Moniepoint is the Second Fastest-growing African Start-up for 2023.

One of the big four ecosystems has two start-ups in the top five.

The Nigerian start-up formerly known as Team Apt and business banking firm, Moniepoint, is number two on Africa’s Fastest-Growing Companies in 2023. It is a list of modern, innovative, and fast-growing African companies – compiled by the Financial Times (FT)- which serve as driving forces in the 21st century. Leading this year’s pack is prominent commodities market player and Abuja-based company, AFEX, making the top two organizations on the list from Nigeria.

This ranking by the FT is the second in the series, having begun last year with start-ups also dominating it. Though start-ups rule again in this year’s Africa’s fastest-growing companies ranking as they did in the debut list, the top 100 also features more established companies in metals and mining, telecoms and construction. The list shows how businesses in a variety of industries, including agriculture, renewable energy, healthcare, commodities, and FinTech could expand their operations despite the global economic downturn, the FT reports.

The FT partners with Statista, a data research company, to produce similar grading for organisations in Asia, America, and Europe. Like the placements for other markets, the Africa list ranks the continent’s companies by their compound annual growth rate (CAGR) in revenue between 2018 and 2021. AFEX states that it has grown by 505.3 per cent over the last three years to clinch first place as Africa’s fastest-growing company in 2023.

Interestingly, AFEX featured on the inaugural list as third overall, emerging as the fast-growing in Nigeria and the first in Africa’s Agriculture & Commodities category. Since then, the company has doubled its revenue and expanded operations into East Africa; it has financed over 450,000 farmers and traded about 526,850 metric tons of commodities in Nigeria, Kenya and Uganda.

“We’re proud of the progress we’ve made so far and will continue to help farmers access markets directly,” Ayodeji BalogunGroupCEO at AFEX, said. “We also know that efficient warehousing is crucial for efficient food security, and technology will play a vital role in developing the agriculture industry in Africa. Our unique position enables us to contribute to Africa’s food security while promoting sustainable development for future generations. By 2025, we aim to impact one million food producers while driving one million metric tons in trade volumes. We’re incredibly proud to be building such a global business.”

Second position today, first tomorrow?

Nigeria’s Moniepoint’s second-place ranking is just ahead of Kenya’s Wasoko, a company which topped the list the previous year.

Since its pivot towards creating solutions for businesses in 2019, Moniepoint has focused on helping to realize the dreams of companies in emerging markets. Every growth on every metric it has achieved since then is a testament to the progress made while developing solutions that over a million businesses can depend on.

During the period too, the company rebranded from TeamApt to Moniepoint, and grew its team into the current 1,000-strong staff, who constantly pool their knowledge, experience, and talents to move the company forward.

This impressive, second-place ranking- among 100 African companies- speaks to the collective efforts of the Moniepoint team and its focus on expanding into more markets and being recognized worldwide as the digital, business, operating system for African businesses.  

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