Rwandan companies ranked among continent’s fastest growing firms

Fourteen local private companies have been featured among the top private firms by London Stock Exchange Group in its latest ‘Companies to Inspire Africa’ report, which was released on Wednesday.

The 14 local companies highlighted in the report, which was released at a conference in London ,are believed to be among Africa’s fastest growing and arguably the most dynamic businesses.

They are part of the 360 private businesses assessed by the report from 32 countries, representing 50 per cent of Africa’s population.

The report argued that these firms are capable of driving transformative economic growth in their home countries and beyond.

The Rwandan-based companies include Charis Unmanned Aerial Solutions (Charis UAS), Bank of Kigali, Africa Improved Foods, Mobisol Rwanda, AC Group, Axiom Networks, and AD Finance.

Others are Get It Holdings, Munyax, Rwanda Trading Company, Mobicash, Sahsra Electronics, Soft Packaging and Wolfram Mining and Processing.

They represent diverse fields of economy, including financial services, agriculture, transportation, renewable energy, technology and telecommunications, and industry.

Overall, the report says, consumer services, industry and agriculture are the three biggest sectors, between them making up over 50 per cent of the companies featured.

Technology, telecoms and financial services together represent over 25 per cent of firms, while healthcare and education, and renewable energy also feature strongly.

Charis Unmanned Aerial Solutions (Charis UAS) is one of the 14 featured companies. It is a licensed drone operator in Rwanda, currently providing aerial imagery services in a range of industries.

The company claims it has tripled its revenues, assets and personnel in the past one year, with projects that have included using drones to map the wetlands in Kigali, monitoring construction sites and helping farmers to boost their productivity.

Eric Rutayisire, the company’s chief executive, told Business Times that they believe they were selected based on the impact of their work in fields where they are engaged.

“We are basically revolutionalising all these sectors that have been so stagnant for a long time in Africa,” he said.

Africa Improved Foods (AIF), another firm featured in the report, produces nutritious foods for different groups of people in Rwanda and across the region.

Last year, it said, its foods were distributed to more than 1.5 million refugees and vulnerable infants across Uganda, South Sudan and Kenya.

In Rwanda, a further 90,000 vulnerable pregnant or breastfeeding mothers and infants were given free access to AIF’s fortified supplementary foods through rural public health centres.

Across the continent, Nigeria is the country with the most featured companies (97) followed by Kenya with 66 companies, while South Africa and Ghana follow with 23 and 20 companies, respectively.

To build the list, London Stock Exchange Group says it considered whether the firm is active and privately owned, demonstrated growth over the past three years, and has exhibited transparency in their financial accounts.

David Schwimmer, the Chief Executive Officer of London Stock Exchange Group (LSEG), said the growth rates and sector diversity of the firms highlight their potential to transform the African and wider economy and become the big global job creators of tomorrow.

The study was produced in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight.

editorial@newtimes.co.rw

 

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