Africa’s Top 100 Fastest-Growing Companies: The 2023 Report

Empowering The African Continent

By Raine St.Claire

To succeed in the rapidly advancing 21st century, companies that are pioneering, forward-thinking, and experiencing swift growth are crucial drivers of the global economy. They not only generate employment opportunities but also play a significant role in sustaining market competitiveness.

The Financial Times-Statista 2023 annual ranking of Africa’s fastest-growing companies, attempts to capture the dynamism of businesses that are adapting to market dynamics, meeting customer demands, and staying ahead of competitors.

The methodology judged companies according to their compound annual growth rate in revenue between 2018 and 2021. This outstanding growth in earnings underscores the resilience and growth of businesses expanding across various sectors despite challenges posed by the global pandemic.

While start-ups feature strongly, they do not monopolise. More established companies in the mining sector — driven largely by demand for the metals needed for the energy transition — as well as in telecoms and construction, also made the top 100.

Fintech, IT, and software sectors dominate the list. However, the sheer variety of corporate activity in the top 100 is particularly encouraging. Businesses in sectors including renewable energy, healthcare, commodities, and, to some extent, agriculture were managing to grow while most of the world shut down.

Similar to the first year of the ranking, the COVID-19 pandemic seems to have expedited the shift to online platforms. Companies offering digital services in finance, payments, trade facilitation, and healthcare are all progressing significantly.

During this time, investors from Silicon Valley, Asia, and Europe evidently realised the potential in African startups, especially in the tech hubs of Lagos, Cape Town, Johannesburg, Nairobi, and Cairo.

Emerging Market Dominance

Leading the pack with evident growth across key sectors were South Africa and Nigeria, boasting 33 and 27 businesses, respectively. Of those, 17 South African companies and 12 Nigerian companies feature in the top 50. Following closely, Kenya and Egypt contributed 13 and 9 businesses, respectively. The fastest-growing companies include Namibian wineries, a Kenyan fish farm, a South African company that conducts remote hearing tests and renewable energy companies in the Democratic Republic of Congo and Sierra Leone.

Established companies in metals and mining, telecoms, and construction also feature prominently in the top 100. Two Namibian wineries that produce, pack, export, market and distribute grapes and dates are the country’s fastest growing companies. Achill achieved 14th position with a CAGR of 89.327% and Silverlands Vineyards with a GACR of 60.284 is in 25th place.

Victory Farms, a Kenyan fish farm in the 15th spot with a GACR of 87.864%, is Sub-Saharan Africa’s fastest-growing fish farm. It is on a mission to not only provide affordable, accessible, and healthy protein to 2-billion Africans over the next two decades but to do so as the most sustainable fish farm on the planet.

Zambia Seed Company Ltd. with a CAGR of 56.386% is Zambia’s sole entry in 26th place. Vertice Medtech, a South African company specialising in remote hearing tests, ranks 28th with a CAGR of 53.643%. The diverse rankings highlight the dynamic and varied nature of Africa’s fastest-growing companies. This demonstrates their ability to flourish across different sectors, making significant contributions to the continent’s economic development.

Africa's Resilient Spirit

Nigeria currently leads with the top 2 fastest-growing companies. This remarkable achievement represents a significant positive step towards creating an encouraging environment for the private sector to thrive and in doing so, generating more employment opportunities for Nigerians.

As Africa’s largest economy and population, with prevailing limited opportunities, this development is conducive to help shape crucial fiscal challenges in Nigeria’s evolving economy with the goal of reducing the projected 37% poverty rate in 2023.

We Look At The Top 3 Performing Companies and Highlight Their Achievements

#1 AFEX

• Country:Nigeria

• Industry: Agriculture, Forestry & Fishing

• CAGR: 505%

• Revenue: $102-million (2021) –– 0.5-million (2018)

• Number of employees: 278 (2021) –– 64 (2018)

Securing the 1st position with an impressive growth rate is AFEX, Commodities Exchange, which provides brokerage and trade finance services for commodities such as maize, sorghum, cocoa, and rice. Founded in 2014, the company’s infrastructure and platforms drive capital to build a trust economy in African commodity markets, offering innovative solutions in trading, financing, and market system development to address these challenges.

Empowering Young Minds

With the goal of uplifting passionate and creative young minds, the AFEX Bar Raisers is a 3-month training academy launched in 2022 for individuals bringing innovation, expertise, and a commitment to excellence across corporate finance, strategy, investment, and financial markets. These new talents are equipped with the tools necessary to elevate standards in Corporate Finance, Strategy, Investment, and the Financial Market, steering both their careers and the future of AFEX with their incisive minds.

#2 MONIEPOINT INC.

• Country: Nigeria

• Industry: Fintech, Financial Services & Insurance

• CAGR: 321%

• Revenue: $62.6-million (2021) –– $0.8-million (2018)

• Number of employees: 538 (2021) –– 64 (2018)

In 2nd position is Lagos-based Moniepoint, a company that goes beyond just fintech. Acting as a catalyst for transformative change in Nigeria’s financial ecosystem it supports small businesses with customised loans to foster growth, actively contributing to the prosperity and dynamism of Nigeria’s entrepreneurial landscape.

The company’s commitment to empowering the underbanked is evident in its strategic partnership with Google Cloud –– a collaboration that allows Moniepoint to deliver impactful financial services for micro enterprises.

#3 WASOKO

• Country: Kenya

• Industry: E-commerce

• CAGR: 242%

• Revenue: $136.9-million (2021) 3.4-million (2018)

• Number of employees: 1 490 (2021)104 (2018)

Wasoko (formerly Sokowatch Ltd.), a Kenyan e-commerce company that empowers entrepreneurs to focus on their core strengths––selling products––takes 3rd spot. Wasoko, which translates to ‘People of the Market’ in Swahili, operates an online marketplace specifically designed for tackling significant challenges faced by the retail sector in the region. This innovative platform allows retailers to seamlessly order products via SMS or a mobile app, streamlining the process and facilitating timely deliveries.

Founded in 2013, Wasoko has pioneered business-to-business (B2B) eCommerce supplychains tailored for retailers in Africa’s informal markets, enabling them to connect with major FMCG (Fast-Moving Consumer Goods) suppliers such as Unilever.

Through this innovative approach, Wasoko digitises the entire process, including order placement, payments, and delivery logistics. This not only enhances efficiency but also contributes to the digitisation and modernisation of retail practices across the continent.

South Africa Remains The Continent's Most Sophisticated Economy, in Spite of Low Growth and Persistent Power Shortages

An impressive 33 South African firms are on the list of Africa’s 100 fastest growing companies. 17 of those feature in the top 50 and 15 of these are placed in the tech-centric categories including Fintech, IT & Software, as well as e-commerce.

Standout performers include a mining company, and a second-hand luxury goods reseller. However, keeping in mind that the ranking is about growth, not revenue, the reseller is now the fastest-growing retail company in Africa, ranking 37th overall , outperforming more established giants like Sygnia, Naspers, and Purple Group.

• #6 Deimos Cloud Pty Ltd.

• #12 Bluesky Digital Solutions Pty Ltd.

• #23 Northam Platinum Holdings Ltd.

• #28 Vertice Medtech Holdings Pty Ltd.

• #29 Impala Platinum Holdings Ltd.

• #31 Routed Hosting Pty Ltd.

• #33 Sibanye Stillwater Ltd.

• #36 Herholdt’S Group Pty Ltd.

• #37 Luxity Pty Ltd.

• #38 Linkfields Innovations Pty Ltd.

• #40 Leatt Corp.

• #41 Nclose Pty Ltd.

• #42 Purple Group Ltd.

• #45 Entelect Software Pty Ltd.

• #47 Iser Pty Ltd.

• #48 Hearx Group

• #49 Pan African Resources Plc

Top 10 African Countries With The Largest Foreign Investments

San Francisco-based investment platform Partech reported that African tech startups received $5.2-billion in funding in 2021, three times more than the previous year. This highlights increasing interest and investment in the African startup ecosystem as a prime destination for investment capital, not only for startups but also for established companies.

Despite a decline in global foreign direct investment (FDI) to $45-billion in 2022 from $80-billion in 2021, Africa continues to be a hotspot for FDIs, attracting international investors and driving cross-border mergers and acquisitions. This is attributed to the continent’s natural resources, youthful demographics, and untapped markets.

Full articles here:

Top 100 fastest growing companies in Africa: 2023 Report

South Africa’s fastest growing companies: 2023

SOURCE: TheWorldBank | Statista | African Development Bank Group | ITWeb | Financial Times