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Join on Telegram Rabat – Three Moroccan companies have been featured in this year’s list of the top 75 fastest growing businesses across Africa.
Compiled by the benchmark business magazine the Financial Times (FT), the ranking looked at annual revenues and growth rates of companies between 2017 and 2020. Only independent companies are eligible for the ranking.
Microdata SA, a Moroccan IT infrastructure company, ranked highest among Moroccan companies at the 64th place with an average annual growth rate of 12.9%, going from $48.5 million in 2017 to $71.4 million in 2020, FT data points out.
The second best ranking Moroccan company on the list is LabelVie SA, a retail chain store, ranking 66th on the list, with an annual growth rate averaging 12.4%.
Founded in 1985, LabelVie SA went from $852 million in 2017 to $1.2 billion three years later.
The last Moroccan company on the list is Hightech Payment Systems SA, a payment software company that was founded in 1995.
Hightech Payment Systems’ annual growth rate averages 7.9%. In 2020, the company’s revenues were set at $70.9 million, up from 55.1% in 2017, according to a report from the Financial Times.
While offering an overview on the findings, the report notes that Africa’s best performing companies are those tapping into the continent’s underbanked and unbanked populations.
A prime example is Wasoko, a Kenyan fintech startup looking to optimize the cost of doing business in Africa’s informal sector.
Wasoko’s annual growth rate reached a staggering 8782%, recording $27 million in revenues at the end of 2020.
Fintech companies in Africa have especially thrived during the COVID-19 lockdowns and the accelerated shift to digital services that came as a result of social distancing measures.
