East African firms like Twiga and M-KOPA are gaining ground as Nigeria and South Africa lead FT’s 2025 ranking of Africa’s Fastest-Growing Companies.
In a year where global capital tightened and regional economies fought inflationary pressures, Africa’s private sector still found a way to shine. The 2025 edition of Africa’s Fastest-Growing Companies—a joint ranking by the Financial Times and research firm Statista—highlights 130 companies across the continent that are not just surviving, but thriving.
Once again, the numbers speak volumes: South Africa and Nigeria command the stage with 42 and 25 firms respectively on the list. But a deeper look reveals that East Africa—particularly Kenya—is quietly building momentum, showing signs that its ecosystem is ready for regional, if not continental, play.
The Heavyweights: Nigeria and South Africa Still Rule the Roost
Nigeria’s OmniRetail, a B2B e-commerce force, secured the top position in the ranking, underlining West Africa’s growing dominance in tech-enabled commerce. Fintech remains a juggernaut, with players like PalmPay, FairMoney, and Paga continuing to leverage mobile money, digital lending, and remittance channels to scale rapidly.
South African firms—many buoyed by access to deeper capital markets and stronger institutional frameworks—dominate sectors like logistics, health tech, and renewables. Johannesburg is still the continent’s de facto capital for corporate scale-ups.
But while these markets remain magnetic, they also highlight the uneven playing field. Smaller economies—from Lusaka to Kigali—struggle with issues ranging from policy unpredictability to underdeveloped capital markets.
East Africa’s Quiet Rise
Kenya, Tanzania, and Uganda together contribute 13 firms to the 2025 list, with Kenya alone accounting for eight. That’s up from just five last year. While the numbers may not rival their southern and western neighbors, the performance is meaningful.
The Financial Times’ 2025 ranking of Africa’s Fastest-Growing Companies highlights the continent’s dynamic business landscape, with South Africa and Nigeria leading the pack. However, East African firms have made notable strides, showcasing resilience and innovation.
East Africa’s Notable Entrants
Kenya has distinguished itself with several companies making the list:
- Roam Electric AB: Ranked 35th, this Nairobi-based electric mobility startup achieved an 86.4% compound annual growth rate (CAGR) and a 547.8% revenue increase, reaching $2.31 million in 2023.
- TPS Eastern Africa PLC (Serena Hotels): Positioned at 41st, the hospitality giant reported a 68.1% CAGR and $70.02 million in revenue, reflecting a robust post-pandemic recovery.
- M-KOPA: At 68th place, this fintech firm saw a 42.1% CAGR and a 186.9% revenue growth, totalling $252.61 million in 2023, driven by its pay-as-you-go model for solar and smartphone financing.
- Quickmart: Ranked 79th, the supermarket chain experienced a 33.9% CAGR and a 139.9% revenue increase, expanding its footprint across Kenya.
- Victory Farms: This aquaculture company also featured on the list, underscoring the growth potential in sustainable food production.
Rwanda and Uganda also made their mark:
- Inkomoko Entrepreneur Development Ltd (Rwanda): Ranked 8th, this firm achieved a 211.2% CAGR, highlighting the vibrancy of Rwanda’s entrepreneurial ecosystem.
- Numida (Uganda): While specific rankings weren’t disclosed, Numida’s inclusion signifies Uganda’s growing fintech landscape.
Yet not all East African startups made it through the storm. Twiga Foods, once a darling of agri-tech innovation, significantly scaled back its operations in 2024, closing its ventures in Uganda and Rwanda and shifting focus to core domestic markets. The firm cited logistical inefficiencies and currency instability as key challenges.
Worse hit was Sendy, a logistics and fulfilment startup previously celebrated for modernising last-mile delivery. Despite achieving operational profitability in 2023, the company shut down in late 2024, felled by high cash burn and intensified competition from global players like Glovo and Jumia Logistics.
Challenges and Opportunities
Despite these successes, East African companies face challenges such as limited access to capital, regulatory hurdles, and competition from larger markets. However, the region’s representation in the FT ranking demonstrates its potential and the innovative spirit of its entrepreneurs.
As East Africa continues to navigate these challenges, the achievements of its companies on the continental stage offer a promising outlook for the region’s economic future.
“East African firms may be fewer, but they punch above their weight in execution,” says Rose Kimani, Partner at Nairobi-based Horizon Ventures. “They’re navigating tough terrain with remarkable agility.”
The Hurdles That Still Remain
Yet challenges persist. Cross-border scale is still elusive for many East African firms. Tariff and non-tariff barriers between EAC countries, weak venture capital pipelines, and inconsistent policy environments continue to throttle growth.
Moreover, digital-first banks and well-funded competitors from West Africa are beginning to encroach on East Africa’s turf—particularly in the fintech and logistics sectors.
Still, the region’s fundamentals remain strong. Nairobi is steadily gaining recognition as a launchpad for continental expansion—helped by Kenya’s strategic location, regional connectivity, and growing tech talent pool.
Beyond the Big Two: The Rest of Africa Speaks
While South Africa and Nigeria dominate, companies from Morocco, Côte d’Ivoire, Ghana, Mauritius, and Senegal are also part of the 130-company cohort. Sectors such as renewable energy, insurance tech, and online retail are becoming increasingly decentralized, pointing to a broader shift in the continental innovation map.
Looking Ahead: A Continent in Transition
The 2025 ranking isn’t just a scoreboard—it’s a snapshot of a continent in flux. The success of Nigeria’s and South Africa’s champions is well-earned. But the emergence of East African firms signals that Africa’s growth story is becoming more balanced—and more interesting.
“We’re seeing the contours of a multi-nodal Africa,” notes FT Africa editor David Pilling. “It’s no longer just about Lagos and Johannesburg—Nairobi, Dakar, and Kigali are writing their own chapters.”
And that may be the most powerful takeaway yet.
