Coop Bank, KCB among fastest growing companies in Africa – report

The Co-operative Bank of Kenya and KCB Group have been named among the fastest-growing companies in Africa. The two are the only listed Kenyan firms in this year’s ranking.

The Financial Times and Statista ranking measures an investment's annual growth rate over a period and absolute growth, which is the increase in size, value, or amount of something over some time.

According to the report dubbed ­‘Africa's Fastest-Growing Companies 2025’, the two local lenders have a solid asset base supported by high revenues, stemming from strong deposits, income from loans and other portfolios. 

For instance, the report shows that Co-operative Bank, which is deeply connected with the cooperative movement in Kenya, has grown the number of branches to around 188 in 47 counties in the past decade, with 558 ATMs and 23,000 agents. The lender had an absolute growth of 46.5 per cent.

The bank is credited for playing a critical role in financial deepening and inclusion, especially in the agriculture sector which is a key driver of Kenya’s economy.

It has linked 619 Saccos with front office services activity (FOSA), up from 484 a year earlier, enabling the provision of basic banking services to Sacco members. It recorded a net profit of Sh25.5 billion in 2024 up from Sh23.2 billion in 2023.

 According to management, the strong performance by the bank is in line with the Group's strategic focus on sustainable growth, resilience, and agility, riding on the 'Soaring Eagle' Transformation Agenda.

Total assets grew to Sh774.1 billion, an 8.3 per cent growth from Sh714.7 billion.

 KCB Group, on the other hand, is currently the biggest lender in terms of assets in East Africa, having hit Sh2 trillion mark both on assets and total loans. This earned the Group an absolute growth of 67.6 per cent.

 The Group's focus on growing beyond Kenya, on the other hand, paid dividends in the first three months of 2025, with regional subsidiaries contributing 32 per cent of its gross earnings.  

Last week, it completed the sale of National Bank of Kenya Limited (NBK) to Access Bank PLC (Access Bank). 

 “Just four African countries dominate in the fintech sector with Nigeria, Egypt, Kenya and South Africa accounting for 90 per cent of funding in 2024,” said Leslie Maasdorp, chief executive of UK’s development finance institution–British International Investment.

Other Kenyan companies on this year’s list include Roam Electric AB (manufacturing), M-Kopa Holdings Ltd, Quick Mart, (retail), Impax Business Solutions Ltd and Pan African IX Data Centres Ltd (IT&Software), Victory Farms Ltd and East African Business Company (agriculture, forestry and fishing) and Kofisi Hospitality Group (Real estate). 

The annual ranking, based on revenue growth between 2019 and 2023, features 130 companies. 

South Africa, Nigeria and Kenya emerged as the most dominant contributors, jointly accounting for 91 firms—South Africa with 51, Nigeria with 28 and Kenya with 21. 

In Kenya, the focus appears to be on financial, technology and renewable energy, with several firms gaining regional attention. 

Norfund, the Norwegian Investment Fund for developing countries, executive vice-president Ylva Lindberg, said the environment for investing in African start-ups has been challenging in the aftermath of the Covid-19 pandemic. 

“Both the funding environment and the exit environment have been tough,” she said, noting a sharp currency depreciation last year mainly in Nigeria, Kenya and Egypt, higher interest rates in advanced economies and rising sovereign debt burdens.

The Africa’s Fastest-Growing Companies 2025 lists 130 companies, ordered by the highest compound annual growth in revenues.