https://en.sputniknews.africa/20230502/top-10-fastest-growing-african-companies-in-2023-1058993371.html
Top 10 Fastest-Growing African Companies in 2023
Top 10 Fastest-Growing African Companies in 2023
Sputnik Africa
With Africa’s economy expected to become the fastest-growing in the world, the continent is home to some of the largest-increasing companies globally. Africa’s... 02.05.2023, Sputnik Africa
2023-05-02T20:01+0200
2023-05-02T20:01+0200
2023-08-03T10:44+0200
economic growth
top ten list
company
nigeria
morocco
sierra leone
mauritius
south africa
democratic republic of the congo (drc)
kenya
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The Financial Times and Statista unveiled their highly anticipated annual ranking of the Top 100 Fastest-Growing Companies in Africa for the year 2023 on Tuesday. This dynamic list offers a snapshot of the rapidly-evolving corporate landscape in a continent where technology, fintech, and support-service businesses have had to adapt to a dramatically altered environment. Ordered by the highest compound annual growth (CAGR) in revenues between 2018 and 2021, the ranking highlights the innovative strategies and forward-thinking approaches that African companies are utilizing to stay ahead of the curve in their respective industries and thrive in a constantly changing market.Now in its second year, the ranking provides a crucial insight into the African business landscape and showcases the impressive achievements of the companies driving economic growth and development on the continent. These companies represent a diverse range of sectors, from technology and energy to agriculture and finance, underscoring the broad-based growth of African businesses.In this article, Sputnik takes a closer look at the top ten fastest-growing companies in Africa and what makes them stand out from the crowd in revenue growth, employee growth, and market capitalization. It's worth noting that the top ten includes three companies from Nigeria and two from Mauritius, while the other five companies are from Kenya, the Democratic Republic of the Congo, South Africa, Sierra Leone, and Morocco.1. AFEX Commodities Exchange Ltd.The first company in the 10 Fastest Growing African Companies list is AFEX, a private sector-led commodity exchange in Nigeria that strives to transform Nigerian agriculture by creating more bargaining power for smallholder farmers, access to information, and secure storage. Since its inception in 2014, AFEX has developed and deployed a viable commodities exchange model for the African market and is on track to impact one million producers by providing services in productivity, value capture and access to finance and markets.According to FT, AFEX's absolute growth rate is 22,076.31, while its compound annual growth rate (GAGR) is 505,289. The company's revenue has grown from $0.5 million to $102 million in four years (2018 - 2021), while the number of employees has grown from 64 to 278 in the same period. AFEX was ranked third on last year's top 100 fastest-growing companies in Africa.2. Moniepoint, Inc. (formerly TeamApt, Inc.)Founded in 2015 with the goal of creating a society where "everyone experiences financial happiness," Moniepoint Inc. is a Nigerian business payment and banking platform.The company initially offered financial solutions to merchants through its flagship product, Moniepoint. Over time, Moniepoint has evolved into an all-in-one tool for businesses, providing a comprehensive solution that encompasses payments, business banking, credit, and business management.The company's revenue has grown from $0.8 million in 2018 to $62.6 million in 2021. Meanwhile, Moniepoint's headcount has grown from 64 to approximately 538 employees over that time.3. Sokowatch Ltd.Sokowatch Ltd. is a Kenyan company that runs an online platform for retail shops, allowing retailers to order products through SMS or mobile app and get delivery. The platform also offers credit and other financial services to retailers, using past purchasing data to anticipate incoming orders and improve its operations.Sokowatch's ranking dropped from first place in the 2022 list to third place in this year's list. The company's revenue was estimated at $136.9 million in 2021, up from $3.4 million in 2018. The number of employees grew significantly from 104 to 1,490 in four years.4. AltechFounded in 2013, Altech Group is a company that provides clean, affordable energy solutions for the Democratic Republic of the Congo (DRC), a country with one of the lowest rates of electrification in the world.Altech distributes an array of energy-efficient products, including solar lamps, solar home systems, and clean cookstoves, to off-grid and impoverished households across 22 provinces through a robust network of more than 3,500 representatives.With a bold vision to eliminate energy poverty in the DRC by 2030, the company is also making a significant impact on the local economy by setting up assembly lines for its products in conflict-affected areas, creating jobs and empowering communities. Altech employs more than 4,000 people, with its revenue estimated at $17 million as of 2021.5. The Africaworks Group of CompaniesThe Africaworks Group is a Mauritian pan-African professional services firm that specializes in commercial real estate services across the African continent. The company offers solutions such as advisory, transaction management, workspace strategy, design, and turnkey projects for clients in various sectors.The company operates in ten African countries: Mauritius, Kenya, Uganda, Rwanda, Tanzania, Zambia, South Africa, Nigeria, Ghana and Cote d'Ivoire. The company also runs a network of co-working spaces under the brand name AfricaWorks, which provides flexible and affordable workspaces for entrepreneurs, freelancers, and businesses.Founded in 2017, the company’s revenue grew from $0.3 million to 6.8 million over the period between 2018 and 2021.6. Deimos Cloud Pty Ltd.The next company on the top ten fastest-growing businesses in Africa is Deimos Cloud Pty Ltd., one of the leading companies in the IT & Software sector in South Africa. The company provides cloud-native solutions for businesses across various industries.It partners with Google to offer services such as DevOps, Kubernetes, cloud migrations, developer automation, security, and observability. The company has its headquarters in Cape Town, South Africa and operates in several African countries.The company's revenue grew from $0.5 million to $9.5 million over the period between 2018 and 2021, according to Financial Times.7. Daystar Power GroupDaystar Power Group is a company that provides and runs solar hybrid power systems for businesses in Africa. The company offers affordable, reliable and clean energy solutions that reduce dependence on diesel generators and grid power. The company has its headquarters in Mauritius and operates in Nigeria, Ghana, Senegal, Togo and Cote d'Ivoire. The company aims to power Africa with renewable energy and contribute to its economic and social development.Daystar was estimated to have grown in revenue from $0.6 million to at least $5.8 million over four years.8. Sankore Ltd.Sankore Ltd is a company that provides investment services to individuals and corporations in Africa and beyond. It offers advisory, fund management, real estate, and innovation services, with a focus on alternative investments and financial technology. The company has its headquarters in Lagos, Nigeria and operates in Mauritius and the United Kingdom. The company aims to build timeless wealth for its clients and create a positive impact on society.The Nigerian corporation's revenues grew since its foundation in 2018 from $1.8 million to $16.6 million within four years.9. Easy Solar Ltd.Easy Solar Ltd is a company that provides solar energy solutions and other life-improving products to off-grid and poor-grid communities in Sierra Leone and Liberia. The company distributes solar lanterns, solar home kits, appliances, cookstoves, and smartphones on a rent-to-own financing structure, enabled by pay-as-you-go technology. The company has its headquarters in Freetown, Sierra Leone and operates in 15 districts across the country through over 100 distribution points and nine flagship stores. The company aims to make clean energy affordable and accessible to millions of people in West Africa.FT and Statista estimate the company's revenue at $7.2 million as of 2021.10. Chari.MaChari.Ma is a company that provides a digital buying platform for traditional retailers in Morocco and Tunisia. The company allows small shops to order a variety of fast-moving consumer goods and get them delivered within 24 hours. The company also offers payment facilities and financial services such as digital payment, money transfer, and buy now pay later through its acquisition of Karny.Ma. The company has its headquarters in Casablanca, Morocco and operates in several cities across the country.The revenue of the firm, founded in 2018, grew from $0.2 million to $1.8 million as of the year 2021.
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economic growth, top ten list, company, nigeria, morocco, sierra leone, mauritius, south africa, democratic republic of the congo (drc), kenya, economy
economic growth, top ten list, company, nigeria, morocco, sierra leone, mauritius, south africa, democratic republic of the congo (drc), kenya, economy
The Financial Times and Statista unveiled their highly anticipated annual ranking of the Top 100 Fastest-Growing Companies in Africa for the year 2023 on Tuesday.
This dynamic
list offers a snapshot of the rapidly-evolving corporate landscape in a continent where technology, fintech, and support-service businesses have had to adapt to a dramatically altered environment.
Ordered by the highest compound annual growth (CAGR) in revenues between 2018 and 2021, the ranking highlights the innovative strategies and forward-thinking approaches that African companies are utilizing to
stay ahead of the curve in their respective industries and thrive in a constantly changing market.
Now in its second year, the ranking provides a crucial insight into the African business landscape and showcases the impressive achievements of the companies driving economic growth and development on the continent. These companies represent a diverse range of sectors, from technology and energy to agriculture and finance, underscoring the broad-based growth of African businesses.
In this article, Sputnik takes a closer look at the top ten fastest-growing companies in Africa and what makes them stand out from the crowd in revenue growth, employee growth, and market capitalization.
It's worth noting that the top ten includes three companies from Nigeria and two from Mauritius, while the other five companies are from Kenya, the Democratic Republic of the Congo, South Africa, Sierra Leone, and Morocco.
1. AFEX Commodities Exchange Ltd.
The first company in the 10 Fastest Growing African Companies list is AFEX, a private sector-led commodity exchange in Nigeria that strives to transform Nigerian agriculture by creating more bargaining power for smallholder farmers, access to information, and secure storage.
Since its inception in 2014, AFEX has developed and deployed a viable commodities exchange model for the African market and is on track to impact one million producers by providing services in productivity, value capture and access to finance and markets.
According to FT, AFEX's absolute growth rate is 22,076.31, while its compound annual growth rate (GAGR) is 505,289. The company's revenue has grown from $0.5 million to $102 million in four years (2018 - 2021), while the number of employees has grown from 64 to 278 in the same period. AFEX was ranked third on last year's top 100 fastest-growing companies in Africa.
2. Moniepoint, Inc. (formerly TeamApt, Inc.)
Founded in 2015 with the goal of creating a society where "everyone experiences financial happiness," Moniepoint Inc. is a Nigerian business payment and banking platform.
The company initially offered financial solutions to merchants through its flagship product, Moniepoint. Over time, Moniepoint has evolved into an all-in-one tool for businesses, providing a comprehensive solution that encompasses payments, business banking, credit, and business management.
The company's
revenue has grown from $0.8 million in 2018 to $62.6 million in 2021. Meanwhile, Moniepoint's headcount has grown from 64 to approximately 538 employees over that time.
Sokowatch Ltd. is a Kenyan company that runs an online platform for retail shops, allowing retailers to order products through SMS or mobile app and get delivery.
The platform also offers credit and other financial services to retailers, using past purchasing data to anticipate incoming orders and improve its operations.
Sokowatch's ranking dropped from first place in the 2022 list to third place in this year's list. The company's revenue was estimated at $136.9 million in 2021, up from $3.4 million in 2018. The number of employees grew significantly from 104 to 1,490 in four years.
Founded in 2013, Altech Group is a company that provides clean, affordable energy solutions for the Democratic Republic of the Congo (DRC), a country with one of the lowest rates of electrification in the world.
Altech distributes an array of energy-efficient products, including solar lamps, solar home systems, and clean cookstoves, to off-grid and impoverished households across 22 provinces through a robust network of more than 3,500 representatives.
With a bold vision to eliminate energy poverty in the DRC by 2030, the company is also making a significant impact on the local economy by setting up assembly lines for its products in conflict-affected areas, creating jobs and empowering communities. Altech employs more than 4,000 people, with its revenue estimated at $17 million as of 2021.
5. The Africaworks Group of Companies
The Africaworks Group is a Mauritian pan-African professional services firm that specializes in commercial real estate services across the African continent. The company offers solutions such as advisory, transaction management, workspace strategy, design, and turnkey projects for clients in various sectors.
The company operates in ten African countries: Mauritius, Kenya, Uganda, Rwanda, Tanzania, Zambia, South Africa, Nigeria, Ghana and Cote d'Ivoire. The company also runs a network of co-working spaces under the brand name AfricaWorks, which provides flexible and affordable workspaces for entrepreneurs, freelancers, and businesses.
Founded in 2017, the company’s revenue grew from $0.3 million to 6.8 million over the period between 2018 and 2021.
The next company on the top ten
fastest-growing businesses in Africa is Deimos Cloud Pty Ltd., one of the leading companies in the IT & Software sector in
South Africa. The company provides cloud-native solutions for businesses across various industries.
It partners with Google to offer services such as DevOps, Kubernetes, cloud migrations, developer automation, security, and observability. The company has its headquarters in Cape Town, South Africa and operates in several African countries.
The company's revenue grew from $0.5 million to $9.5 million over the period between 2018 and 2021, according to Financial Times.
Daystar Power Group is a company that provides and runs solar hybrid power systems for businesses in Africa. The company offers affordable, reliable and clean energy solutions that reduce dependence on diesel generators and grid power.
The company has its headquarters in Mauritius and operates in Nigeria, Ghana, Senegal, Togo and Cote d'Ivoire. The company aims to power Africa with renewable energy and contribute to its economic and social development.
Daystar was estimated to have grown in revenue from $0.6 million to at least $5.8 million over four years.
Sankore Ltd is a company that provides investment services to individuals and corporations in Africa and beyond. It offers advisory, fund management, real estate, and innovation services, with a focus on alternative investments and financial technology.
The company has its headquarters in Lagos, Nigeria and operates in Mauritius and the United Kingdom. The company aims to build timeless wealth for its clients and create a positive impact on society.
The Nigerian corporation's revenues grew since its foundation in 2018 from $1.8 million to $16.6 million within four years.
Easy Solar Ltd is a company that provides solar energy solutions and other
life-improving products to off-grid and poor-grid communities in Sierra Leone and Liberia. The company distributes solar lanterns, solar home kits, appliances, cookstoves, and smartphones on a rent-to-own financing structure, enabled by pay-as-you-go technology.
The company has its headquarters in Freetown, Sierra Leone and operates in 15 districts across the country through over 100 distribution points and nine flagship stores. The company aims to make clean energy affordable and accessible to millions of people in West Africa.
FT and Statista estimate the company's revenue at $7.2 million as of 2021.
Chari.Ma is a company that provides a digital buying platform for traditional retailers in Morocco and Tunisia. The company allows small shops to order a variety of fast-moving consumer goods and get them delivered within 24 hours.
The company also offers payment facilities and financial services such as digital payment, money transfer, and buy now pay later through its acquisition of Karny.Ma. The company has its headquarters in Casablanca, Morocco and operates in several cities across the country.
The revenue of the firm, founded in 2018, grew from $0.2 million to $1.8 million as of the year 2021.
