Top 50 Africa’s Fastest Growing Companies: Ranking for 2024

In the third year of our expanded ranking of Africa’s Fastest Growing Companies, economic recovery from the Covid pandemic remains a challenge for many economies across the continent.

According to the IMF, Africa’s economic growth in 2023 stood at 3.2 per cent, which lags behind Asia’s nearly 5 per cent growth rate. This performance is particularly concerning considering Africa’s rapid population expansion, which exacerbates the issue in per capita terms. Instead of narrowing the gap with wealthier regions, Africa is experiencing a widening disparity in aggregate economic performance, further distancing itself from other global regions.

Africa’s Fastest Growing Companies 2024

1. Omniretail Inc. (OmniRetail) – Nigeria – E-commerce – $66,294.88
2. Kyosk Digital (Kyosk.App) – Mauritius – E-commerce – $41,644.81
3. Resourgenix Pty Ltd. (Resourgenix) – South Africa – Employment Services – $26,441.42
4. Moniepoint Inc. (Moniepoint) – Nigeria – Fintech, Financial Services & Insurance – $7,979.35
5. Afex Commodities Exchange Ltd. (Afex) – Nigeria – Fintech, Financial Services & Insurance – $5,733.12
6. Chari.Co (Chari) – Morocco – E-commerce – $4,107.31
7. Enara Group (Enara) – Egypt – Energy & Utilities – $3,265.65
8. Yellow Digital Retailers Ltd. (Yellow) – Mauritius – Energy & Utilities – $2,892.22
9. Kentegra Biotechnology Epz Ltd. (Kentegra Biotechnology) – Kenya – Health Care & Life Sciences – $2,333.05
10. HearX Group Pty Ltd. (HearX Group) – South Africa – Health Care & Life Sciences – $2,056.82
11. AfricaWorks (Africaworks) – Mauritius – Real Estate – $1,847.88
12. Mycredit Investments Ltd. (FairMoney) – Nigeria – Fintech, Financial Services & Insurance – $1,719.13
13. Agro Supply Ltd. (Agro Supply) – Uganda – Agriculture, Forestry & Fishing – $1,466.77
14. Lapaire Glasses Côte D’Ivoire S.A.R.L. (Lapaire) – Ivory Coast – Health Care & Life Sciences – $1,344.04
15. Deimos Cloud Pty Ltd. (Deimos Cloud) – South Africa – IT & Software – $1,196.11
16. Alpha Morgan Capital Managers Ltd. (Alpha Morgan Capital) – Nigeria – Fintech, Financial Services & Insurance – $994.85
17. Balancell Energy Pty Ltd. (Balancell Energy) – South Africa – Manufacturing – $984.95
18. Thrive Agric Ltd. (ThriveAgric) – Nigeria – Professional, Scientific & Technical Services – $964.9
19. Bisedge Ltd. (Bisedge) – Nigeria – Logistics & Transportation – $926.54
20. Evolution Foods International Pty Ltd. (Evolution Foods International) – South Africa – Food & Beverages – $911.04
21. Tymebank Ltd. (Tymebank) – South Africa – Fintech, Financial Services & Insurance – $885.69
22. Marchiche Global Solutions (Marchiche Global Solutions) – Morocco – Professional, Scientific & Technical Services – $858.61
23. Globe Medex For Trade And Distribution (Globe Medex) – Egypt – Pharmaceuticals & Cosmetics – $799.97
24. The Seamless Company Ltd. (Seamlesshr) – Nigeria – IT & Software – $700.66
25. Lipa Later Ltd. (Lipa Later) – Kenya – Fintech, Financial Services & Insurance – $606.44
26. Consilient Ltd. Company (Consilient) – Somalia/Somaliland – Professional, Scientific & Technical Services – $599.74
27. Zendascape Pty (Aura) – South Africa – IT & Software – $596.45
28. Terragon Holdings Mauritius (Terragon) – Mauritius – Advertising & Marketing – $568.23
29. Natural Extracts Industries Ltd. (Natural Extracts Industries) – Tanzania – Agriculture, Forestry & Fishing – $496.85
30. Hubtel Ltd. (Hubtel) – Ghana – Fintech, Financial Services & Insurance – $448.97
31. West African Soy Industries Ltd. (Wasil) – Nigeria – Agriculture, Forestry & Fishing – $446
32. Herholdt’S Group Pty Ltd. (The Herholdt’S Group) – South Africa – Energy & Utilities – $405.66
33. Open Vantage Pty Ltd. (Open Vantage) – South Africa – IT & Software – $362.22
34. Quick Mart Ltd. (Quick Mart) – Kenya – Retail – $346.72
35. Aces Africa Pty Ltd. (Aces) – South Africa – Energy & Utilities – $336.65
36. Innovo Networks Pty Ltd. (Innovo Networks) – South Africa – Media & Telecommunications – $316.41
37. CSSi South Africa Pty Ltd. (CSSi South Africa) – South Africa – IT & Software – $315.02
38. Fleetcam Pty Ltd. (Fleetcam ) – South Africa – IT & Software – $311.63
39. GoMyCode (GoMyCode) – Tunisia – Education & Social Services – $309.4
40. Powergen East Africa Renewable Energy Ltd. (Powergen Renewable Energy) – Kenya – Energy & Utilities – $307.48
41. Easy Solar (Sl) Ltd. (Easy Solar) – Sierra Leone – Energy & Utilities – $303.53
42. Turaco Ltd. (Turaco) – Kenya – Fintech, Financial Services & Insurance – $303.43
43. Luxity Pty Ltd. (Luxity) – South Africa – E-commerce – $297.61
44. Good Nature Agro Products Ltd. (Good Nature Agro) – Zambia – Agriculture, Forestry & Fishing – $291.4
45. Sundry Markets Ltd. (Marketsquare) – Nigeria – Retail – $281.44
46. Solar Md Pty Ltd. (Solar MD) – South Africa – Electrical Manufacturing – $272.1
47. Veritasi Homes And Properties Ltd. (Veritasi Homes) – Nigeria – Real Estate – $267.56
48. KudiGo Inc (Verifibuy) – Ghana – E-commerce – $266.25
49. Paratus Namibia Holdings Ltd. (Paratus Namibia Holdings) – Namibia – Fintech, Financial Services & Insurance – $262.86
50. AfriGrown (AfriGrown) – South Africa – Professional, Scientific & Technical Services – $260.63

Nigeria, one of the continent’s three biggest economies, spent 2023 in economic crisis as prices spiralled upwards and the naira went into freefall. Nevertheless, it still had the second highest number of companies in our ranking of Africa’s fastest-growing, compiled in conjunction with research company Statista. South Africa, where growth has also been lacklustre, was home to the highest number. Even generally more dynamic economies, such as Kenya — which, like many African countries is labouring under high public debt — struggled to get out of the low-growth doldrums as inflation gnawed at disposable income and the government squeezed expenditure. “Our purchasing power has really suffered,” says Daniel Kobei, a community leader, looking around the empty terrace of a once-thriving grilled meat restaurant in Nakuru, community fourth-largest city. That left little money to spend on luxuries like eating out, he says. Abebe Selassie, the head of the IMF’s Africa department, acknowledges that Covid-19 set economies back. “I worry about the effect that the pandemic has had on poverty, particularly in the most fragile countries,” he says. Still, he points out that many businesses have managed to survive, and even prosper. “Much of the private sector, particularly the private sector that’s not directly reliant on government business, has shown incredible resilience,” he says. Anyone can tell you electricity is a huge problem in South Africa. So if you solve that problem you must have a winner The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets. Stéphane Bacquaert, managing partner at Adenia, a private equity firm specialising in Africa, says problem solving was key. He cites Herholdt’s Group (number 32 in the ranking) which provides solar equipment to homes and businesses in South Africa, a country bedevilled by power cuts.