Nigeria’s Omniretail Named Africa’s Fastest Growing Company of 2024

In the latest edition of Africa’s Fastest Growing Companies, Nigerian e-commerce firm, Omniretail, has clinched the top spot as the fastest-growing company on the continent for the year 2024. Founded in 2019, Omniretail experienced an extraordinary surge in revenue, skyrocketing by a remarkable 772.39% in 2022 to reach an impressive $139.8 million.

Following closely behind is Mauritian company Kyosk Digital, a B2B platform facilitating connections between retailers and FMCG manufacturers. Kyosk Digital achieved a remarkable Compound Annual Growth Rate (CAGR) of 647.37%. Resourgenix Pty Ltd., an employment services firm based in South Africa, secured the third position with a growth rate of 542.65%, boasting revenues of $155 million.

In the top five, we also find Moniepoint, a leading Nigerian payment startup, generating revenues of $149 million, and Afex Commodities Exchange, a commodities brokerage, amassing an impressive $415 million.

This year’s compilation of 125 companies showcased a diverse geographic distribution, with South Africa leading with 42 entrants, closely followed by Nigeria with 25, while Kenya and Morocco each contributed 12 companies.

B2B startups continued to dominate the list, highlighting the growing influence of models reshaping retail distribution across Africa. E-commerce enterprises, in particular, secured a significant representation, underlining the evolving landscape of retail in the region.

The methodology employed for compiling Africa’s Fastest Growing Companies 2024 list emphasized a minimum CAGR of 8.62%, ensuring the reliability and relevance of the rankings. Despite the rigorous research process, the ranking acknowledges the possibility of not encompassing all eligible companies, as some may choose not to disclose financial figures or participate for various reasons.

Here’s a rundown of the top ten fastest-growing companies in Africa for 2024:
1. Omniretail Inc. (OmniRetail)
2. Kyosk Digital (Kyosk.App)
3. Resourgenix Pty Ltd. (Resourgenix)
4. Moniepoint Inc. (Moniepoint)
5. Afex Commodities Exchange Ltd. (Afex)
6. Chari.Co (Chari)
7. Enara Group (Enara)
8. Yellow Digital Retailers Ltd. (Yellow)
9. Kentegra Biotechnology Epz Ltd. (Kentegra Biotechnology)
10. HearX Group Pty Ltd. (HearX Group)