Nigeria’s OmniRetail, an online shop for businesses, is making waves. It’s been named the fastest-growing company in Africa by the Financial Times.
This list ranks companies based on how much their revenue grows each year. OmniRetail started in 2019 and in 2022, their revenue shot up by a whopping 772.39% to $139.8 million.
Coming in second is Kyosk Digital from Mauritius. They connect shops with companies that make everyday goods. They grew by 647.37%, earning $155 million.
Following close behind is Resourgenix Pty Ltd from South Africa, a company that helps with job services. They saw a growth of 542.65%, making $33 million.
Other big names on the list include Moniepoint, a Nigerian payment company, and Afex Commodities Exchange, a brokerage for trading goods. They earned $149 million and $415 million respectively.
Out of the 125 companies on the list, South Africa had the most with 42, followed by Nigeria with 25. Kenya and Morocco each had 12.
This year’s list shows that business-to-business startups are still ruling the roost. While last year’s winners were fintech companies, this time it’s all about e-commerce, proving that online shopping is booming in Africa.
The Financial Times also noted that more countries are getting in on the action. Before, it was mostly South Africa, Nigeria, and Kenya hogging the spotlight, but now, more nations are joining the ranks of top-growing companies.
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