Kenya Overtakes Nigeria in FT’s Africa Fastest-Growing Companies Ranking

Kenya has edged past Nigeria in the Financial Times’ 2026 ranking of Africa’s fastest-growing companies, placing 17 firms on the 130-company list against Nigeria’s 16,  a first in the ranking’s history and a signal of shifting momentum across the continent’s business landscape.

The FT ranking, produced in partnership with data firm Statista, measures compound annual revenue growth (CAGR) between 2021 and 2024. To qualify, companies must have generated at least $100,000 in revenue in 2021 and at least $1.5 million in 2024.

South Africa retained its dominant position, accounting for 51 of the 130 spots. Kenya came in second with 17 companies, followed by Nigeria with 16,  a sharp drop from the 28 Nigerian firms that featured in last year’s edition. Mauritius placed fourth with 12 companies, while Tunisia made a notable debut in the top five with six firms, reflecting growing momentum in North Africa.

Egypt’s Thndr, a digital investment platform founded in 2020 that offers stocks, gold, mutual funds, and savings products, topped the overall ranking,  the first Egyptian company to claim the number one position since the list launched in 2022. Prior to this year, Nigerian firms had led the rankings in 2023, 2024, and 2025.

Kenya’s showing was driven by a broad mix of business models spanning fintech, retail, energy access, and financial services. Standout performers included M-Kopa, Fourth Generation Capital Group (CAGR of 31.6%), Kofisi (27.25%), Greenlight Planet/Sun King (26.28%), KCB (22.89%), and Quick Mart (22.07%). Naivas and Kenya Airways also featured, widening the list beyond the usual fintech and startup cohort.

“Kenya’s rise in the FT ranking reflects a shift we have been tracking closely: Africa’s high-growth corridor is broadening beyond Lagos. The naira’s devaluation since 2023 illustrates how quickly macroeconomic conditions can reshape a market’s standing, while Kenya’s diverse performance across fintech, energy, and retail points to a more distributed growth model taking hold across East Africa. With fintech and financial services accounting for nearly 28% of all entries in the ranking, the direction of capital and consumer interest on the continent is clear. The question for investors is no longer which single market leads, but how to navigate an opportunity set that is becoming significantly more complex.” – Eric Chia, Financial Markets Strategist at Exness.

Nigeria’s decline in representation is largely attributed to macroeconomic headwinds, particularly the currency devaluations that began in mid-2023 under the Tinubu administration. Companies that posted strong naira-denominated growth appeared flat or negative in dollar terms over the measurement window, the currency the ranking uses. Norrsken22, an Africa-focused tech growth fund based in Lagos, told the FT it is redirecting investment attention toward Egypt and South Africa.

Across the full list, fintech and financial services firms account for 36 of the 130 companies, nearly 28% of all entries and the largest sector by a wide margin. IT and software ranks second with 12 firms, followed by manufacturing, energy and utilities, and hospitality.

The 2026 ranking underlines how the geographic centre of gravity in African high-growth business is broadening, with Kenya, Egypt, Mauritius, and Tunisia all gaining ground while Lagos-based firms navigate a more difficult operating environment.

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