While businesses shut down globally, Africa’s growing companies stayed afloat

The Financial Times, and analysis firm, Statista have launched a report on Africa’s quickest growing companies 2023. The checklist highlights how the highest 100 African businesses from throughout totally different sectors—fintech, renewable power, healthcare, commodities and agriculture—saved their businesses afloat whereas a lot of the world’s businesses shut down.

The report ranks the highest 100 companies in keeping with the best compound annual development (CAGR) in revenues between 2018 and 2021.

Topping the checklist is Nigerian-based startup Afex Commodities Exchange and Moniepoint. Afex Commodities Exchange, which supplies brokerage and commerce finance providers for commodities akin to maize, sorghum, cocoa, and rice, is available in first place whereas Moniepoint, an organization that provides banking providers for small businesses, got here in  second. 

Kenya’s Wasoko, which headed the checklist the earlier 12 months, is available in third. The e-commerce firm helps small merchants entry stock via extra environment friendly provide chains in seven African nations. 

Althoughfintech and IT/software program sectors have been extremely represented within the checklist, an intensive range of company exercise was additionally current on the checklist. The fastest-growing companies embrace a  Namibian vineyard—Silverland Vineyards, a Kenyan fish farm—Victory Farms, a South African firm that conducts distant listening to assessments—Hearx and renewable power companies, Altech and Easy Solar within the Democratic Republic of Congo and one other firm in Sierra Leone.

The standards for being adjudged on the checklist of Africa’s Fastest Growing Companies is for companies to have generated “revenues of at least $100,000 in 2018 and revenue of at least US $1.5mn generated in 2021”. Also, listed companies should be “independent (the company is not a subsidiary or branch office of any kind) and the company’s operational headquarters are located in one of the African countries.” Companies’ income between the watch interval (2018-2021) needs to be “internally stimulated” and purely natural.