Lagos/Johannesburg – The Financial Times’ 2024 Africa’s Fastest-Growing Companies ranking reveals Nigeria and South Africa’s economic dominance, with 79 combined entries—led by fintech giants PalmPay, Moniepoint, and Paymenow. The list highlights both nations’ entrepreneurial strength and the challenges smaller economies face in scaling continentally.
Top Performers
Nigeria’s Trio Leads:
Omniretail Inc. (Retail tech) – Secured $20M Series A for West Africa expansion
PalmPay Ltd (Fintech) – Only firm operating in >3 African markets
Remedial Health (Healthtech) – Scaling BNPL pharmacy services
South Africa’s Standouts:
Paymenow Group (5th) – Expanding to Pakistan’s retail/logistics sectors
Gobid Pty Ltd (6th) – E-commerce innovator
Drive24 Pty Ltd (9th) – Automotive marketplace
Key Trends
Funding Drought: African startups raised $2.2B in 2024 (down 25% from 2023)
Bright Spots:
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Moniepoint’s Kenyan market entry via 78% Sumac MFB acquisition
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Tyme Group’s mega-deals propped up South Africa’s numbers
Scaling Challenges: Only PalmPay operates multi-nationally among top 10
Investor Insights
Ylva Lindberg (Norfund):
“Post-COVID African investing requires grit. We back firms like Omniretail that solve real problems—inventory management for informal retailers shouldn’t be rocket science.”
