Faith Nyasuguta
The global recognition of African companies is not just a badge of honor but signifies a dramatic shift in the perception of business innovation on the continent. It showcases Africa’s ability to compete on a global scale and make a significant impact.
In recent years, African companies have leveraged technology to develop innovative solutions to some of the continent’s most pressing challenges.
Acknowledging this growth in innovation, TIME Magazine publishes its TIME100 Companies list annually, highlighting the world’s most influential businesses. This year’s list features a number of African companies whose innovative ideas have created positive ripple effects across the continent.
TIME100 Companies: The Selection Process
TIME’s editors, led by Emma Barker, compile the list by polling contributors and correspondents worldwide, soliciting recommendations and applications from various industries, and consulting with other specialists.
A TIME100 Company is not defined by a single financial indicator or data point but by its overall influence and impact. Here are the African companies that have made it onto the 2024 list.
Most Influential African Companies 2024
Spiro
Spiro, an electric motorbike startup founded in 2019, has rapidly expanded its fleet to 14,000 electric two-wheelers. Initially launched in Togo and Benin in 2022, Spiro expanded to Kenya, Rwanda, Uganda, and Nigeria in 2023.
In Uganda, Spiro collaborated with the government to replace the polluting moto taxi fleet, known as boda-bodas, with electric two-wheelers. This initiative not only addresses environmental concerns but also showcases the potential for sustainable urban transport solutions in Africa.
M-Kopa
M-Kopa offers pay-as-you-go products for underbanked customers across Kenya, Uganda, Nigeria, and Ghana. The company provides health insurance, home solar systems, and e-bike loans to individuals with daily incomes.
Last year, M-Kopa partnered with Nokia maker HMD Global to establish Kenya’s first smartphone manufacturing plant, creating over 300 jobs and producing more than a million phones.
With over 4 million users and $248 million in sales last year, M-Kopa’s growth is directly linked to the financial success of its clients, offering a viable path for economic empowerment.
AFEX
AFEX Commodities Exchange, Nigeria’s first licensed private commodities exchange, was launched a decade ago and has since improved access to loans for purchasing seeds, pesticides, fertilizers, and warehouse storage.
AFEX integrates farmers into a unified agricultural system, buying their goods at market prices. With operations in Nigeria, Kenya, and Uganda, AFEX has reached over 500,000 farmers and facilitated over 1 million metric tons of trades on its digital platform, ComX.
Last year, AFEX secured $26.5 million in investment, underscoring its rapid growth and significant impact on the agricultural sector.
The inclusion of these companies in TIME’s list reflects the growing recognition of African businesses’ innovative capacities and their potential to address local challenges while competing on a global stage.
By harnessing technology and fostering economic empowerment, these companies not only improve lives but also reshape the global perception of African innovation.
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