Day: May 16, 2024

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Top 20 Fastest Growing Companies in Africa (2024)

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Top 20 Fastest Growing Companies in Africa (2024)

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The Financial Times has released its list of the top 20 fastest growing companies in Africa for 2024.
 

These companies have shown remarkable growth, driven primarily by organic means, and have made significant contributions to their respective industries.

Here’s a closer look at each company and what they do.

  1. Omniretail Inc. (Nigeria, E-commerce)

    • About: A leading online retail company in Nigeria, Omniretail Inc. provides a wide range of products, including electronics, fashion, and household items, through its robust e-commerce platform.

  2. Kyosk Digital (Mauritius, E-commerce)

    • About: Kyosk Digital specializes in providing digital solutions for retail logistics and supply chain management, helping small retailers streamline their operations and improve efficiency.

  3. Resourgenix Pty Ltd. (South Africa, Employment Services)

    • About: Resourgenix is a prominent employment services provider in South Africa, offering staffing solutions and workforce management services to various industries.

  4. Moniepoint Inc. (Nigeria, Fintech)

    • About: Moniepoint is a fintech company that offers mobile banking and payment solutions, aiming to provide financial inclusion for the unbanked population in Nigeria.

  5. Afex Commodities Exchange Ltd. (Nigeria, Fintech)

    • About: Afex operates Nigeria’s first private commodities exchange, facilitating trade and investment in agricultural products to improve market efficiency and farmer incomes.

  6. Chari.Co (Morocco, E-commerce)

    • About: Chari.Co is an e-commerce platform that supports small and medium-sized retailers in Morocco by providing access to a wide range of products at competitive prices.

  7. Enara Group (Egypt, Energy & Utilities)

    • About: Enara Group is an energy solutions provider in Egypt, focusing on renewable energy projects and utilities management to support the country’s sustainable development goals.

  8. Yellow Digital Retailers Ltd. (Mauritius, Energy & Utilities)

    • About: Yellow Digital Retailers offers affordable solar energy solutions to households and businesses in Mauritius, promoting the use of clean energy across the island.

  9. Kentegra Biotechnology Epz Ltd. (Kenya, Health Care)

    • About: Kentegra Biotechnology is a Kenyan biotech firm that develops and manufactures health care products, including pharmaceuticals and medical devices, to improve health outcomes.

  10. HearX Group Pty Ltd. (South Africa, Health Care)

    • About: HearX Group provides innovative hearing health solutions through digital platforms, offering services like hearing tests and affordable hearing aids.

  11. AfricaWorks (Mauritius, Real Estate)

    • About: AfricaWorks is a real estate company that offers flexible workspace solutions across Africa, catering to the needs of startups, freelancers, and established businesses.

  12. Mycredit Investments Ltd. (Nigeria, Fintech)

    • About: Mycredit Investments provides microloans and credit facilities to individuals and small businesses in Nigeria, helping them achieve financial stability and growth.

  13. Agro Supply Ltd. (Uganda, Agriculture)

    • About: Agro Supply is an agricultural company in Uganda that supports smallholder farmers by providing access to quality inputs, financing, and market linkages.

  14. Lapaire Glasses (Ivory Coast, Health Care)

    • About: Lapaire Glasses is a health care company that manufactures and distributes affordable prescription glasses, improving vision care accessibility in Ivory Coast.

  15. Deimos Cloud Pty Ltd. (South Africa, IT & Software)

    • About: Deimos Cloud offers cloud computing and IT services to businesses in South Africa, helping them leverage technology for improved efficiency and scalability.

  16. Alpha Morgan Capital Managers Ltd. (Nigeria, Fintech)

    • About: Alpha Morgan Capital is an investment firm in Nigeria that provides asset management, investment advisory, and financial planning services.

  17. Balancell Energy Pty Ltd. (South Africa, Manufacturing)

    • About: Balancell Energy specializes in the development and manufacturing of advanced energy storage solutions, including batteries and power management systems.

  18. Thrive Agric Ltd. (Nigeria, Agriculture)

    • About: Thrive Agric is an agricultural technology company in Nigeria that connects farmers with investors to provide the necessary capital and resources for increased productivity.

  19. Bisedge Ltd. (Nigeria, Logistics & Transportation)

    • About: Bisedge is a logistics and transportation company in Nigeria that offers supply chain management services, focusing on efficiency and reliability.

  20. Evolution Foods International Pty Ltd. (South Africa, Food & Beverages)

    • About: Evolution Foods is a food and beverage company in South Africa that produces a range of healthy and innovative food products for the local and international markets. 

 

Methodology

According to the Financial Times, the ranking was based on a combination of factors including:

      • Public data research by Statista to identify potential candidates.
      • Company applications with revenue figures verified by senior leadership.
      • Minimum revenue thresholds for 2019 and 2022 to ensure financial viability.
      • Focus on companies with organic (internal) revenue growth.
      • Verification and data cleaning by Statista to ensure accuracy.

Here is the full report – https://www.ft.com/content/a1bc5d2e-046e-499b-b27e-4d057f9d8477?ref=

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MTN Rwanda Launches Biodegradable SIM Cards in Environmental Push

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MTN Rwanda Launches Biodegradable SIM Cards in Environmental Push

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MTN Rwanda is taking a groundbreaking step towards environmental responsibility with the launch of the nation’s first-ever paper-based, biodegradable SIM cards, dubbed “bioSIMs.”
 
This initiative marks a significant addition to the company’s sustainability efforts, aligning with Rwanda’s Green Growth and Climate Resilience Strategy and the broader environmental goals of the MTN Group.

The telecom industry faces growing pressure to address its environmental impact.
 
With an estimated 4.5 billion plastic SIM cards produced in 2020 alone and a staggering 430 million tons of plastic waste generated annually, the need for eco-friendly alternatives is undeniable.
 
Biodegradable SIM cards are a recent innovation, and MTN Rwanda is among the frontrunners in embracing this technology.

These bioSIMs offer a solution by naturally decomposing over time, minimizing their environmental footprint.
 
They are crafted from 100% Forest Stewardship Council (FSC) certified paper, guaranteeing responsible sourcing of raw materials.
 
MTN Rwanda’s commitment extends beyond the SIM card itself, with the company optimizing packaging to further reduce its ecological impact.

Mapula Bodibe, CEO of MTN Rwanda, hailed the launch as a milestone in the company’s 25-year journey. “We aim to set a precedent for responsible business practices,” Bodibe said, “encouraging other industries to join us in building a greener future for Rwanda and beyond.”

The bioSIM launch is part of MTN Rwanda’s wider sustainability strategy, “Project Zero.”
 
The initiative includes transitioning a significant portion of their fleet to hybrid vehicles and installing solar panels at data centers.
 
These efforts contribute to the ambitious goal of the MTN Group – achieving net-zero carbon emissions by 2040.

While no timeframe for widespread bioSIM availability has been announced, the launch signifies a promising step in MTN Rwanda’s environmental leadership, setting a positive example for businesses across the region.

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d.light Secures $3.4 Million to Provide Solar Home Systems to Refugees in Uganda

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d.light Secures $3.4 Million to Provide Solar Home Systems to Refugees in Uganda

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d.light, a company providing essential household products and financing to low-income communities, has announced a project to equip Ugandan refugee camps with solar home systems.

This initiative aims to improve living conditions for refugees and boost economic opportunities.

d.light will provide 10,000 subsidized solar home systems to refugees from South Sudan, the Democratic Republic of Congo, and other countries residing in Northern and Western Uganda.

This forms part of a larger effort to distribute 23,000 systems across refugee settlements.

The project is funded by a $3.4 million grant from the Private Sector Foundation Uganda (PSFU) and Energising Development (EnDev), an international program backed by the German, Dutch, Norwegian, and Swiss governments.

“This grant allows us to expand our work and significantly improve the lives of refugees in Uganda,” said Douglas Gavala, d.light’s Managing Director for Uganda.

“The solar systems provide affordable, reliable lighting and phone charging, promoting safety, education, and economic activity.”

The 12-month project utilizes results-based financing, ensuring d.light receives payment only upon successful installation.

Each system includes energy-efficient LED lights, an FM radio with MP3 playback, mobile phone charging capabilities, and a portable solar flashlight.

According to the International Energy Agency (IEA), Africa possesses 60% of the world’s best solar resources, yet its solar power capacity remains low.

This project builds on d.light’s commitment to empowering low-income communities.

Their Pay-Go financing model, recently bolstered by a $7.4 million investment, provides affordable solar products to those who need them most.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Accion Launches $152.5 Million Fund to Drive Digital Transformation for Financial Inclusion in Africa

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Accion Launches $152.5 Million Fund to Drive Digital Transformation for Financial Inclusion in Africa

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Accion, a non-profit focused on financial inclusion, has announced the launch of the Accion Digital Transformation Fund, a $152.5 million initiative designed to empower traditional financial institutions in serving underserved small businesses.

The fund targets microfinance banks and similar institutions in Africa, South and Southeast Asia, and Latin America.

By providing growth capital and strategic support, the initiative aims to bridge the gap between traditional financial institutions and digitally underserved populations.

“We’ve seen firsthand how many people, especially in rural areas, lack access to essential financial services,” said Abhishek Agrawal, Managing Partner at the Accion Digital Transformation Fund.

“This fund addresses two key challenges: building trust in digital finance among rural customers and equipping traditional institutions with the knowledge and resources to effectively engage them.”

The fund prioritizes investments in institutions serving micro, small, and medium enterprises (MSMEs).

Preferred targets include traditional microfinance institutions, affordable housing companies, and those transitioning to full-fledged banks.

Investments will range from $12 million to $15 million, with additional contributions from the fund’s limited partners, which include prominent organizations like British International Investment (BII) and Mastercard.

This initiative marks a strategic shift for Accion. Previously, the Accion Venture Lab focused on early-stage fintech startups.

The new fund, however, will invest directly in established financial institutions to accelerate their digital transformation journey.

“Our goal is to empower existing institutions to leverage technology and reach a wider customer base,” explained Agrawal. “This approach complements our existing work with fintech startups, fostering a more inclusive financial ecosystem overall.”

The Accion Digital Transformation Fund is managed by Accion Impact Management, which also oversees the Accion Venture Lab.

Accion Emerge, another Accion initiative, continues to support growth-stage companies in embedded finance, agritech, and the future of work.

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Senegalese Retail Tech Startup Maad Secures $3.2 Million in Seed Funding to Fuel Expansion and Innovation

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Senegalese Retail Tech Startup Maad Secures $3.2 Million in Seed Funding to Fuel Expansion and Innovation

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Maad, a Senegalese logistics platform catering to informal retailers, has secured $3.2 million in seed funding.

This investment will fuel the company’s domestic and international expansion plans and launch of new products.

Maad bridges the gap between suppliers and small retailers of everyday consumer goods (FMCG).

Their technology platform empowers retailers with a one-stop shop for ordering products, ensuring reliable delivery and competitive prices. Additionally, Maad offers working capital loans to support these businesses.

Beyond its core distribution network, Maad leverages its infrastructure to provide high-value services to brands.

This includes data analysis, software solutions, and support with advertising, distribution, and market insights.

The funding round, a mix of equity and debt, was led by Ventures Platform.

Other participants include Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital, and Alumni Ventures. Local banks, alongside Proparco, contributed to the debt financing.

“Maad enjoys a significant first-mover advantage within the Sub-Saharan Francophone African market,” said Sidy Niang, Maad’s co-founder and CEO.

“This largely untapped market presents a tremendous opportunity. As the region’s fastest-growing player, we’re well-positioned to solidify our leadership and drive transformation.”

The funds will be used to solidify Maad’s dominance in the Senegalese market and expand into a second Francophone African nation.

“Maad’s innovative approach to digitizing Francophone Africa’s informal retail sector has the potential to significantly impact small business owners and consumers,” stated Dotun Oloworopoku, managing partner at Ventures Platform.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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