The third annual ranking of Africa's Fastest Growing Companies, compiled by the Financial Times and Statista, showcases the resilience and innovation of businesses across the continent in the face of tough economic challenges.
Despite a slower economic recovery from the COVID-19 pandemic, with Africa's growth rate at 3.2% in 2023, lower than Asia's nearly 5% and facing economic crises in countries like Nigeria and Kenya, some companies have achieved impressive growth.
South Africa leads the list with 42 companies, followed by Nigeria with 25 and Kenya with 12. OmniRetail Technology Limited, a Nigerian B2B e-commerce platform, is ranked as the top company, with digital payment platform Moniepoint Inc. coming fourth and Afex Commodities Exchange Ltd in fifth place. In Kenya, the fintech sector was well represented, with companies like Lipa Later Group, M-KOPA, and Turaco making notable contributions.
Other notable Nigerian companies include Mycredit Investments Ltd (Fairmoney), Alpha Morgan Capital Managers Ltd, Thrive Agric, the Seamless Company Ltd and West African Soy Industries Ltd.
While currency instability, regulatory risks, and rising inflation continue to pose challenges, the latest list indicates a positive shift in the growth of startups and businesses across Nigeria.
For the full list and more details, visit: https://lnkd.in/dzJa_HvU
