The report, developed in partnership with research firm Statista, features 130 of th continent’s fastest-growing businesses, selected for their revenue growth between 2020 and 2023.

Out of the 130 ranked companies, South Africa accounts for 51, while Nigeria follows closely with 28.

Together, they represent over 60% of the list, underscoring their influence in Africa’s business landscape.

However, this also signals the ongoing challenges faced by startups in smaller or less capitalized markets looking to scale across borders.

Top Performers in 2025

At the top of the list is Omniretail (Nigeria), an e-commerce company that reported a staggering 71,818% absolute growth and a compound annual growth rate (CAGR) of 795.9%.

It was followed by another Nigerian startup, PalmPay, a digital payment platform, with a CAGR of 583.6%.

Other standout performers in the top 10 include:

• Remedial Health (Nigeria) – Pharma distribution (CAGR: 339.1%)

• eShandi (Zambia) – Fintech (CAGR: 276.4%)

• Africaworks (Mauritius) – Real estate (CAGR: 238.3%)

• Paymenow (South Africa) – Financial services (CAGR: 237.8%)

• Gobid and Drive.co.za (South Africa) – Automotive platforms

• Inkomoko (Rwanda) – Small business finance

• Termii (Nigeria) – Communications tech

Emerging Sectors: Fintech, E-Commerce, and Health Tech

The data highlights the continued dominance of fintech, which remains a primary growth driver across multiple African markets.

Startups such as Moniepoint, Chari, and Kyosk also made the list thanks to increased demand for financial inclusion and digital retail platforms.

Health and pharmaceuticals are also gaining ground, with companies like Evercare Hospital Lekki (Nigeria) and Lapaire (Côte d’Ivoire) scaling rapidly in response to rising demand for healthcare access.

Rising Contenders from Smaller Markets

While South Africa and Nigeria led in terms of quantity, companies from Zambia, Mauritius, Rwanda, Togo, and Uganda also broke into the top ranks.

This suggests a gradual but promising diversification of startup success across the continent.

Companies such as Gozem (Togo) in logistics and Numida (Uganda) in financial services show that growth potential isn’t confined to the continent’s biggest economies.

To see the full list and detailed breakdown, visit the FT’s exclusive report here: https://www.ft.com/content/1cae5285-ed13-47f4-ab24-81f58b535c07