MoniePoint & AFEX Top List of Financial Times 100 Fastest Growing African Companies 2023

Two Nigeria tech company are on top of the list of fastest growing tech companies in Africa listed by Financial Times ranking of 2023.

List of 100 showed sectors from fintech to renewable energy to healthcare managed to develop their businesses while much of the world shut down.

The Nigerian tech companies are AFEX Commodities Exchange Ltd in the Agriculture, Forestry & Fishing and with an compound annual growth rate of 505.289 while Moniepoint, Inc. (formerly TeamApt, Inc.) in the fintech sector had an absolute growth rate of 321.204.

Others on the rankings are: Sankore Limited in the Fintech, Financial Services and Insurance sector, Alpha Morgan Capital Managers Limited, in the Fintech, Financial Services and Insurance sector, Neveah Limited, in the Metals and Mining, Bluecamp Limited, in Construction and Engineering, Veritasi Homes And Properties Limited in real estate, Comercio Partners Limited in Fintech, Financial Services and Insurance, Paga Group Limited in Fintech, Financial Services and Insurance, Foodco Nigeria Limited in the Retail and Kawai Technologies Limited in the Logistics and Transportation.

The qualification criteria stated that the businesses must have generated a minimum CAGR of 7.89% within the stated period, and revenue of at least $100 000 in 2018 and $1.5-million in 2021. Eligible businesses have to be entirely independent (not a subsidiary or branch of any kind) and their headquarters must be located in Africa.

According to the reporting, after a recent period in which capital flows to emerging markets have slowed and start-up companies have been rattled by the collapse of Silicon Valley Bank, the FT/Statista 2023 annual ranking of Africa’s fastest-growing companies casts its gaze back to encapsulate a time of corporate dynamism at what was the height of the pandemic.

The ranking, now in its second year, showed that companies in sectors including fintech, renewable energy, healthcare, commodities and agriculture were managing to grow their businesses while much of the world shut down.