Africa's top 10 fastest growing companies

Africa is seeing significant growth in its economy, with several companies leading the way in various sectors. The Financial Times (FT) Statista has identified and ranked these companies based on their absolute growth rate, compound annual growth rate (CAGR), revenues, and employee numbers.

The top two fastest-growing firms in Africa, according to the most recent rating, are both Nigerian. Abuja-based Afex Commodities Exchange takes first place after achieving an astounding compound annual growth (CAGR) rate of more than 500% over the previous three years.

According to the FT special report, the list of Africa’s Fastest Growing Companies 2023 covers 100 companies that have achieved the highest compound annual growth (CAGR) in revenues between 2018 and 2021.

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Here are Africa’s top 10 fastest-growing companies in 2023

AFEX Commodities Exchange Ltd. – Nigeria

Topping the list is AFEX Commodities Exchange Ltd., a Nigerian company operating in the Agriculture, Forestry & Fishing sector. Founded in 2014, AFEX has achieved an astounding absolute growth rate of 22,076.31% and a CAGR of 505.289%. With revenues skyrocketing from $0.5 million in 2018 to $102 million in 2021, AFEX has positioned itself as a key player in the agricultural industry.

Moniepoint, Inc. (formerly TeamApt, Inc.) – Nigeria

Formerly known as TeamApt, Moniepoint, Inc. is a Nigerian Fintech company that has undergone significant transformation. With a CAGR of 321.204% and an absolute growth rate of 7,372.70%, Moniepoint has achieved remarkable success in the Financial Services & Insurance sector. The company, founded in 2015, has seen its revenues climb from $0.8 million in 2018 to an impressive $62.6 million in 2021.

Sokowatch Ltd. – Kenya

Kenyan-based Sokowatch Ltd. is making waves in the E-commerce sector, recording a CAGR of 242.035% and an absolute growth rate of 3,901.40%. Founded in 2016, the company has seen its revenues soar to $136.9 million in 2021, up from $3.4 million in 2018. Sokowatch’s success is attributed to its innovative approach in the online commerce space.

Altech – Democratic Republic of Congo

In the Energy & Utilities sector, Altech from the Democratic Republic of Congo has demonstrated impressive growth. With a founding year of 2013, Altech has achieved an absolute growth rate of 3,017.43% and a CAGR of 214.726%. The company’s revenues jumped from $0.5 million in 2018 to $17 million in 2021, showcasing its significant impact in the energy industry.