East Africa’s Roam, Numida & Inkomoko On FT Africa Growth List

A handful of East African companies have earned spots on the Financial Times’ 2025 ranking of Africa’s Fastest-Growing Companies.

Among the standout performers is Rwanda-based Inkomoko Entrepreneur Development Ltd, which ranked 8th overall. The company, active in fintech and financial services, posted a remarkable 2,914.1% absolute growth rate and a 211.2% compound annual growth rate between 2020 and 2023.

Uganda’s Numida Technologies Inc, another fintech player, came in at 17th place. Founded in 2015, Numida has grown rapidly, achieving 1,485.5% absolute growth, driven by its digital microfinance solutions for small businesses.

Kenya also secured two entries: Roam Electric AB, a startup focused on electric mobility manufacturing, ranked 35th with 547.8% growth, and TPS Eastern Africa Plc (Serena Hotels), a hospitality giant, came in 41st with a 375.1% increase.

Tanzania made its mark through Serengeti Balloon Safaris, which ranked 40th. The tourism company posted 409.9% growth, reflecting resilience in the leisure sector post-pandemic.

Despite their achievements, East African companies remain underrepresented compared to powerhouses like Nigeria and South Africa, which collectively account for over 60% of the 130 listed firms. Experts cite regional fragmentation, regulatory diversity, and market size as major barriers to scaling across borders.

Stéphane Bacquaert, managing partner at Adenia, a private equity firm specialising in Africa, said the fragmentation of Africa’s 54 economies, many of them tiny by global standards, presented real hurdles.

“You deal with different currencies, different legal environments, and, despite the political efforts to try to integrate the regions, the reality is that you don’t operate the same way in Côte d’Ivoire as in Senegal,” he says. “Those are two very different markets, as are Kenya and Tanzania,” he adds, referring to East African neighbours with very different business environments.

To qualify as one of Africa’s fastest-growing companies, firms needed at least $100,000 in revenue in 2020 and $1.5 million in 2023. They also have to be independent, headquartered in Africa, and show primarily organic revenue growth during this period.