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.
The Africaworks Group of Companies – Mauritius
Mauritius-based Africaworks has emerged as a key player in the Real Estate sector, boasting an absolute growth rate of 2,314.43% and a CAGR of 189.027%. Founded in 2017, the company has seen its revenues rise from $0.3 million in 2018 to $6.8 million in 2021. Africaworks’ success is reflective of the growing real estate landscape in the region.
Deimos Cloud Pty Ltd. – South Africa
South African IT & Software company, Deimos Cloud Pty Ltd., has achieved an absolute growth rate of 2,029.62% and a CAGR of 177.184%. Founded in 2018, the company has demonstrated substantial growth in a short span, with revenues climbing from $0.5 million in 2018 to $9.5 million in 2021. Deimos Cloud’s success highlights the booming tech industry in South Africa.
Daystar Power Group – Mauritius
Another Mauritian company, Daystar Power Group, has carved a niche in the Energy & Utilities sector. With an absolute growth rate of 954.621% and a CAGR of 119.297%, Daystar Power has experienced rapid expansion since its founding in 2017. Revenues have surged from $0.6 million in 2018 to $6.4 million in 2021, reflecting the company’s commitment to sustainable energy solutions.
Sankore Ltd. – Nigeria
Nigerian Fintech company Sankore Ltd. has secured its position on the list with an absolute growth rate of 810.692% and a CAGR of 108.829%. Founded in 2010, Sankore has seen its revenues rise from $1.8 million in 2018 to $16.6 million in 2021. The company’s success is underlined by its innovative financial services and solutions.
Easy Solar Ltd. – Sierra Leone
Sierra Leonean company Easy Solar Ltd. is a key player in the Energy & Utilities sector, boasting an absolute growth rate of 792.83% and a CAGR of 107.455%. Founded in 2016, the company has witnessed a significant increase in revenues from $0.8 million in 2018 to $7.2 million in 2021, showcasing its impact in providing solar solutions in the region.
Chari. Ma – Morocco
Closing the list is the Moroccan E-commerce company Chari. Ma, with an absolute growth rate of 642.609% and a CAGR of 95.098%. Founded in 2018, Chari. Ma has made a notable impact in the E-commerce sector, with revenues climbing from $0.2 million in 2018 to $1.8 million in 2021. The company’s success is indicative of the growing digital commerce landscape in Morocco.
