Kenya has overtaken Nigeria in the list of countries with the fastest growing companies in Africa in the Financial Times ranking, cementing it as one of the continent’s dynamic business hubs.
South Africa topped the list.
The Financial Times Africa’s Fastest-Growing Companies 2026 ranking, now in its fifth year, shows that Kenya has leapfrogged Nigeria into second place in terms of the number of companies represented.
South African companies consolidated their dominance, notching up no fewer than 51 of the 130 fastest-growing businesses. Kenya had 17 top-ranked companies, Nigeria (16), Mauritius (12) and Tunisia, which made a first-time appearance in the top 5, had 6.
Last year, Nigeria had 28.
In Kenya, several big businesses, including Naivas and Kenya Airways, have joined the usual roster of fintechs and start-ups.
The ranking tracks revenue growth over the 2021-2024 period.
The list includes relatively young firms such as General Printers 2021 Limited, M-Kopa, Kofisi Hospitality Group and The Avenue Group as well as established ones such as KCB Group, Co-operative Bank of Kenya, Kenya Airways (KQ), Kenya Power, Naivas, Quick Mart and Carbacid Investment.
The ranking, compiled with research company Statista, is based on compound annual growth in revenues (CAGR), measuring how quickly firms have expanded their top line over the review period.
Firms that made it to the list had a growth rate ranging from 9.27 percent (Roff Industries) to 311.17 percent to Thndr Technology Holding for Financial Investments from Egypt.
Kenya’s representation on the list across sectors such as financial technology, retail, manufacturing and clean energy, signals diversification beyond the traditional dominance of banking and agriculture.
The publication explains that to be included in the list, a company must have revenue of at least $100,000 (Sh12.92 million) generated in 2021 and $1.5 million (Sh193.8 million) in 2024, with the growth in the topline being organic. In addition, the firm must be an independent company (not a subsidiary or branch office of any kind) and headquartered in an African country.
General Printers 2021 Limited was ranked as the fastest growing company in Kenya and 13th on the continent, with a CAGR of ?118.49 percent in the four years through 2024. It was followed by Turaco Microfinance (72.01 percent), M-Kopa (43.01 percent), KQ (38.98 percent) and Carbacid (31.6 percent).
The presence of mid-sized and established firms points to a corporate landscape where growth is no longer confined to start-ups. Companies are increasingly scaling into larger enterprises, supported by regional expansion and improved access to capital.
Kenya’s rise to second place marks a shift in the continental pecking order, reflecting the growing depth and resilience of its private sector at a time when peers such as Nigeria face macroeconomic headwinds.
Also featured in the list of top 10 fastest growing firms in Kenya were Fourth Generation Capital Group with a CAGR of 31.6 percent, Kofisi (27.25 percent), Greenlight Planet (26.28 percent), KCB (22.89 percent) and Quick Mart (22.07 percent).
Companies such as M-Kopa, Kofisi, Greenlight Planet (the seller of Sun King products), and Quick Mart point to the range of business models driving expansion – from asset-financing platforms and electric mobility solutions to modern retail chains tapping into changing consumer habits.
Mic Global Risks (20.24 percent), Impax Business Solutions (19.87 percent) Kenya Power (17.05 percent), Naivas (16.32 percent), Co-op Bank (15.74 percent), Avenue Group (15.74 percent and Craft Silicon (10.29 percent) closed the list of Kenyan firms that made it to the list.
Kenya’s strong showing in the FT ranking also highlights the continued rise of Kenya’s technology ecosystem, with Nairobi maintaining its position as a regional innovation hub. Fintech and software firms remain among the fastest-scaling businesses, supported by high mobile penetration, digital payments infrastructure and growing investor interest in scalable solutions.
Nigeria’s marginal drop in representation reflects the strain of currency volatility, high inflation and investor caution, which have slowed corporate expansion despite the country’s large market size.
South Africa continued to dominate in the ranking, highlighting the advantages of deeper capital markets, stronger corporate structures and a larger pool of established firms.