Imagine a continent often defined by its struggles—poverty, political instability, economic hurdles—suddenly turning heads with stories of unstoppable growth. That’s Africa in 2025. Despite facing global challenges like the COVID-19 pandemic, inflation, and shaky currencies, African businesses are not just surviving; they’re thriving. According to the African Development Bank, Africa is set to claim eleven of the world’s twenty fastest-growing economies in 2024 (African Development Bank, 2024). This isn’t just a statistic—it’s a signal of something big happening. The Financial Times’ 2025 ranking of Africa’s Fastest-Growing Companies, put together with Statista, pulls back the curtain on this quiet revolution, spotlighting businesses that are rewriting the narrative with grit, creativity, and jaw-dropping growth.
So, what’s fueling this boom? Who are these companies? And what do their stories tell us about Africa’s future? Let’s dive in.
How They Measure “Fast-Growing”
First, let’s get a grip on what “fastest-growing” means. The Financial Times and Statista rank companies based on their compound annual growth rate (CAGR) in revenues, say, from 2020 to 2023.
-To make the list, a company had to earn at least $100,000 in 2020 and $1.5 million by 2023.
-They also had to be independent—not some branch of a bigger firm—and have their main operations in Africa.
-Be independently owned, based in Africa, and show primarily organic growth over the period
The Big Players: South Africa and Nigeria Lead the Pack
In 2025, two countries dominate the list: South Africa and Nigeria. Out of 130 companies, South Africa boasts 51, while Nigeria has 28 (Africa.com, 2025). That’s more than half the list! It’s no surprise—South Africa’s got the continent’s most industrialized economy, and Nigeria’s got the population and hustle to match. But it’s not just the usual suspects. Smaller nations are punching above their weight too.
Zambia’s eShandi snagged fourth place, and Mauritius’s Africaworks made the cut as well (Post by @IanECox, 2025). This spread shows growth isn’t just a big-city game—it’s happening everywhere.
Sectors Driving the Surge
These companies aren’t all doing the same thing. The list is a mixed bag of industries, proving Africa’s economy is as diverse as its people. About one in five companies on the list are in financial services (Financial Times, 2025).
Why? Because Africans don’t have bank accounts, companies like PalmPay and Remedial Health are stepping in with slick, tech-driven solutions. But it’s not just about money apps. E-commerce is exploding, health care is getting a tech makeover, and even agriculture is in on the action. Take HearX Group from South Africa—they’re using digital tools to make hearing tests and aids affordable. Or Agro Supply Ltd. in Uganda, helping small farmers get better seeds and sell their crops (Financial Times, 2025). It’s a kaleidoscope of innovation.
Bouncing Back from Tough Times (COVID Pandemic)
Let’s not sugarcoat it—the years from 2020 to 2023 were rough. The COVID pandemic shut down cities, broke supply chains, and emptied wallets. But here’s where African companies showed their mettle. While the world reeled, they turned Lemons into Lemonade
Omniretail saw online shopping take off as people stayed home. Health care firms like HearX Group went digital, reaching patients through screens when clinics were off-limits. This wasn’t just survival—it was a flex of adaptability that set the stage for their growth.
Technology: The Secret Sauce
Technology is the thread tying these stories together. Mobile money apps, online platforms, digital health tools—you name it, tech’s at the heart of it. Why? Africa’s getting connected fast. More people have smartphones, and internet access is spreading. The IMF predicts Africa’s economy will grow 3.8% in 2024 and 4.2% in 2025, outpacing the world average, thanks in part to this digital boom (IMF, cited in Africa.com, 2025). It’s not just about gadgets—it’s about solving real problems, like getting cash to rural farmers or health care to remote villages.
“Many on the lists are young companies that saw a gap and filled it”
At the core of this growth are people— dreamers, risk-takers, innovators. These aren’t faceless corporations; they’re startups and small businesses shaking things up. Many on the list are young companies that saw a gap and filled it— whether it’s a new way to shop online or a fresh take on farming. Their wins aren’t just about profits; they’re creating jobs and sparking hope for the next wave of African entrepreneurs.
ZOOMING THE TOP TRAILBLAZERS.
Omniretail Inc. (Nigeria, E-commerce)
Picture this: you’re in Lagos, Nigeria’s buzzing megacity, and you need a new phone. A few clicks on Omniretail’s site, and it’s on its way. This Nigerian e-commerce star has taken online shopping to new heights, offering everything from gadgets to clothes. Their trick? Nailing logistics:- getting stuff to your door fast, even in a country where
They are tapping into Nigeria’s e-commerce wave, driven by more phones and internet in people’s hands (Africa.com, 2025). Omniretail’s not just selling—it’s showing how digital can change the game.
– OmniRetail was founded in 2019.
– Their headquarters are located at 6, Causeway Road, Ijora, Lagos.
-They operate in the trade and finance sectors. The company
provides a B2B e-commerce platform, a distribution management
system, and an embedded finance solution to support traditional
trade processes.
– OmniRetail serves manufacturers, distributors, retailers, and
trade businesses within the FMCG sector.
– OmniRetail’s latest funding round is Series A. They raised a total
of $39M.
– Investors of OmniRetail include Timon Capital, Ventures Platform,
Aruwa Capital Management, Norfund, Goodwell Investments, and
12 more.
– Competitors of OmniRetail include Shoptreo and 2 more.
– OmniRetail acquired 1 company. Their latest acquisition was
Traction Apps on October 21, 2024.
Palm Pay: Nigeria Fintech, Financial Services & Insurance
PalmPay digital wallet app offers money transfers, bill payments with over 300 billers, credit services, and savings. The company improves its users’ digital payment experiences by offering financial account creation, money transfers, bill payments, and instant transfers. Nigeria emerges as a Global Leader in the Shift Toward Digital Payments, driven by Fintech access to credit services.
Detailed Services
Money Transfer: Allows users to send and receive money seamlessly.
Bill Payments: Enables users to pay their bills effortlessly within the app. Shopping Payments: Facilitates payments for goods and services at various merchants.
Financial Management: Offers tools for users to manage their finances, including savings and budgeting.
Rewards Program: Provides discounts and cash back rewards for
The transaction was made through the app.
Customer Support: Offers assistance through various channels, including phone and email
Fact Sheet
– PalmPay was founded in 2019.
– PalmPay’s headquarters are located at 20 Opebi Road, Lagos.
– PalmPay’s latest funding round is Incubator/Accelerator – II.
– They raised a total of $140M.
– Investors of PalmPay include African Unicorns, Genesis Group,
Chengyu Capital, AfricInvest, Yunshi Capital, and 7 more.
– Competitors of PalmPay include Moniepoint, BoundlessPay,
Chipper Cash, Opay, Kuda, and 7 more.
Remedial Health Inc: Health Nigeria Pharmaceuticals & Cosmetics: Remedial Health’s current Founder, Chief Executive Officer is Samuel Okwuada. A health technology company providing inventory, software, data, and financing solutions to healthcare providers in Africa, Remedial Health focuses on procurement and pharmacy operations for healthcare providers. It offers a digital platform for purchasing pharmaceuticals and medical products, as well as services to automate pharmacy management and provide inventory financing. It primarily serves pharmacies, hospitals, and health insurers.
It has been ranked the third fastest growing company overall and the fastest growing health tech in the 2025 edition of the Financial Times “Africa’s Fastest Growing Companies” list. The company stood out among hundreds of high-growth businesses across diverse sectors, including technology, telecoms, financial services, and healthcare.
Their app is used for sourcing medications, medical consumables, and devices for pharmacy or medical practice.
Fact Sheet
– It was founded in 2016.
– Remedial Health Investors (32)
– Remedial Health is a Private company.
-Bossa Invest, Calm Ventures, Gaingels, Gershon Capital, and
Grant Park Ventures are 5 of 32 investors who have invested in
Remedial Health.
– Investor Type – Venture Capital
– Remedial Health has raised $17.9M.
– Remedial Health is headquartered in Lagos, Nigeria.
– Remedial Health has 35 total employees
– The current revenue for Remedial Health is
eShandi (Zambia): Fintech, Financial Services & Insurance
Now, shift to Zambia, where eShandi’s making waves at number four on the list (Post by @IanECox, 2025). We don’t have all the details on what they do—private companies like to keep quiet—but their climb says a lot. Zambia’s had its share of woes, with a wobbly currency and rising prices. Yet eShandi’s found a way to shine, proving that even in tough spots, smart ideas can take root and grow.
A pan-African challenger bank, leveraging AI-driven credit scoring and digital financial services to provide instant, collateral-free loans, seamless payments, and banking solutions, empowering underbanked SMEs and individuals across Africa.
eShandi initially started as a microfinance institution specialising in using technology to provide unbanked groups with access to financial services, such as affordable loans. They expanded into a wider-ranging fintech company that offers a broad range of services aimed at boosting financial inclusion and self-reliance for underbanked groups.
The company has also expanded into three new markets – Zimbabwe, Kenya, and South Africa – as part of its ultimate vision of becoming a pan-African challenger bank disrupting the status quo across the continent.
Fact Sheet
– Creation date 2019-01-21
– Formally Premier Credit
-Turnover 11,296,296€
– Sector – Financial Services & Insurance.
– Market – Kenya, South Africa, Zambia
– Investors – Enyigma.
HearX Group Pty Ltd. (South Africa, Health Care)
Description
Over in South Africa, HearX Group is tackling a problem many overlook: Hearing loss. Using tech, they’ve built digital tools for hearing tests and affordable hearing aids. In a place where health care can be hard to come by, this is huge. They’re not just growing a business—they’re helping people hear the world again, blending profit with purpose (Financial Times, 2025).
These aren’t just companies, they are Provider of mobile health services intended to facilitate clinical smartphone hearing test products.
The company’s services include:
Mobile applications for audiometric tests, hearing screening tests, hearing tests, and vision tests, as well as other products like a diagnostic endoscope, hearing loss self-test kiosk, and cloud-based health data management platform, enabling patients to get affordable access to hearing care.
Technology Utilized
(a) Web-based Hear Screen tool: An easy screening with a direct referral of failed screens to your clinic for a baseline hearing evaluation.
(b) The hearX Self-Test Kit (STK) provided a solution to test the patient’s hearing without compromising their safety. The no-touch or low-touch hearing testing solution offers pure tone audiometry (hearTest), speech-in-noise testing (hearSpeech), a screening algorithm that checks for ear diseases and conductive loss (hearRisk), and an otoscope to take eardrum images (hearScope). All the necessary tests are in an easy-to-follow, step-by-step test battery to assist with the patient’s hearing aid fitting.
Fact Sheet
Year Founded: 2016
– Employees: 165.
– Status: (Acquired/Merged)
– Financing Rounds: 12
– Financing Status: Private Equity-Backed.
– Corporate Office: Pretoria, 0081 South Africa
– HearX has raised $115M in funding.
– Investors: Accelerate 2030, Assistive Technology (AT) Impact
Fund, Bose, Ventures, CI Capital Partners, and Fireball
Capital is 5 of 10 investors who have invested in hearX.
– Competitors: SHOEBOX (Diagnostic Equipment) and Eargo are
competitors of hearX.
– When was hearX acquired?: hearX was acquired on 31-Mar-2025.
– Who acquired hearX?: hearX was acquired by Eargo.
Africa Works Group of Companies: Mauritius Real Estate
The AfricaWorks Group is a leading design and build company in Africa, specializing in commercial interiors. They have offices in 10 African countries, including Kenya, Uganda, Rwanda, and Nigeria. In addition to the AfricaWorks Group, there’s also a separate company called AfricaWorks, which focuses on co-working and co-living spaces across the continent. They have a presence in multiple cities, including Lagos, Accra, and Abidjan, and offer various workspace solutions.
AfricaWorks Group (Design and Build):
• Headquartered in Paris, France.
• Presence in 10 African countries: Kenya, Uganda, Rwanda, Tanzania, Zambia, Mauritius, South Africa, Nigeria, Ghana, and Ivory Coast.
• Focus on creating innovative and collaborative commercial spaces.
Africa Works (Co-working & Co-living):
• Leading co-working and co-living company in Africa.
• Present in 7 cities: Abidjan, Accra, Cape Town, Dakar,
Johannesburg, Lagos, and Lusaka.
• Offers various workspace solutions: enterprise solutions, private
offices, shared desks, virtual offices, meeting rooms, etc.
Fact Sheet
– Year Founded 2019
– Status Private.
– Employees 74.
– Ownership Status: Privately Held
– Investors – 3. Who are AfricaWorks’s investors? Sayani
Investments, Bleecker, and French Partners have invested in
AfricaWorks.
– AfricaWorks has raised $5.13M.
– Financing Status Venture Capital-Backed
– Corporate Office- Touchstone House, Cape Town, 8001
South Africa.
– Buildings and Property Other Commercial Services
Termii Inc: Nigeria Media & Telecommunications
If you’ve ever anxiously waited for that all-important OTP text message when making payments through popular fintech gateways like Paystack, then you’ve witnessed Termii in action.
Termii enables businesses, especially fintechs, to engage customers through a diverse range of channels.
