Bonface Kanyamwaya, a journalist at TUKO.co.ke, has more than 10 years of financial, economic, business, markets, and aviation expertise, providing insights into Kenya and global trends.

Eleven Kenyan firms have been named among Africa’s fastest-growing companies in the latest ranking by the Financial Times and Statista.

The report listed firms such as M-Kopa Holdings Ltd, Victory Farms Ltd, and Roam Electric AB in the ranking, which was dominated by firms from Nigeria and South Africa.

Kenya’s TPS Eastern Africa, the operator of Serena Hotels, was ranked 41st, signalling a post-pandemic rebound in regional tourism business.

Quickmart, one of Kenya’s leading supermarket chains, came in at 79th, marking the only major retail player on the list.

In the financial sector, KCB Group and Co-operative Bank were ranked 112th and 127th, respectively — a sign that even well-established companies can deliver rapid growth for investors.

Other Kenyan firms featured included Pan African IX Data Centres Ltd (101), East African Business Company Ltd (100), Kofisi Hospitality Group Ltd (110) — a flexible workspace operator — and Impax Business Solutions Ltd (82).

"We dedicate this achievement to a team of hardworking staff members across all our branches in Kenya," Quickmart Supermarket' Chief Marketing Officer Betty Wamaitha told on Friday, May 23.

The report by Financial Times released on Tuesday, May 20 ranked 130 firms. This ranking was ordered by the highest compound annual growth rate (CAGR) in revenues between 2020 and 2023.

To qualify, companies had to have at least $100,000 (KSh 12.9 million) in revenue in 2020 and $1.5 million (KSh 193 million) by 2023.

In the report, Roam Electric, which assembles electric motorcycles and buses for the African market, was the highest-ranked Kenyan startup at 36th.

At 68th place, M-Kopa, a digital asset financing platform that allows low-income customers to acquire solar kits and smartphones through pay-as-you-go models, continued its position as one of East Africa’s standout fintechs.

Victory Farms, a sustainable aquaculture company based in Western Kenya, ranked 91st.

The firm has been propelling its growth on rising demand for affordable protein across East Africa and recently began scaling operations into Rwanda and the Democratic Republic of Congo.

The Financial Times report has been released at a time when several jobs have been lost in Kenya in the last six months.

The job losses have been mainly due to inflation, high interest rates, and global geopolitical developments.

Some of the companies in Kenya that have announced job losses include the Postal Corporation of Kenya (PCK), which plans to fire 600 workers as part of a wider restructuring.

Others include The Radio Africa Group, which announced on Friday, April 25, that it would fire 27 employees, citing the ongoing tough economic environment in the country.

Source: TUKO.co.ke