The Financial Times’ Africa’s Fastest-Growing Companies list is in its fourth year, looking back at compound growth rates of companies between 2020 and 2023. This year’s list reveals a familiar narrative: dynamic characters, challenging environments, and recurring themes of potential and risk. In this fragmented landscape, South Africa and Nigeria continue to dominate industries such as fintech and e-commerce. Africa’s potential to scale innovation globally remains promising, though constrained by global financial headwinds post-Covid.
A few notes on how the FT made the list: Compiled in partnership with research company Statista, the ranking employs a rigorous screening methodology with strict criteria, including revenue growth that was primarily “organic” (i.e. “internally stimulated”). Submitted figures had to be certified by the CFO or similar senior executive, and were vetted by Statista. Although the list represents an extensive search and complex curation, the ranking does not claim to be complete as some companies wished to keep their financials private or not to participate for another reason.
At a glance
The list includes 130 businesses from across 22 different African countries. By far the most represented are South Africa (51) and Nigeria (28), with Kenya (11), Mauritius (9), and Morocco (7) trailing behind. Considering the 54 economies that comprise the continent, the dominance of SA and Nigeria – accounting for over 60% of the 130 companies listed – reflects both the strength of these economies and the fragmentation that hampers growth in smaller African states.
Varying regulations, currencies, and market dynamics characterise the challenges faced by businesses trying to expand across Africa, limiting their potential for continental presence. But painstakingly building a pan-African presence is not necessary for fast growth, says Iyin Aboyeji, co-founder of Future Africa, which invests in early-stage businesses. Rather, exposure to opportunities in key markets like Nigeria, home to the top three ranked companies, is more strategic. Ylva Lindberg from Norfund, the Norwegian Investment Fund for developing countries, affirms that despite the severe macro problems, there remains much innovation and problem-solving on the continent: “The entrepreneurial spirit in Nigeria in particular is formidable; there’s a sense that anything is possible.”
Rank by region
Kenya stands out as a strong East African player, with four of its eight companies in the IT and software or financial services sectors. Agriculture remains important, reflecting Kenya’s ongoing investment in agri-business innovation. In north Africa, more than half of Morocco’s companies are in the fintech and IT / software sectors. Interestingly, Risma (#83), in the hospitality sector, is one of the most established firms (founded in 1993), indicating that legacy players are also showing growth. The island nation of Mauritius represents a diverse range of sectors, covering everything from real estate and telecoms to education and consulting, highlighting the country’s diverse economic engagement across the continent.
Tech titans
Nigeria and South Africa, however, remain the dominant players driving industries like IT and software, and e-commerce. IT businesses like South Africa’s Deimos Cloud (#36) enable digitisation across sectors such as retail, logistics and finance; while e-commerce company Omniretail (#1) in Nigeria holds the top spot by enabling the convergence of fintech / logistics tech and mobile adoption. Other top sectors include agriculture, forestry and fishing, and health care and life sciences.
Fintech alone, however, comprises one-fifth of the ranked companies and is the leading industry by far. Despite post-Covid effects such as currency depreciation, higher global interest rates and rising debt, perceived risk often exceeds real risk. And in the fintech sector, this couldn’t be more evident with Nigeria, Egypt, Kenya and South Africa accounting for 90% of funding in 2024. Massive demand for digital financial services amongst underserved populations and low financial inclusion in many African countries creates large, addressable markets. PalmPay (#2) and Moniepoint (#16) are two such Nigerian examples.
One to watch
In South Africa, Omnisient (#30) is a performer of interest on the fintech stage, notably because its chief objective is to increase access to financial services. Founded in December 2019 and headquartered in Cape Town, Omnisient enables organisations (data owners) – such as banks, insurers, retailers, and healthcare providers – to securely collaborate on consumer data without compromising individual privacy, by anonymising and encrypting their consumer data for sharing. This approach ensures that sensitive information remains protected, enabling organisations to analyse combined datasets and gain insights into consumer behaviour, while adhering to global privacy regulations.
By leveraging insights from alternative data sources, such as shopping behaviour, Omnisient assists financial institutions in assessing credit risk for individuals lacking traditional credit histories. This has enabled over 3.2 million people to qualify for financial services like loans and insurance, thereby promoting financial inclusion. For this impact, Omnisient has earned global recognition, including selection as a World Economic Forum Technology Pioneer (2023) and winner of Finovate’s 2024 Award for Excellence in Financial Inclusion, amongst others. Achieving a compound annual growth rate (CAGR) of 84.2% between 2020 and 2023 puts the company in the continent’s top quartile, outperforming peers not just for growth but for innovation, with tangible inclusion outcomes.
Looking ahead
The FT also notes the retreat of once-promising firms like Gro Intelligence and Jumia from aggressive expansion. Gro Intelligence (from Kenya), previously celebrated for agritech and data analytics, went out of business in 2023. And Jumia (Nigeria), formerly dubbed ‘the Amazon of Africa,’ has sharply scaled back operations and suffered a steep decline in share price due to overexpansion and profitability struggles. These examples underscore the difficulty of maintaining growth in Africa's fragmented markets, especially amid funding shortages, currency volatility, and global economic shifts.
Africa’s fastest-growing companies illustrate a nuanced narrative of resilience, innovation, and constraint. While fintech and e-commerce continue to thrive, especially in dominant economies like Nigeria and South Africa, structural fragmentation and macroeconomic volatility remain significant barriers to scaling across the continent. Yet, the determination of entrepreneurs, exemplified by firms like Omnisient and Omniretail, demonstrates that targeted innovation and strategic market focus can yield transformative results. As success stories unfold alongside cautionary tales, Africa’s growth journey is less a straight path and more a complex, evolving landscape – full of promise, challenge, and potential.
Check out the full list
Read Africa’s Fastest-Growing Companies 2025 from the Financial Times.
by Ciska Thurman
