Kenya has overtaken Nigeria in the Financial Times ranking of countries with the fastest growing companies in Africa, making it one of the continent's dynamic business hubs.
South Africa tops this list.
The Financial Times Africa's Fastest Growing Companies 2026 ranking, now in its fifth year, shows Kenya overtaking Nigeria to take second place in terms of the number of companies represented.
South African companies strengthened their dominance and captured 51 of the 130 fastest growing businesses. Kenya had 17 top-ranked companies, Nigeria (16), Mauritius (12) and Tunisia, which entered the top 5 for the first time, had 6.
Last year, Nigeria had 28.
In Kenya, several big businesses, including Naivasha and Kenya Airways, have joined the usual roster of fintechs and start-ups.
The ranking tracks revenue growth over the period 2021-2024.
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 companies such as KCB Group, Co-operative Bank of Kenya, Kenya Airways (KQ), Kenya Power, Naivas, Quick Mart and Carbacid Investments.
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The rankings, compiled with research company Statista, are based on compound annual growth (CAGR) in revenue, which measures how fast companies have expanded their top line during the review period.
The growth rates of the companies that made the list ranged from 9.27 percent (Rough Industries) to 311.17 percent, from Egypt Financial Investments to Thunder Technology Holding.
Kenya's representation on the list in sectors such as financial technology, retail, manufacturing and clean energy indicates diversification beyond the traditional dominance of banking and agriculture.
The publication states that to join the list, a company must generate revenues of at least $100,000 (Sh12.92 million) in 2021 and $1.5 million (Sh193.8 million) in 2024, with topline growth must be organic. Furthermore, the firm must be an independent company (not having any kind of subsidiary or branch office) and must be headquartered in an African country.
General Printers 2021 Limited was ranked the fastest growing company in Kenya and 13th on the continent with a CAGR of 118.49 percent over four years to 2024. This was followed by Turaco Microfinance (72.01 percent), M-COPA (43.01 percent), KQ (38.98 percent) and Carbacid (31.6 percent).
The presence of medium-sized and established companies points to a corporate landscape where growth is no longer limited to start-ups. Companies are increasingly becoming larger enterprises, supported by regional expansion and better access to capital.
Kenya's rise to second place marks a shift in the continental ranking, reflecting the growing depth and resilience of its private sector at a time when peers such as Nigeria face macroeconomic headwinds.
Also making the list of top 10 fastest growing companies in Kenya were Forth Generation Capital Group with a CAGR of 31.6 percent, Cofisi (27.25 percent), Greenlight Planet (26.28 percent), KCB (22.89 percent) and Quick Mart (22.07 percent).
Companies like M-Kopa, Cofisi, Greenlight Planet (seller of Sun King products) and Kwik Mart point to a range of business models fueling expansion – from asset-financing platforms and electric mobility solutions to modern retail chains that are changing consumer habits.
Mic Global Risk (20.24 per cent), Impax Business Solutions (19.87 per cent) Kenya Power (17.05 per cent), Naivas (16.32 per cent), Co-op Bank (15.74 per cent), Avenue Group (15.74 per cent) and Craft Silicon (10.29 per cent) made the list of Kenyan firms.
Kenya's strong performance in the FT ranking also highlights the continued growth of Kenya's technology ecosystem, with Nairobi maintaining its position as a regional innovation hub. Fintech and software companies continue to be one of the fastest growing businesses, supported by high mobile penetration, digital payments infrastructure and growing investor interest in scalable solutions.
The slight decline in Nigeria's representation reflects currency instability, high inflation and investor caution, which have slowed corporate expansion despite the country's large market size.
South Africa continued to dominate the rankings, highlighting the advantages of deep capital markets, strong corporate structures and a large pool of established firms.