Over the past few years, particularly since the COVID-19 pandemic, economies all over the world have struggled, affecting both startups and established companies alike.
Africa, for instance, has seen a mass shutdown of startups in the past two years. Similarly, there has been a significant exodus of multinationals from the continent due to currency depreciation and a tough economic climate.
Despite these challenges, a few African companies have held their ground and are performing exceptionally well. Below is a list of some of Africa’s best-performing and fastest-growing companies, as compiled by the Financial Times and research company Statista.
Notably, these companies have experienced organic growth and have made significant contributions to their respective sectors and countries. Nigeria, in particular, has taken a majority of the top spots on the list.
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1. Omniretail Inc. (Nigeria, E-commerce)
Founded in 2019 and based in Lagos, Nigeria, Omniretail is an e-commerce company providing supply-chain and inventory-management solutions to retailers.
Over 100,000 retailers use the company’s platform to order products and access financial services such as credit and buy-now-pay-later options.
Despite its relative youth, Omniretail is the fastest-growing company in Nigeria, with a revenue of $139.8 million in 2022 and a staggering 772.39% compound annual growth rate (CAGR).
2. Kyosk Digital (Kenya, E-commerce)
Similar to Omniretail, Kyosk connects informal retailers directly to fast-moving consumer goods companies (FMCGs). The startup, founded in 2019 in Nairobi, Kenya, links suppliers, traditional retailers, farmers, and local eateries through the Kyosk app.
Kyosk has expanded its operations to Tanzania, Uganda, and Nigeria. The company reported a revenue of $155 million in 2022, up from $372,142 in 2019, achieving a CAGR of 647.37%.
3. Resourgenix Pty Ltd. (South Africa, Employment Services)
Resourgenix, a talent resourcing company based in South Africa, was founded in 2019. The company sources employees across various fields for their clients and has grown from five employees in 2019 to about 90 employees today. Resourgenix had a revenue of $33.6 million in 2022 and a 542.65% CAGR.
4. Moniepoint Inc. (Nigeria, Fintech)
Moniepoint, founded in 2015, is a fintech company offering mobile banking and payment solutions. It provides an all-in-one payment, banking, and operations platform for businesses and their customers.
In 2022, Moniepoint had a CAGR of 332.31% and a revenue of $148 million. The company has also significantly expanded its workforce, employing over 900 people, up from 111 employees in 2019.
5. Afex Commodities Exchange Ltd. (Nigeria, Fintech)
Afex operates Nigeria’s first private commodities exchange, facilitating trade and investment in agricultural products to improve market efficiency and farmer incomes. In 2022, Afex achieved a CAGR of 287.82% and a revenue of $415 million.
6. Chari.Co (Morocco, E-commerce)
Chari is a mobile application that enables retailers to order consumer products and have them delivered to their doorstep within hours. Founded in 2019 in Morocco, Chari has been growing at 10% month on month.
In addition to linking buyers and sellers, Chari offers financial services like micro-insurance to its clients. The company recorded a revenue of $6.3 million in 2022 and a 247.8% CAGR.
7. Enara Group (Egypt, Renewable Energy)
Enara Group is an integrated renewables company focusing on photovoltaic (PV), wind, and green molecules, operating across Egypt and East Africa. Founded in 2018 in Egypt, Enara finances, invests in, and operates renewable energy and utility assets. The company earned $4.3 million in revenue in 2022 and had a 222.87% CAGR.
These companies exemplify resilience and innovation in a challenging economic environment, making them some of the top businesses to watch in Africa in 2024. Their continued growth and contributions to their sectors will be critical in driving economic development across the continent.
