These companies emerged as continental innovators, with Nigeria holding 28 spots on the list, the second-highest after South Africa’s 51.

Compiled in collaboration with Statista, the ranking assesses companies based on compound annual growth rates (CAGR) between 2020 and 2023. 

The list offers a look at private and emerging companies that are not usually in the public eye but are impacting African business dynamics.

Top of the List: Nigerian Startups Surge Ahead

Omniretail, a B2B e-commerce and embedded finance platform, led the entire ranking with an astounding compound annual growth rate of 795.9% and absolute growth of 71,818.4%. In just three years, its revenue grew from $0.28 million in 2020 to $120.15 million in 2023. 

Headquartered in Nigeria and operating in Ghana and Côte d’Ivoire, the company has become a huge innovator in bridging the gap between manufacturers and informal retailers.

Second on the list of Africa’s fastest-growing companies is PalmPay, a digital wallet and payments platform that posted 583.6% CAGR, growing from $0.2 million in 2020 to $63.9 million in 2023. Its employee count also soared from 87 to over 1,000 during the same period, showing both financial and operational scale.

In third place was Remedial Health, a Nigerian Pharmaceuticals & Cosmetics company that recorded 339.1% CAGR. The company’s revenue grew from $0.19 million to $16.3 million, with employees growing from 6 in 2020 to 300 in 2023.

Moniepoint, another Nigerian fintech firm, made the list, growing its revenue from $15 million in 2020 to $264.51 million in 2023, a 1,663.4% increase. The company now employs 1686 people, up from just 216 three years ago.

Nigeria and South Africa Dominate the List

Together, Nigeria and South Africa accounted for 79 of the 130 companies listed. While this shows the depth of entrepreneurship in the continent’s two largest economies, it also stresses how difficult it remains for startups from smaller African nations to scale regionally.

Stéphane Bacquaert, managing partner at Adenia, a private equity firm focused on Africa, noted that Africa’s fragmentation makes it difficult to operate across borders. “You deal with different currencies, different legal environments, and, despite the political efforts to try to integrate the regions, the reality is that you don’t operate the same way in Côte d’Ivoire as in Senegal,” he said. “Those are two very different markets, as are Kenya and Tanzania.”

Of the Nigerian companies that made the list, only PalmPay operates in more than three countries. Omniretail, despite its scale, is active in just two additional countries. The ranking reiterates this reality, a few markets offer the scale needed to succeed, and Nigeria tops that list.

Unsurprisingly, fintech companies took the lion’s share in the ranking, making up nearly 20% of all firms. This has been the order of the day within the African tech funding space for a while now.

British International Investment CEO Leslie Maasdorp explained, just four countries including Nigeria, Egypt, Kenya, and South Africa, accounted for 90% of all fintech funding on the continent in 2024.

However, even with issues like currency depreciation and rising global interest rates, Nigeria’s fintech sector is not giving in. Norfund’s Executive Vice President, Ylva Lindberg, commented, “The entrepreneurial spirit in Nigeria in particular is formidable; there’s a sense that anything is possible.”

Investment Still Fragile

Some high-profile African startups, including those previously ranked, have collapsed. Gro Intelligence, once a leading agritech and analytics firm, went bust in 2023. Even Jumia, long dubbed “Africa’s Amazon,” has scaled back operations, its share price reflecting the downturn.

Greg Schwebig, founder and CEO of Africaworks, ranked fifth, said global monetary tightening has hurt African startups. “The whole start-up funding boom happened when there was excess liquidity in the developed world and cash moved to the developing world, including Africa. Now if you can get a T-bill at 5 per cent, people think, why would I invest in Africa?”

For some, the solution can be found in resilience and localisation. Africaworks uses an asset-light model and avoids overdependence on external capital. 

Meanwhile, companies like Omniretail are directly addressing systemic challenges. “Many microenterprises don’t have access to finance or distribution in any meaningful way,” said Lindberg. 

She shared the story of a Nigerian woman who arrived at Omniretail with only a driving licence and is now CEO of her own small fleet-based business.

While the macroeconomic environment is tough, marked by inflation, debt burdens, and fluctuating currencies, the success stories on the FT-Statista list show that African companies, particularly in Nigeria, are still finding ways to thrive. 

The growth numbers speak volumes, but behind them are countless small enterprises, job opportunities, and innovations pushing the continent forward.

The full Financial Times ranking of Africa’s Fastest-Growing Companies will be officially published on June 5, 2025.

With operating costs surging, delivery companies are left with the challenge of balancing price hikes while retaining price-sensitive customers. As businesses struggle to adapt, a number of logistics companies are beginning to adjust their pricing models.

Remedial Health, a health-tech startup supplying medications to pharmacies, has been among the first to respond to these economic changes. In an email to its customers, the company highlighted the necessity of revising its delivery processes due to costly fuel prices. 

Similar changes are occurring across the industry, with several logistics companies adjusting their rates or preparing to do so. Fez Delivery, for example, has announced a 23% price increase, with the cost of deliveries between 0 and 5kg rising from ₦2,500 to ₦3,075. This change, while essential for business survival, is a tough pill to swallow for both the company and its customers.

Seun Alley, CEO of Fez Delivery, acknowledged the difficulty in implementing these changes: “Our prices definitely have to change. But what we want to do is to ease our clients into that phase. At the moment, we are taking serious blows to keep operations running.”

The rising cost of logistics is squeezing last-mile delivery services, many of which operate on thin margins. However, navigating these changes is a delicate balancing act. 

On one hand, companies must raise prices to remain operational, while on the other, they risk losing customers who are highly sensitive to cost fluctuations. According to Seun Omotosho, COO of Gokada, customers often opt for cheaper delivery options when urgency isn’t a factor, adding another layer of complexity to pricing decisions.

For smaller businesses, the situation is even worse. Olawale, an online phone and gadgets vendor, described how he has shifted to using public transport to deliver his goods after delivery services like DHL increased their prices significantly—from ₦12,000 to ₦14,000 for phones, and for laptops, from ₦12,000 to ₦21,000. 

This sharp rise has pushed many entrepreneurs to explore alternative, cost-effective ways of ensuring their products reach customers.

In response to these pressures, some delivery companies are exploring incentives and discounts to retain their customer base. In offering riders bonuses based on the number of completed orders or providing discounts to frequent customers, companies aim to mitigate the impact of rising costs. 

Others are looking further ahead, with a focus on electric vehicles (EVs) as a prospective long-term solution to the fuel price dilemma. While the adoption of EVs in Nigeria may still be a few years away, companies are optimistic that they could help reduce operating costs and stabilise delivery pricing in the future.

The issue of fuel price increases has also prompted discussions about how businesses in Nigeria can innovate to remain viable in an increasingly challenging economic climate. 

Across various sectors, companies are experimenting with new strategies to absorb costs without losing customers. For example, some industries are leveraging digital platforms to simplify operations and reduce overhead costs, while others are shifting to more sustainable business models.

Similar challenges are being faced globally. In other African countries, last-mile delivery companies are dealing with rising costs due to fuel price hikes and inflation. In Kenya, for instance, logistics companies are looking into expanding their fleets with electric motorcycles to cut down on fuel expenses. 

The move towards electric vehicles is gaining traction in other regions too, as companies strive to reduce their reliance on fossil fuels and explore greener, more cost-effective alternatives.

Ultimately, the ability of Nigerian last-mile delivery companies to weather the storm will depend on their flexibility in adjusting to these economic issues. 

Whether through gradual price increases, customer incentives, or long-term investments in sustainable technologies, the industry will need to adapt if it hopes to remain competitive.

Funded by the Gates Foundation, the report titled “Leading Innovations Enabling Health Product Access in Africa’‘, finds that, amid difficult macro- economic realities and dwindling investment in African technology ecosystems, a select number of African health innovators are emerging as leaders.

Having operated for 10 years on average, the 24 leading innovators collectively now partner with 100+ manufacturers and 75 public health institutions, reaching around 50,000 providers (who serve hundreds of thousands of patients per day) and delivering health products to millions of consumers directly.

Kasha made news capturing Series B investment last year, and has since gone on to build its health technology access platform and report annual revenues of more than $50 million in 2023 – the highest ever recorded by Salient’s research to date.

Like Kasha, innovators that offer digitally-enabled Order and Inventory Management services to hospitals, clinics, pharmacies and drug shops appear dominant amongst the leading companies, making up 13 of the 24 featured innovations, with operations in 30 countries.

Four leading Online Pharmacies are reaching nearly 10 million customers and generating median annual revenues of nearly $9M.

The other categories featured are innovations in Product Protection and Visibility, Medical Drone Delivery and Data Analytics.

While leading innovators now appear positioned to deliver more substantive impact, they require targeted engagement from governments, donors, industry and global health institutions to transform access for unserved populations and improve the cost-effectiveness of care.

To leverage leading innovators’ models in driving increases in access, governments, industry, donors and global health agencies should: simplify regulatory pathways; explore innovators’ ability to generate cost- savings for health systems, pursuing partnerships when the evidence is strong; and evolve contracting and payment systems to enable innovators to partner in healthcare delivery systems at larger scale.

The 24 leading innovators featured are (in alphabetical order):

1. Chefaa,
2. DrugStoc,
3. Field Inc,
4. Figorr,
5. Grinta,
6. HealthPlus,
7. Kasha,
8. LifeBank,
9. Maisha Meds,
10. Meditect,
11. mPedigree,
12. MYDAWA,
13. Pendulum,
14. PharmaSecure,
15. Remedial Health,
16. RxAll,
17. Sobrus,
18. Sproxil,
19. Talamus Health,
20. VIA Global Health,
21. Viebeg,
22. Wingcopter,
23. Yodawy and
24. Zipline.

Speaking on the launch of the report, Yomi Kazeem, engagement manager at Salient Advisory, commented:

‘’The findings underscore the remarkable resilience and growing impact of African supply chain innovators. Having tracked healthtech startups for many years, the emergence of a group of leading innovators is exciting to report. Local and global public health communities must increasingly recognize and leverage the innovators in developing reliable and resilient health supply chains.”

Ann Allen, Senior Program Officer at Gates Foundation, commented:

“Technology-enabled innovations have the potential to help reverse long-running challenges in African health systems, while creating local jobs and strengthening local health markets. The report confirms innovators are increasingly positioned to deliver on this promise. However, there is more to be done as leveraging these innovations to truly transform cost-effective access for millions of unserved Africans will require concerted efforts from governments, industry and global health agencies alike.”

To download the full market intelligence report, please click here.

What more can you appreciate in life than that which you need most being reachable to you at your convenience? Well, that’s what the health sector is becoming with the help of innovative healthtech startups.

The works of these Nigerian healthtech startups listed below have gained good recognition globally, being Y Combinator- or Seedstars-backed. They include:

1. Healthtracka 

Healthtracka makes life easier and life assurance rates higher by bringing medical tests to your doorstep and sending the results to you within the twinkle of an eye – really fast.

The startup’s goal is to ensure as many lives as possible are saved in a country where a lot is uncertain. 

Currently present in 12 Nigerian cities, Healthtracka is steadfastly working to ensure it covers the entire country and beyond, taking its health solution global.  

2. Remedial Health

Remedial Health makes the process of purchasing pharmaceutical products seamlessly. While sellers can access different manufacturers easily via the platform, manufacturers in turn gain access to the African market.

All you need to do is place your order digitally and you’d have all you required delivered within 24 hours. Interestingly, healthtech startup offers a buy-now-pay-later service so you don’t need to let your health deteriorate before making purchases due to lack of funds.

3. Lifestores Healthcare

Inclusion is the goal of Lifestores Healthcare. The startup is tackling the inefficiencies that exist in our health sector including poor procurement practices, lack of affordable and quality medical products and services, insufficient operations and many more.

As of October last year, the Lifestores affirmed to be having a monthly marketplace growth of 25%, with plans to increase its customer base of 100,000+ patients to 400,000+ this year.

4. Reliance Health

Reliance Health is also leveraging technology to make healthcare accessible and affordable for all. 

The healthtech provides health insurance and telemedicine by partnering with healthcare facilities and hospitals.

With its business customers including Jumia, Nivea and PwC, the healthtech’s integrated approach currently serves emerging markets in Nigeria and Egypt, but plans to go beyond this soon.

5. Helium Health 

The aspect Helium Health focuses on is an interesting and highly important one. Medical record keeping and operational management are highly essential for any hospital or healthcare facility.

With Helium Health, healthcare providers get a comprehensive suite of technology solutions built to manage all aspects of operations including healthcare delivery, electronic medical records and telemedicine, to administration and financial management.

Payments are transparent on the platform and patients can view personal health records, prescriptions and lab results. 

6. LifeBank

LifeBank is an on-demand delivery healthtech company providing blood, oxygen and medical consumables as quickly as possible. 

This has ensured that hospitals provide improved healthcare services to patients, with 24/7 availability of blood and other medical products.

The healthtech leverages Google Maps to make quick and precise delivery in any location, utilizing multimodal logistics such as drones, boats, bikes, and tricycles.

7. Chekkit

Chekkit leverages blockchain-powered technology to help pharmaceutical and FMCG companies fight counterfeit drugs.

The startup reduces the fragmented supply chain in medical supplies, connecting end users directly to health companies and hospitals.

So far, Chekkit has deployed over 10 million medical products across and beyond the African continent.

8. CribMD

CribMD eliminates the need to spend long hours waiting to see a doctor or qualified medical practitioners.

The healthtech provides affordable healthcare plans for individuals and families to access comprehensive and convenient medical services, including home visits by doctors, telemedicine, health plans, online pharmacy, among other services.

9. DrugStoc

One of the healthtech startups tackling the issue of counterfeit drugs, DrugStoc empowers stakeholders including hospitals, clinics, government facilities, doctors as well as specialists to work towards a healthier continent.

Healthcare providers can manage and procure their medical and pharmaceutical products on the platform without stress.

Interestingly, DrugStoc also provides collateral free loans to pharmaceutical businesses, ensuring they never run out of stock and never fail on quality services.

10. Medsaf

Medsaf is a healthtech marketplace where hospitals and pharmacies can purchase quality products at affordable rates. 

Medsaf automates and finances medication procurement across Africa with its technology and data-driven solution.

It utilizes embedded financing and plugs in financiers, logistics, and quality control as a service, and employs blockchain and data analytics, enabling manufacturers and other stakeholders to have access to crucial data on the movement of medications.

The startup utilises pharmaceutical procurement innovations, inventory financing solutions, and pharmacy operations as well as patient management solutions to improve access to original and affordable medicines in the continent.

Boosting its goal achievement, the seed fund will enable Remedial Health to broaden operations beyond its current 16 states in Nigeria, as it also targets East and West Africa expansion.

Co-founded by Samuel Okwuada and Victor Benjamin, Remedial Health was founded in 2020 and launched in March 2021. It affirms to have reached 300 pharmacies network, deployed over $800,000 worth of inventories and continues to onboard new pharmacies, HMOs, Insurers, and manufacturers.

Investors such as Y Combinator, Ventures Platform, Ingressive Capital, Voltron Capital and Global Ventures are some of the healthtech’s backers who have helped in its growth so far.

The current seed round was led by Global Ventures and included participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management. Other angel investors such as Guillaume Luccisano and Christopher Golda were also included in the round.

Since January 2022, the startup says its customer growth rate has grown over six times, with its most preferred features being the ease and efficiency of its inventory finance offering, the variety of products accessed on the platform and the effectiveness of its procurement process.

Remedial Health is on a mission to build tech-enabled, pharmacy-centred healthcare networks across the continent. The funds, as well as its participation in Y Combinator, will accelerate the fruition of its goal. 

“We are not only making it easier for neighbourhood pharmacies and PPMVs (patent and proprietary medicine vendors) to access affordable and authentic medicines from leading manufacturers. We are also rolling out our PMR (patient medical records) platform that will make them more efficient and profitable, and give them access to consolidated data on customers to support the delivery of better healthcare services across the continent,” Remedial Health wrote.

Transforming Africa’s pharmaceutical sector with technology solutions

In Africa’s $45 billion pharmaceutical industry — projected to reach $70 billion by 2030, PPMVs are responsible for 80 percent of sales. They are basically businesses without a trained pharmacist that sell pharmaceutical products on a retail basis for-profit and they provide the main source of medicines for many common illnesses. 

However, they have to navigate an opaque supply chain and a fragmented marketplace to access the stock they need for their stores which can make them very unprofitable. 

This also means manufacturers have limited visibility into their performance, leading to inefficient decision making on forecasting, production and distribution.

Remedial Health has created a digital procurement platform that makes it possible for store owners to source all the medicines, consumables and small medical devices for their practice via a mobile app or mobile responsive web store at open-air medicine market prices and have them delivered within 24 hours. All products are vetted before distribution to verify their authenticity.

The startup’s proprietary Patient Medication Records and Inventory Control (PMR) software, Remedial Rx also enables these store owners to build and access a consolidated database of customer information that will drive the delivery of improved healthcare services across the continent. 

“With our platform, it will be easier to make informed decisions on which products are best suited to a customer based on their medical history. It will also enable us to provide consolidated, real-time data on market behaviour to manufacturers for increased profitability and better decision-making across the value chain.”

Remedial Health’s PMR platform helps pharmacies and PPMVs manage their inventory and day-to-day operations so that they can focus on patient care. 

The healthtech has also incorporated a Buy-Now-Pay-Later service which means store owners can stock up and maximise the sales opportunities available to them. They only pay after the stock has been dispensed to customers.

Pharmacies and PPMVs have been the frontline of healthcare in Africa for many years and Remedial Health is innovating for them and connecting them more effectively to manufacturers, ensuring that their data is reflected more accurately in decision making across the pharmaceutical value chain.

“We are starting in Nigeria but this is just the beginning. We are just getting started on our mission to drive the digitisation of Africa’s pharmaceutical sector.”

Appreciating its investors, Remedial Health wrote: “We want to thank our investors Global Ventures and Ventures Platform, as well as Ingressive Capital, Voltron Capital, Flutterwave’s Olugbenga “GB” Agboola, Victor Asemota, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund and other investors that participated in this round.”

“We are also looking forward to the support and network of partners that Y Combinator will expose us to, and the impact it will have on our business.”