Services & Insurance117.6229.59301.02138.3222,0007,8002018
88International Economics Consulting Ltd.International EconomicsMauritiusManagement consulting116.829.431.770.8215152013
89Black House Media Group Ltd.BHMNigeriaManagement consulting116.0129.274.982.7177702006
90Swift Egypt Ltd.Swift EgyptEgyptLogistics & Transportation114.3628.9480.3642.842091712012
91Zambia Seed Company Ltd.ZamseedZambiaAgriculture, Forestry & Fishing112.6628.612.055.663212981980
92Ocp S.A.Ocp GroupMoroccoChemicals111.8128.4311,300.0854,092.0020,58719,8651920
93Comercio Partners Ltd.Comercio PartnersNigeriaFintech, Financial Services & Insurance108.2927.713.942.2335202016
94Evolution Credit Ltd.EvolutionSouth AfricaFintech, Financial Services & Insurance107.8327.6232.88268.02n.a.n.a.1999
95Suez Canal BankScbankEgyptFintech, Financial Services & Insurance104.8627.01163.8391.381,3001,2001978
96Aveng Ltd.AvengSouth AfricaConstruction & Engineering103.4926.721,627.3114,185.003,86111,5441944
97Associated Commercial Company Ltd.Associated Commercial Company (ACC)MauritiusAutomotive101.6326.3310.77240.84n.a.n.a.1954
98Routed Hosting Pty Ltd.Routed HostingSouth AfricaIT & Software100.9926.21.820.91542016
99Iona Shipping Ltd.Iona ShippingLiberiaLogistics & Transportation100.4526.096.483.23n.a.n.a.2014
100Rhino Earthmovers CcRhinoSouth AfricaMetals & Mining99.7625.943.852.1850422009
101Wacot Rice Ltd.Wacot RiceNigeriaAgriculture, Forestry & Fishing98.7925.7495.2456.381871572014
102John Holt Plc.John HoltNigeriaLogistics & Transportation98.1625.68.551,793.0098n.a.1961
103Jachris Hose And Couplings Pty Ltd.Jachris Hose And CouplingsSouth AfricaMetals & Mining96.4925.2521.5812.453501951976
104Amel International Services Ltd.Amel SusanNigeriaFood & Beverages96.4325.245.083.0469362014
105Lapigems Ltd.The Rare Gemstone CompanyKenyaE-commerce84.8722.731.810.981781974
106Academy Press Plc.Academy PressNigeriaManufacturing84.4122.6310.392,439.6115361964
107Cutix Plc.CutixNigeriaElectrical Manufacturing84.0222.5421.185,025.502432551982
108EFG HoldingEFG HoldingEgyptFintech, Financial Services & Insurance80.8621.84559.79309.525,4795,4811984
109Terrasan Group Pty Ltd.TerrasanSouth AfricaFintech, Financial Services & Insurance77.2721.0396.0361.381,1451,2731963
110Lesieur Cristal S.A.Lesieur CristalMoroccoManufacturing77.1421680.133,893.001,6379241908
111Raubex Group Ltd.Raubex GroupSouth AfricaConstruction & Engineering75.2520.56919.788,734.907,6607,4181974
112Dynamic DNA Pty Ltd.Dynamic DNASouth AfricaEducation & Social Services72.4719.921.941.2827232016
113Zambeef Products Plc.Zambeef ProductsZambiaFood & Beverages72.0819.83316.583,134.977,5287,0821994
114Travaux Généraux De Construction De Casablanca S.ATravaux Généraux De Construction De CasablancaMoroccoConstruction & Engineering70.3519.43510.653,039.4711,313n.a.1991
115New Mauritius Hotels Ltd.Beachcomber Resorts & HotelsMauritiusHospitality & Travel70.1219.38312.278,278.534,8785,3271964
116Froozels Food Products Pty Ltd.FroozelsSouth AfricaFood & Beverages142.7217.495.43.7775512011
117Transcorp Hotels Plc.Transcorp HotelsNigeriaHospitality & Travel56.0715.9971.8254.161,2241,4521994
118Eadvance Pty Ltd.SPARK SchoolsSouth AfricaEducation & Social Services55.2415.7926.419.271,2401,1062012
119Opennetworks Pty Ltd.OpennetworksSouth AfricaIT & Software52.7115.168.646.4130302000
120Laterite Kenya Ltd.LateriteKenyaProfessional, Scientific & Technical Services4813.966.434.3482572010
121Dislog GroupDislog GroupMoroccoPharmaceuticals & Cosmetics47.6813.88238.07170.341,5301,7142005
122Easy Debit Payment Solutions Pty Ltd.Easy DebitSouth AfricaFintech, Financial Services & Insurance44.9813.184.413.4535322014
123Jibu Inc.JibuRwandaFood & Beverages37.9311.323.32.39136872012
124Geo4Net S.A.R.L.Geo4NetMoroccoIT & Software34.7910.461.621.2727312008
125Med - Optics Ltd.Med - Optics Vision CentreUgandaHealthcare & Life Sciences28.178.621.881.4638452002

The key, says Magdi Amin, co-founder and managing partner at venture capital firm African Renaissance Partners, is to provide answers, often by applying technology, to “legacy issues”. These include the poor electricity grid, lack of access to banking and high transaction costs.

“Frankly governments and other providers have really failed to deliver the services that the growing and rapidly urbanising population wants,” says Amin, adding that the ranking of 125 includes many companies seeking to meet those challenges.

Abebe Selassie, head of the IMF’s Africa department, echoes those sentiments. While the macro environment remains bad and poverty levels have increased, he says, many businesses have forged ahead: “Much of the private sector, particularly the private sector that’s not directly reliant on government business, has shown incredible resilience.”

Herholdt’s Group (32 in the ranking) provides solar equipment to homes and businesses in South Africa, a country bedevilled by power cuts. The company pivoted from legacy electrical equipment to renewable energy after a tussle between its family owners.

Adenia backed the younger generation and the business has taken off. “Anyone can tell you electricity is a huge problem in South Africa,” says Bacquaert. “So, if you solve that problem, you must have a winner.”

Again, it was a Nigerian company — this time Omniretail — that came top. As in previous years, the winning business is a B2B ecommerce platform that helps small retailers, kiosk owners, and market traders digitise their business.

Mauritian-domiciled Kyosk Digital (ranked 2) — which describes its business as “empowering traditional African retailers, farmers and their customers with a digital first and data-led distribution platform” — performs a similar role. Founded in Nairobi, it has since expanded to Tanzania, Uganda and Nigeria.

South Africa has 42 companies in the top 125, followed by Nigeria’s 25. Kenya tied third at 12, with Morocco. In last year’s list of 100, Morocco had just three winners.

African Renaissance Partners is betting that as the venture capital industry — not much more than a decade old in Africa — matures, start-up successes will spread beyond the big hubs of Egypt, Nigeria, Kenya and South Africa. It invests seed capital in companies in Ethiopia, Rwanda, Tanzania and Uganda. Amin predicts that, in five years, the FT ranking will include many more companies from these and other “non-hub” countries.

Still, there’s no disguising the fact that 2023 was “a rough year for the tech ecosystem”, according to Partech, an investment platform for tech and digital companies. Its annual survey of venture capital investment in Africa showed a 46 per cent drop from 2022, to $3.5bn, raised from 547 deals, which was also fewer than in recent years.

Lexi Novitske, general partner at Norrsken22, an Africa-focused tech growth fund, however, says there are signs the market has now bottomed out. Since November, venture capital firms have raised more than $650mn in funding for Africa, with Norskenn22 raising $205mn.

Novitske says valuations have become attractive again after an investment exodus last year. She prefers asset-light companies, especially those harnessing AI, some of which are capable of providing solutions to global problems. She highlights HearX (ranked 10), a South African-based company that uses AI to diagnose and treat hearing problems and now sells its products in the US.

“African companies are not only solving local or regional problems but global ones,” observes Aniko Szigetvari, a founding partner at Atlantica Ventures, a pan-African venture capital fund. “If you figure it out in Africa, you can take it to other markets.”

Szigetvari cites Lelapa AI, which transcribes chatbot messages into African languages such as isiZulu and Sesotho, as an example of a company with transferable technology. Another, from this year’s ranking (21) is Tymebank, a neobank that is taking its South African-developed model to the Philippines, Vietnam and Singapore.

Nevertheless, there are other big hurdles for companies, over and above the sluggish macro-environment. Businesses frequently mention currency and regulator risk, and negative investor sentiment as a result of political and security upheavals — including in the coup-prone Sahel.

For Valerie Labi, whose German-Ghanaian start-up Wahu is manufacturing e-bikes in Accra, the real problems can be more mundane. She blames bureaucracy in Ghana and in cross-border trade for hampering start-ups. African banks, she says, are reluctant to finance innovative start-ups like hers.

Bacquaert says some signs are evident of local pension fund investment at last finding its way to fast-growing start-ups, with Ghana, Kenya and South Africa leading the way. “This has opened up a pool of money,” he adds: “And you don’t have to pitch them on the African story, because they already understand it.”

Methodology

Africa’s Fastest Growing Companies 2024 was compiled by data research company Statista. The list of 125 companies is ordered by the highest compound annual growth in revenues (CAGR) between 2019 and 2022.

Through research in company databases and other public sources, Statista identified thousands of companies in Africa as potential candidates for the FT ranking. These companies were invited to participate in the research by post and email. The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times.

The application phase ran from October 9, 2023 to February 29, 2024. The submitted revenue figures had to be certified by the chief financial officer, chief executive, or an executive committee of the company.

Criteria for inclusion in the list
To be included in the list of the Africa’s fastest growing companies, a company had to meet the following criteria:

  • Revenue of at least US$100,000 generated in 2019 (1);

  • Revenue of at least US$1.5mn generated in 2022 (1);

  • An independent company (not a subsidiary or branch office of any kind);

  • Headquartered in an African country (2);

  • Revenue growth between 2019 and 2022 that was primarily organic (ie “internally” stimulated).

(1) Value equivalent in local currency for companies not reporting in US dollars. For the ranking, a conversion of all figures to US dollars was performed using yearly average exchange rates for 2019 and 2022. The CAGR provided has been computed based on reporting currency.

(2) All countries in the African continent were eligible to participate

Evaluation and quality assurance
All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc) were researched in detail. Companies that did not fulfil the criteria for inclusion in the ranking were omitted.

The minimum CAGR required to be included in the ranking this year was 8.62 per cent.

Disclaimer
The ranking of the Africa’s Fastest Growing Companies 2024 was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons.

Copyright The Financial Times Limited 2024. All rights reserved.
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