A new ranking of Africa’s fastest-growing companies in 2025 has revealed that Nigeria and South Africa continue to dominate the continent’s entrepreneurial landscape, accounting for more than half of the top 130 companies. The list, compiled by Statista in collaboration with the Financial Times, tracks revenue growth between 2020 and 2023 and highlights the resilience and dynamism of the private sector amid global economic headwinds.
According to the data, 51 companies from South Africa and 28 from Nigeria made the list, reflecting not only the relative size of their economies but also the deeper pools of capital and consumer markets available to entrepreneurs in both countries. However, the report also notes the challenges faced by businesses from smaller or less integrated economies in scaling across the continent.
Top Performers
Topping the list is Nigeria’s Omniretail Inc, an embedded finance and B2B platform that posted an extraordinary compound annual growth rate (CAGR) of nearly 796%. Close behind are fellow Nigerian firms PalmPay Ltd and Remedial Health Inc, operating in fintech and pharmaceuticals respectively. Other standout performers include Zambia’s eShandi, Mauritius-based Africaworks, and South Africa’s Paymenow Group.
While fintech remains the leading sector—with roughly one in five of the ranked firms operating in financial services—other industries such as logistics, real estate, energy, and e-commerce also made strong showings. Notably, companies like Gozem (Togo), Kyosk Digital (Mauritius), and Roam Electric (Kenya) underscore growing regional diversity in innovation.
Fragmentation Still a Barrier
Despite the progress, regional integration remains a key challenge. The list reflects the fragmented nature of Africa’s 54 national markets, each with distinct regulatory, currency, and operational environments. Analysts noted that only a few companies—such as Nigeria’s PalmPay—have successfully expanded across multiple markets, while many others have had to focus on domestic or subregional growth.
“Even neighboring countries like Kenya and Tanzania present completely different business realities,” said one executive quoted in the report.
The Financial Times notes that these structural barriers continue to hinder the creation of pan-African champions. Even well-capitalized firms, such as South Africa’s TymeBank, have sought international expansion outside Africa—launching operations in Southeast Asia—rather than trying to navigate complex intra-African market entry.
Investment Climate Still Challenging
The report also sheds light on the tough post-pandemic funding environment. With rising global interest rates and volatile local currencies—especially in Nigeria, Kenya, and Egypt—investors have become more cautious. Despite these headwinds, funds such as Norfund, the Norwegian development finance institution, remain active on the continent and recently co-led a $20 million round in Omniretail.
“Perceived risk still outweighs real risk in many African markets,” said Ylva Lindberg of Norfund, “but the continent continues to offer remarkable entrepreneurial energy.”
Countries like Kenya (12 companies), Mauritius (9), and Morocco (7) also featured prominently in the ranking, showcasing that innovation and business growth are not confined to the continent’s largest economies.
Methodology Snapshot
To qualify for the ranking, companies had to be independent, headquartered in Africa, and show revenue growth from at least $100,000 in 2020 to $1.5 million in 2023. All data was verified by company executives and independently checked by Statista. The minimum CAGR to qualify was 8%.
The full report and expanded rankings are scheduled for release on June 5, 2025.