In its fourth edition, the Financial Times–Statista report on Africa’s Fastest-Growing Companies for 2025 reveals powerful insights into the continent’s evolving business landscape. The ranking showcases 130 independent companies with the fastest compound annual revenue growth between 2020 and 2023.
The 2025 list reflects not only where growth is happening, but how it’s being achieved—and who is shaping the future of African enterprise. It is also a telling snapshot of the opportunities and imbalances that continue to define the African business environment.
Core Findings
1. Nigeria and South Africa Dominate the Landscape
Together, Nigeria and South Africa account for more than 60% of the 130 ranked companies—79 entries in total. This trend underscores their economic weight and relatively mature startup ecosystems.
- Nigeria claims all top three positions.
- South Africa shows strength in tech, retail, and banking.
- Other countries represented include Kenya (12), Mauritius (9), Morocco (7), Ghana, Egypt, Rwanda, Uganda, and Zambia.
2. Fintech and Software Lead Sectorally
Nearly 40% of all companies in the ranking operate in fintech, software, or IT services. This confirms digital finance’s role as the vanguard of African business growth.
However, a number of firms in logistics, manufacturing, co-working, and infrastructure also signal a broadening of opportunity beyond pure tech.
3. Omniretail Tops the List for the Second Year
Nigerian B2B e-commerce platform Omniretail ranks #1, boasting a jaw-dropping 71,818% revenue growth between 2020 and 2023—rising from $280,000 to over $120 million in annual revenues.
Other top performers include:
- PalmPay (Nigeria): mobile payments
- Moniepoint (Nigeria): financial services for SMEs
- TymeBank (South Africa): digital banking with cross-border expansion into Asia
These firms represent a new class of African tech-enabled businesses that combine operational excellence with strong capital backing.
Strategic Insights
A. Growth Is Still Local, Not Continental
While some of the top companies like Omniretail and PalmPay operate in multiple countries, the majority remain domestically focused. This highlights the continuing difficulty of scaling across African borders, due to regulatory fragmentation, trade barriers, and infrastructure gaps.
B. Fintech’s Golden Era Continues—But at a Cost
Fintech remains Africa’s most bankable growth engine, buoyed by unmet demand for digital finance. But the concentration risk is rising: if capital and innovation remain overly centered in payments and lending, other critical sectors may fall behind.
C. Investors Favor Velocity Over Reach
The companies with the highest CAGR often grew fast within single national markets rather than expanding across regions. This mirrors patterns seen in Southeast Asia and India—where market depth precedes regional breadth.
TymeBank is a notable exception, actively scaling into Southeast Asia after securing a $150 million Series C led by Nubank (valuation: $1.5 billion).
D. Beyond Fintech: The Rise of New Sectors
Companies like:
- Africaworks (Mauritius, co-working & real estate services)
- Inkomoko (Rwanda, MSME finance)
- Moringa School (Kenya, digital skills education)
…show that there is space for scalable, inclusive, and profitable models beyond fintech—especially those serving the informal economy or workforce development.
Implications for Stakeholders
| Stakeholder | Key Takeaway |
|---|---|
| Investors | Look for cross-border readiness, not just local market scale |
| Founders | Focus on operational maturity; cross-border growth remains hard |
| Governments | Streamline regional trade and regulatory harmonization |
| Ecosystem Enablers | Expand support to non-fintech sectors showing traction |
Africa’s fastest-growing companies demonstrate excellence, but they also expose structural bottlenecks that continue to limit scale.
Conclusion
The FT–Statista 2025 ranking is more than a list—it’s a barometer of Africa’s economic evolution. With Nigeria and South Africa leading the way, and fintech dominating the upper tier, the report highlights both the continent’s immense entrepreneurial potential and its persistent growth constraints.
To unlock the next wave of growth, both diversification and integration are crucial: diversification across sectors, and integration across borders.
Author
Aurel Kinimbaga is a contributor specializing in innovation, inclusive growth, and business strategy across African markets. He writes regularly on entrepreneurship, digital infrastructure, and the economic forces shaping the continent’s future.