List Of Africa’s Fastest Growing Companies In 2024

• Africa's fastest-growing companies in 2024 are in Nigeria, South Africa, Mauritius, Morocco, Egypt and Kenya
• Nigeria's Omniretail revenues grew from $0.25 million (KSh 33.25 million) in 2022 to $139.88 million (KSh 18.6 billion) in 2022
• Kyosk Digital is a Mauritian app whose absolute growth rate of 41,644.81% was ranked second behind Nigeria's Omniretail

TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

The list of Africa's fastest-growing companies in 2024 has been released against a backdrop of numerous economies still reeling from the effects of the COVID-19 outbreak.

According to the International Monetary Fund (IMF), Africa's overall economic growth in 2023 was 3.2%, less than Asia's growth of around 5%.

What's the projection of Africa's economic growth?

Given the African continent's rapid population growth, the underperformance is even more pronounced in terms of per capita performance. Overall, Africa is lagging behind more affluent regions.

The World Bank projected that African economies will rebound and grow by 3.5% in 2024.

According to the Financial Times, Africa's fastest-growing companies in 2024 are in Nigeria, South Africa, Mauritius, Morocco, Egypt and Kenya.

1. Omniretail, Nigeria

The company's revenues grew from $0.25 million (KSh 33.25 million) in 2022 to $139.88 million (KSh 18.6 billion) in 2022.

During the same period, its number of employees rose from 11 to 896.

The e-commerce firm was founded in 2019 and was projected to record an absolute growth rate of 66,294.88%.

2. Kyosk Digital, Mauritius

Kyosk Digital is a Mauritian app whose absolute growth rate of 41,644.81% was ranked second behind Nigeria's Omniretail.

The app, launched in 2019, saw its revenues rise from $0.37 million (KSh 49.2 million) to $155.35 million (KSh 20.6 billion) in 2022.

During the period under review, the company's employees grew from 20 to 202.

3. Resourgenix, South Africa

Resourgenix is a worldwide talent-sourcing organisation headquartered in South Africa that collaborates with clients worldwide.

The talent acquisition firm was founded in 2019 by Graham Bentley and Grant Cameron-Smith, who together have over 150 years of business experience.

Resourgenix's absolute growth rate was listed as the third at 26,441.42%.

4. Moniepoint, Nigeria

The fintech, financial services, and insurance firm established in 2015 posted impressive revenue growth from $1.84 million (KSh 244.6 million) in 2019 to $148.66 million (KSh 19.7 billion) in 2022.

Moniepoint's employees during the same period increased from 111 to 962.

The absolute growth rate was ranked fourth at 7,979.35%.

5. Afex Commodities Exchange Ltd, Nigeria

Afex Commodities Exchange Ltd was another Nigerian company ranked among the fastest-growing in Africa, with a growth rate of 5,733.12%.

Its revenues jumped from $8.38 million (KSh 1.1 billion) in 2019 to $415.54 million (KSh 55.16 billion) in 2022, while the number of employees rose from 59 to 391.

6. Chari, Morocco

Chari is an e-commerce firm founded in Morocco. It allows retailers to order and sell consumer goods.

It also offers microloans to retailers and registered a revenue growth from $0.15 million (KSh 19.9 million) in 2019 to $6.31 million (KSh 837.6 million) two years later.

7. Enara Group, Egypt

The energy and utilities company was founded in 2018 and has grown massively.

Enara Group's revenues increased from $0.15 million (KSh 19.9 million) in 2019 to $4.31 million (KSh 572.2 million) in 2022, while employees rose from three to 36.

Its absolute growth rate was 3,265.65%.

8. Yellow Digital Retailers Ltd, Mauritius

Yellow Digital Retailers Ltd is a Mauritian energy and utilities company whose revenues soared from $0.96 million (KSh 127.4 million) in 2019 to $28.77 million (KSh 3.83 billion) in 2022.

With an absolute growth rate of 2,892.22%, it is one of the continent's fastest-growing companies in 2024.

9. Kentegra Biotechnology, Kenya

The US-Kenyan biotech company specialises in the production of organic insecticide pyrethrum.

Kentegra Biotechnology's growth rate, at 2,333.05%, makes it the ninth-largest, fastest-growing firm in Africa.

The healthcare and sciences company's revenues increased from KSh 19.9 million to KSh 499.1 million.

10. HearX Group, South Africa

The South African company had 42 employees in 2019, and since its revenues improved from $0.57 million (KSh 75.7 million) in 2019 to $12.28 million (KSh 1.63 billion) in 2022, the workforce rose to 172.

Its absolute growth rate was 2,056.82%.

Which is the most profitable bank in East Africa?

Elsewhere, Kenya Commercial Bank became the most profitable bank in East Africa after posting a KSh 16.5 billion Q1 net profit.

The lender's profit increased 69% from KSh 9.8 billion reported in Q1 of 2022 to KSh 16.5 billion.

KCB Group chief executive officer (CEO) Paul Russo attributed the growth to continued customer loyalty, which has helped the company regain its market spot.

Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke