OmniRetail, Moniepoint, and AFEX top list of Nigeria's fastest-growing startups

May 14, 2024
2 min read

OmniRetail is the fastest-growing African startup, according to the Financial Times' list of fastest-growing African companies. 
The list, compiled in conjunction with Statista, ranks companies according to their compound annual growth in revenues between 2019 and 2022. Data for the report was provided voluntarily, with some companies declining to participate or providing incomplete details. 

OmniRetail, founded in 2019, is an eCommerce startup that houses Omnibiz, Mplify, and Omnipay. It makes its first appearance on the list with revenues of $139.8 million, a significant increase from its 2019 revenue of $250,000. Over 65,000 retailers use its platform to order products and access financial services such as credit and buy-now-pay-later. It's performance bucks the trend where eCommerce startups in the country have struggled as declining venture funding and inflation impacts their ability to stay in business.

Moniepoint is the second Nigerian startup on the list, with a 2022 revenue of $148.6 million, up from $1.84 million in 2019. Its revenue growth mirrors its increasing importance in Nigeria's financial services scene, where it provides business banking, agency banking, and personal banking services. In 2023, it processed more than 5 billion transactions valued at over $150 billion. 

Afex, FairMoney, ThriveAgric, and SeamlessHR complete the Nigerian startup contingent. Afex's 2022 revenues of $415.5 million see it comfortably claim the top spot in terms of revenues generated by Nigerian startups. FairMoney generated $142 million, while ThriveAgric generated $73 million. Meanwhile, SeamlessHR revenues rose to $2.6 million from $380,000 in 2019.

The list, which is in its third year, compiles data from companies across Africa. This year, the criteria included revenues of at least $1.5 million in 2022, while the companies had to be headquartered in Africa. There have also been some significant changes in the rankings. 

In its first year, Wasoko topped the list with revenues of $27 million in 2022 before dropping two places the next year. It has since gone through major changes, the most recent being a proposed merger with Egyptian startup MaxAB. It has also exited several markets where it operates and seen leadership changes. 

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Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.

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