Kenya ranked to have the Fastest growing Fintechs in Africa.


The Financial Times (FT) has released its first annual list of Africa’s fastest-growing businesses. The list includes companies that are forward-thinking, cutting-edge, and rapidly expanding in the twenty-first-century global economy.

According to the list, South Africa is the most represented country in the ranking, with 24 companies, followed by Nigeria (20) and Kenya (9). These are also the markets that have drawn the greatest venture capital and have seen a proliferation of unicorns (businesses valued at $1 billion or more) and would-be unicorns.

Out of this year’s top 75 high-growth companies in Africa, 5 are fintech companies. The following are the fintech companies that made the Financial Times’ annual list of Africa’s fastest-growing businesses.

  • Flocash Ltd. (Kenya)

Flocash is a payment services provider for major cross-border commercial payments in the Middle East and Africa. In 2020, the Kenyan technology business, which was created in 2013, had revenues of $27.4 million and employed 80 people.

  • IT Consortium Ltd. (Ghana)

ITC, a wholly-owned Ghanaian firm and one of Africa’s top financial services technology solutions providers, has been developing products and services aimed at financial inclusion and producing value for end-users since 2001.

With a workforce of 73 people, the company made $4.6 million in revenue in 2020.

  • Yoco Technologies Pty Ltd. (South Africa)

Yoco is an African technology company that creates tools and services to assist small businesses in getting paid, running their businesses more efficiently, and growing their businesses. Since its launch in 2013, South African fintech has established itself as the go-to platform for retailers seeking to access offline payments.

With a workforce of 149 people, the company generated $13.9 million in revenue in 2020.

  • Global Accelerex Ltd. (Nigeria)

Global Accelerex Limited is a financial technology firm that specializes in providing digital payment solutions and services to consumers across a variety of industries in Sub-Saharan Africa’s developing economies.

With a workforce of 389 people, the company generated $16.8 million in revenue in 2020.

  • M-KOPA Holdings Ltd. (Kenya)

M-KOPA enables underbanked consumers in major markets across Sub-Saharan Africa with connected asset financing solutions. Solar lighting, televisions, refrigerators, cellphones, financial services, and other products are available through the company’s financing platform, which combines digital micropayments and IoT connectivity.

M-KOPA has connected over 600,000 families in East Africa to solar electricity since its inception more than a decade ago, and more than 500 new houses are added to its network every day. With a workforce of 1,102 employees, the company generated $88 million in revenue in 2020.

The Financial Times ranking, which was created in collaboration with data partner Statista, attempts to identify the African businesses with the fastest revenue growth between 2017 and 2020. Their compound annual growth rate (CAGR) and absolute growth rate are used to rank them.