10/01/2019 11:28 Our sponsors

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COMPANIES TO INSPIRE AFRICA 2019 www.lseg.com/inspireafrica LSEG CTIA.indb 1 LSEG CTIA.indb 1 10/01/2019 11:28 London Stock Exchange Group Editorial Board Ibukun Adebayo (Co-Head of Emerging Markets Strategy); Nirmal Nandwani (Associate – International Markets); Contents Lauren Crawley-Moore (Head of Marketing Campaigns & Events); Rhiannon Davies (Senior Press Offi cer); Jennifer Way (Head of UK Events); Aarondeep Singh (Associate – International Markets); Julian Faber (Associate – Marketing); Omar Kurson (Associate – Marketing); Forewords Sectors 4 H.E. Uhuru Kenyatta 30 Agriculture Mariela Boyadzhieva (Associate – International Markets) President of Kenya How ‘Great Farm’, drones, irrigation and 5 The Rt Hon Theresa May MP technology are helping more young people Wardour Prime Minister into farm work and agribusiness Led by Claire Oldfi eld (Managing Director) and Ben Barrett (Creative Director) 6 David Schwimmer 38 Consumer Services The team included: Rob Patterson (Art Director); Bethan Rees (Editor) and Wardour editorial; CEO, London Stock Exchange Group The companies performing well in this Charlotte Tapp and Jennifer Flower (Project Directors); Angela Derbyshire and Jack Morgan (Production). arena range from food and drink distributors 9 Emma Wade-Smith OBE to cosmetics and electronic goods retailers Wardour, Drury House, 34–43 Russell Street, London WC2B 5HA, United Kingdom UK Trade Commissioner for Africa 50 Female Leaders +44 (0)20 7010 0999 www.wardour.co.uk 11 The Rt Hon The Lord Boateng PC DL Companies with female senior executives are African Enterprise Challenge Fund now proving a success across all industries 13 Rob Withagen and throughout the continent CEO and Co-founder, Asoko Insight 62 Financial Services 15 Hein Boegman Why FinTech is one of the fastest-growing Pictures: Getty Images, Gallery Stock, iStock CEO, PwC Africa sectors and how our featured companies are All other pictures used by permission 19 Tenbite Ermias innovating to cash in on that growth Managing Director, Africa, CDC Group 76 Healthcare & Education Cover illustration: Jones&co 21 Deanne Chatterton We look at fi ve inspirational companies Printed by Graphius on FSC®-certifi ed material CEO, Instinctif Partners, Africa whose work in healthcare or education is so vital for the next generation 23 Pierre Guislain Vice President, Private Sector, Infrastructure 86 Industry and Industrialization, African Development Oil, construction and property development Bank Group are just some of the areas which are offering opportunities for forward-thinking businesses 25 Tony Edwards Partner, Africa Group, Stephenson Harwood 100 ELITE Meet the two high-achieving companies Company information powered by PwC, February 2019 Research fi ndings that are part of our specialist ELITE programme in Morocco 26 Crunching the numbers An offi cial publication of London Stock Exchange Group 108 Renewable Energy 28 Map of Africa snapshot Whether it’s electricity generation or solar power, the renewable energy sector is a Sponsored feature hugely important pan-African development 118 AfDB 120 Technology & Telecoms How Helios Towers, 3WP, CSquared, © London Stock Exchange Group 2019. All rights reserved Expert commentaries Sea Monster and others are leading a tech 10 Paternoster Square, London EC4M 7LS 48 Judith Karl revolution in work and play across Africa Executive Secretary, United Nations Capital By making this communication, none of London Stock Exchange Group plc and/or its group undertakings (which shall be construed in accordance with section 1161 of the Companies Act 2006) (“LSEG”), Wardour Communications Development Fund At a glance Limited (“Wardour”), or the individual authors intend to invite or induce you to engage in any investment activity for the purposes of the UK regulatory regime (other than, where relevant, in respect of the London Stock Exchange plc’s exempt activities of operating UK-regulated investment exchanges and providing clearing services in the UK). This publication does not constitute an offer to buy or sell, or a solicitation of an offer to sell, any securities, or 60 Melanie Hawken 131 The Methodology Behind the Numbers the solicitation of a proxy, by any person in any jurisdiction in which such an offer or solicitation is not authorised, or in which the person making such an offer or solicitation is not qualifi ed to do so, or to any person to whom it CEO and Founder, Lionesses of Africa Public How we devised our list of Companies to is unlawful to make such an offer or solicitation. Benefi t Corporation Inspire Africa Information in this publication may or may not have been prepared by the LSEG, Wardour, or the individual authors, but is made without any responsibility on their part. All information in this publication is provided ‘as is’ and none of LSEG, Wardour, nor the individual authors make any representations and disclaim to the extent permitted by law all express, implied and statutory warranties of any kind in relation to this publication, including warranties as to 105 Luca Peyrano 132 Directory accuracy, timeliness, completeness, performance or fi tness for a particular purpose. No action should be taken or omitted to be taken in reliance upon information in this publication. None of the LSEG, Wardour or the individual CEO, ELITE authors accept any liability for the results of any action taken or omitted on the basis of the information in this communication. The information in this publication is not offered as advice on any particular matter and must not 144 Contacts be treated as a substitute for specifi c advice. In particular, information in this publication does not constitute legal, tax, regulatory, professional, fi nancial or investment advice. Advice from a suitably qualifi ed professional should 116 Christian Chammas About London Stock Exchange Group always be sought in relation to any particular matter or circumstances. CEO, Vivo Energy Third-party advertisements are clearly labelled as such. None of the LSEG, Wardour or the individual authors endorse or are responsible for the content of any third party advertisement in this publication or otherwise. AIM, London Stock Exchange, the London Stock Exchange coat of arms device are registered trademarks of London Stock Exchange plc. FTSE is a registered trade mark of subsidiaries of London Stock Exchange Group plc and is used by FTSE International Limited under licence. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by LSEG can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. 2 3

LSEG CTIA.indb Custom V 10/01/2019 11:28 COMMENTARY COMMENTARY H.E. UHURU KENYATTA THE RT HON THERESA MAY MP PRESIDENT OF KENYA PRIME MINISTER OF THE UNITED KINGDOM THE STORY OF AFRICA’S GROWING WORKING TOGETHER AMBITIONS AND PROSPECTS FOR A BRIGHTER FUTURE

am confi dent that by sharing their impressive success stories with the world we will help to promote Africa’s private sector to an international audience and catalyse crucial investment. In my speech in Cape Town, I set out a new UK partnership with African nations, centred on high-quality investment for job creation and inclusive growth, alongside an ambition for the UK to be the G7’s biggest investor in Africa by 2022. To help achieve this, the UK’s Development Finance Institution, the CDC, will signifi cantly increase its investment into Africa, aiming to invest up to £3.5bn into the private sector on the continent over the next four years. Furthermore, through our UK aid programme, and delivered by the Private Infrastructure Development Group, an investment of up to £300m into essential infrastructure will lay the foundations for new trading and business opportunities across the continent. In turn, these measures “ ENTREPRENEURSHIP IS AT THE aim to mobilise a further £4bn in private investment. At the HEART OF KENYA’S VIBRANT “IT IS ONLY BY WORKING TOGETHER ECONOMY, PROPELLING INVESTMENT, THAT WE WILL SEIZE THE JOB CREATION AND GROWTH” OPPORTUNITIES IN FRONT OF US.

ast year I visited London Stock Exchange to open the Over 60 Kenyan companies – in sectors ranging from n my recent visit to Africa in August 2018, I met I AM SO PLEASED TO SEE LONDON market. I would like to follow that up with a word or two agriculture to FinTech – are featured in this report. Together, they Oleaders, entrepreneurs and young professionals who STOCK EXCHANGE GROUP SHINE L are building exciting futures for their communities, their about London Stock Exchange Group, and the opportunities for showcase the reach, the ambition and prospects of Kenya. But countries and their continent. Their message to me was A LIGHT ON AFRICA’S SUCCESS” partnership with Kenyan business that have opened up. there’s more to be done, both at home and abroad. simple: they want to unlock private sector investment to When my administration took offi ce in 2013, it was clear that To help SMEs compete in the manufacturing sector, we have create jobs, improve incomes and the quality of their lives, moment, only around 1% of the £8trn in assets managed to tackle unemployment, we needed to create rewarding jobs for raised our SME Development Fund by $500m, and added and power the next stage of Africa’s growth. by the City of London are invested in Africa. I believe that youth, women and people with disabilities, to create a new wave a number of supporting guarantee schemes. We have also Africa is home to fi ve of the world’s fastest-growing it is in all of our interests to work together to increase that of organised business that would secure Kenya’s prosperity. combined six major government funds to create the Biashara economies, and is being driven by young and growing percentage and achieve our collective ambitions. This is why There has been substantial progress. Today, high-growth Bank, which will provide SMEs with low interest loans to increase populations. This year, Companies to Inspire Africa once we will host the fi rst Africa Investment Summit in 2019, companies and small and medium-sized enterprises (SMEs) their existing production capacity. And, fi nally, to support again showcases and celebrates the businesses and bringing African governments together with private and employ more than 75% of Kenya’s working population, and Kenya’s increasing global competitiveness, we have set a entrepreneurs at the heart of this movement. I would like to institutional businesses, investors and entrepreneurs to drive contribute the lion’s share of our GDP. We cannot underestimate target for 2022 to support 10,000 Kenyan SMEs to meet global congratulate all the companies featured in this report, and I forward the opportunities for trade and investment on the the importance of this sector to our social and economic export standards. We believe that Kenya’s growth companies world stage. Through the building of mutually benefi cial partnerships, wellbeing. We therefore must renew our commitment to SMEs and will transform it into a newly industrialising, middle-income COMPANIES TO INSPIRE AFRICA “ we are helping to stimulate long-term transformational entrust to them the nurturing of Kenya’s talent and enterprise. country, in line with our Vision 2030 plan. growth that will support hundreds of thousands of jobs, build It gives me great pleasure to support London Stock Exchange Equally, the Nairobi Securities Exchange is working with ONCE AGAIN SHOWCASES AND stability, strengthen the rule of law and trigger growth in Group’s Companies to Inspire Africa initiative, now in its second key partners like London Stock Exchange Group to create CELEBRATES THE BUSINESSES some of the poorest and most fragile countries. iteration, that tells Africa’s remarkable story of entrepreneurial international links to drive investment into Kenyan companies. AND ENTREPRENEURS AT THE It is only by working together that we will seize the leadership to a global audience. This will support job creation and a vibrant economy in Kenya opportunities in front of us. That is why I am so pleased to Entrepreneurship is at the heart of Kenya’s vibrant economy, that is a powerhouse for East Africa and the African continent. HEART OF THIS MOVEMENT. I see London Stock Exchange Group shine a light on Africa’s propelling investment, job creation and growth. Companies to I congratulate all the Kenyan companies featured in this report WOULD LIKE TO CONGRATULATE success stories, showcase the quality and breadth of Africa’s Inspire Africa showcases Kenya’s mercantile spirit, vision and for their outstanding performance, innovation and ambition, long-term sustainable investment opportunities, and build capacity to produce world-class innovation. and I look forward to new partnerships with Kenya’s friends. ALL THE COMPANIES FEATURED” investment links for our shared future prosperity. 4 5

LSEG CTIA.indb 4-5 10/01/2019 11:28 LSEG FOREWORD

INSIDE THE bn REPORT £110 The amount raised on AIM over two decades

t gives me great pleasure to welcome you to the second global fi nancial markets, LSEG has a connection with Africa “The UK has a proud and established Iedition of London Stock Exchange Group’s report, stretching back to the 1930s. Companies to Inspire Africa. This pioneering report identifi es While capital markets have long been associated with record of supporting development Africa’s most inspirational and dynamic private, high-growth larger companies, 23 years ago we did something different, companies to a global market. launching a capital market specifi cally for high-growth- goals in Africa and around the world” We publish this report as it is our belief that these fi rms, and potential companies, AIM. It is now the most successful global high-growth fi rms like them, are crucial to the future of the growth company market in the world and has raised over African economy, capable of driving transformative economic £110bn for nearly 4,000 companies in little over two decades. which should further develop and support this ecosystem. growth in their home countries, Africa and beyond. In 2012, we launched our pan-European business The UK has a proud and established record of supporting There are 360 companies from 32 different countries across development and capital raising programme for development goals in Africa and around the world. I was the continent represented in this report, boasting an incredibly high-growth fi rms – ELITE. By 2015, it had expanded into honoured to accompany the Prime Minister on her trip to impressive average compound annual growth rate of 46%, up Africa. Today, we are proud to research and publish reports like Africa in August 2018, to see fi rst-hand the vibrant potential from 16% last year. On average, each fi rm employs over 350 this – designed to identify high-growth-potential fi rms to a of African SMEs. people, with an average compound annual employee growth global investor base. We agree with the UK Government that a greater focus of rate of 25%. Patient capital allows fi rms to focus on innovation and supporting development goals should be enabling greater A diverse range of industry sectors feature, painting growth, rather than having to service a debt repayment global investment into the African growth story. At LSEG, we an encouraging picture of the future of the African economy. schedule or adhere to strict covenants typical of traditional stand ready to play our part. Consumer Services, Industry and Agriculture are the lending, which can, for example, limit the scope to react three biggest sectors, between them making up over 50% quickly to investment opportunities. Our sponsors of the companies featured. Technology & Telecoms, and The fi rms listed in last year’s Companies to Inspire I would like to thank our research partner Asoko Insight, Financial Services together represent over 25% of fi rms, Africa report have already realised signifi cant progress and whose expertise has underpinned this report, as well as our while Healthcare & Education and Renewable Energy also achievements in the last 12 months in a variety of ways, partners African Development Bank Group, CDC Group and feature strongly. including pursuing IPOs and issuing bonds to grow, while PwC, who have supported both the last edition of this report It is also very encouraging that 23% of the senior executives some have also undertaken cross-border expansion, both and this one. I must also thank this year’s sponsors Instinctif of the companies featured are female, a near doubling from within the African continent and globally. and Stephenson Harwood, whose valuable support helped “We publish this report as 12% in last year’s report. This echoes our own experience in African capital markets. make this report possible. The growth rates and sector diversity of the fi rms featured Over 100 companies and nearly 40 African bonds are now Contributions from The Rt Hon the Lord Boateng PC DL, it is our belief that these highlight their potential to transform the African and wider listed on London markets, gaining access to a global investor Christian Chammas, CEO of Vivo Energy, Judith Karl, the fi rms, and high-growth economy and become the big global job creators of tomorrow. base. In 2018, we saw issuances from Nigeria, Kenya, Egypt, Executive Secretary of United Nations Capital Development At LSEG, we are determined to help realise that potential. Angola and Ghana as well as corporates such as Seplat, Absa Fund, Melanie Hawken, the Founder and CEO of Lionesses of fi rms like them, are From the building of the great US railways in the 19th Bank and FirstRand Bank. The year also saw the launch of Vivo Africa Public Benefi t Corporation, and Emma Wade-Smith OBE century, to global oil and gas exploration in the 20th century, Energy, both the largest African IPO in London for a decade offer real insight and are a testament to their expertise crucial to the future of to creating a worldwide low-carbon economy today, we and the fi rst company from the Companies to Inspire Africa in supporting African SMEs. have always been at the forefront of fi nancing the great report to fl oat on London Stock Exchange. I would also like to extend my personal thanks to the the African economy” global economic shifts of the day. Sitting at the heart of LSEG also has a number of valued technology partnerships UK Prime Minister, the Rt Hon Theresa May MP, and the with stock exchanges in African countries. As well as President of Kenya, H.E. Uhuru Kenyatta, whose mission David Schwimmer, CEO, giving dynamic African fi rms access to a global investor to develop African SMEs is so vital, for their support and London Stock Exchange Group base, it is fundamental to develop African fi nancial market contributions to the report. infrastructure itself. We hope you enjoy reading the report and are inspired. We look forward to continuing to work with African governments, companies and fi nancial market participants 360 to develop domestic capital markets further, offering an additional funding channel and supporting entrepreneurship, infrastructure, green investment and economic growth. The number of businesses in the At the end of 2018, our LSEG African Advisory Group published a series of recommendations on fi nancial market David Schwimmer Companies to Inspire Africa report infrastructure in Africa, with a particular focus on SME fi nance, CEO, London Stock Exchange Group plc 6 7

LSEG CTIA.indb 6-7 10/01/2019 11:28 COMMENTARY EMMA WADE-SMITH OBE UK TRADE COMMISSIONER FOR AFRICA London Stock Exchange WORKING TOGETHER FOR A BETTER FUTURE is the #1 Exchange for African vibrant consumer base, one of the largest and best-connected economies, and a world-class capital issuers outside Africa market, the UK offers a wonderful platform from which to grow an international business. Access to the deepest pool of international capital in the world The UK government is working with governments across Africa to ensure continuity in trading arrangements as the UK leaves the EU, so that businesses and entrepreneurs have the certainty they need to thrive and invest. We are moving more resources into Africa to help build business environments that will enable more trade and investment flows within Africa, and to the rest of the world, too. Africa’s new and rapidly growing businesses – some 110 $197bn of which are showcased in this report – represent African companies currently Total market cap of African the strong heartbeat of this continent’s economies, listed on LSE companies listed on LSE “ OUR TRADE RELATIONSHIP INCREASED BY NEARLY 12% LAST YEAR, AND THE UK IS THE SECOND LARGEST FOREIGN INVESTOR IN ’ve been living and working in Africa for just a few AFRICA. THIS IS GOOD, BUT THERE Iyears, so I’m relatively new. But already I’m hooked by the business innovation and determination I see IS SO MUCH MORE WE CAN DO” $1.3bn $167m across the continent. As Her Majesty’s Trade Commissioner for Africa, my bringing innovative products to more markets, Raised by African companies on Raised by African companies on focus is on increasing trade and investment flows – in transforming services, and creating the millions Main Market in 2018 YTD AIM in 2018 YTD both directions – between Africa and the UK. Our trade of jobs we need for current and future generations. relationship increased by nearly 12% in 2017, and the These impressive companies represent just the tip of UK is the second largest foreign investor in Africa. This a very large iceberg of talented and inspiring is good, but there is so much more we can do together, people who are building Africa’s international including to deliver the Prime Minister’s ambition for businesses of tomorrow. The Companies to Inspire the UK to be the largest G7 investor in Africa by 2022. Africa initiative provides a great platform to highlight With a rapidly urbanising population, some of the the innovation taking place across the continent, most dynamic economies in the world and the fastest and hopefully bring even more investment and growing middle class on the planet, Africa offers many partnerships to help these businesses continue $39.6bn 2018 exciting opportunities for doing business. And with a to expand. Raised in African bonds in 2018 YTD In 2018, 15 African issuers from 9 countries launched 55 bonds “WITH A RAPIDLY URBANISING POPULATION, SOME on the London market OF THE MOST DYNAMIC ECONOMIES IN THE WORLD AND THE FASTEST GROWING MIDDLE CLASS ON Data: November 2018 THE PLANET, AFRICA OFFERS MANY EXCITING OPPORTUNITIES FOR DOING BUSINESS” 9

LSEG CTIA.indb 8-9 10/01/2019 11:28 COMMENTARY THE RT HON THE LORD BOATENG PC DL CHAIRMAN, AFRICAN ENTERPRISE CHALLENGE FUND THE INCREASING STRENGTH OF BUSINESSES IN AFRICA

Capital for growth energy sectors. We have worked with some of Africa’s most progressive and innovative entrepreneurs to create sustainable livelihoods in rural communities in 26 African countries. We have taken the African producer up the value chain by providing patient capital in the form of soft loans and grants to companies. This creates much-needed African jobs and, in so doing, as Theresa May pointed out during her ELITE companies have the opportunity to access trip in August 2018 to Sub-Saharan Africa, provides welcome London Stock Exchange Group’s private placement platform opportunities for British business, too. The high-growth companies funded by AECF, some designed to streamline the capital raising process. of which once again have found themselves in this publication, take many forms, but all represent African ELITE Club Deal connects companies with professional excellence in an inspirational way. They vary. Some are new enterprises in emergent technical sectors like investors, offering companies a variety of funding options Zanful, bringing solar power to rural Zimbabwe. Others in an integrated environment. are more established businesses in the agricultural sector, such as Meru Greens, that as a result of AECF’s investment is able to expand into new markets. This ELITE Club Deal is the natural next step in the evolution brings employment opportunities where they were of ELITE’s suite of services offered to ELITE companies from limited or non-existent before among marginalised communities or regions. financial education to capital raising. Our current business strategy brings a renewed emphasis on youth and a gender focused approach that frica is a continent of challenge and opportunity. Both seeks to utilise a too often neglected source of talent Aare represented by its demographic reality. A fast- among women entrepreneurs and farmers. We work for Bridging the gap towards growing middle class with increasing spending power, plus impact that is transformative of livelihoods and catalytic a young and aspirant population, provide an unparalleled within markets so that they work better for the poor. the Capital Markets market opportunity. This fuels the growth of many of the In the past 10 years, the AECF has leveraged an companies that have inspired this welcome publication. additional $658m (fi ve times leverage for each dollar By 2040, Africa will be home to the world’s largest invested) from the private sector into its investee potential workforce; however, it is currently only creating companies and impacted on the lives of more than three million jobs for the 10–12 million young people who 16 million people across Africa. Contact us: join the workforce every year. And too few of these are in Britain, Europe and Africa have a shared history and www.elite-network.com the agricultural sector and in rural Africa, which suffer from long established ties. We would, however, be unwise both an ageing workforce and uncontrolled rural fl ight. to be lulled by this into a false sense of complacency. This gap in employment opportunity has to be fi lled if This is a fast-changing world with new forces at work unemployment is not to drive instability, forced migration that are seeing new alliances formed and old ones and an undermining of the real gains in the governance of being reconstituted. The truth remains, however, that Issued by Elite Club Deal Ltd, 10 Paternoster Square, London EC4M 7LS. Africa in recent years. relationships matter. They will endure when they are Authorised and regulated by the Financial Conduct Authority (FRN 761002). These gains in governance have, after all, created a more based on mutual understanding and advantage. Incorporated in England No. 10274181, registered office as above. enabling environment for investment on the continent. The development of rural Africa and the rise up the This should pave the way for global companies to enter the value chain of its producers offers an unparalleled African market, and for Africa’s indigenous companies to opportunity for growth and prosperity for all. grow to scale and become global players. They will have The companies represented on these pages are the needs that the City of London is well placed to meet. clearest illustration of that fact. The mobilisation of The African Enterprise Challenge Fund (AECF), which I capital to support their growth and contribution to chair, is a pan-African multi-donor challenge fund based global trade represents our best hope for a mutually in Nairobi. Our focus is on the agribusiness and renewable benefi cial future. 10 11

LSEG CTIA.indb 10-11 10/01/2019 11:28 SPONSOR FOREWORD

ccess to Africa’s growth markets is increasingly a strategic priority for Ainvestors, multinationals and governments across the world. Despite macroeconomic headwinds in recent years, interest in the continent’s technology, agriculture, infrastructure and consumer-related industries continues to attract capital and foster innovation. However, Africa’s private sector – particularly the wider middle market of growth companies – remains under-capitalised and progress is slower than most would have anticipated. Investors claim there is a large and growing supply of capital looking for too few deals. This mismatch is exacerbated by the disproportionate costs of collecting and verifying company-level information when venturing into new territory, a challenge that can cause transactions to fail if they are not Discover the missed altogether. Meanwhile, African companies seeking funds are unsure how or where to engage with investors. The ecosystem is dominated by relationships, limiting deal opportunities to the most established players with large ticket sizes. world’s leading Investors are calling for more information and transparency, yet in the absence of objective and secured circulation, private company owners are not seeing enough value to make this happen. At Asoko, we address the issue by providing local companies with access growth market. to a secured platform designed to collect, verify and showcase their data. “Rather than by regulatory Company executives fi nd value through visibility and market intelligence, enforcement, company while investors, banks and global corporates gain access to a widening, curated landscape of deals. participation in innovative As investor demand continues to grow, the information ecosystem is developing at an increasing rate, driven by technology and data science. information sharing systems will In this environment, local companies are fi nding more and more value in Supported over 3,700 companies to raise more than corporate transparency. set the pace for the development The Companies to Inspire Africa report is an essential contribution to £110bn since launch. of corporate governance” that value. As a partner in the initiative, we have personally witnessed the enthusiasm among thousands of local corporates to set aside their Are you looking for long term growth capital to fund reservations and share detailed information on their promising businesses. Rather than by regulatory enforcement, company participation in innovative your company ambitions? information sharing systems will set the pace for the development of corporate governance, transparency and, ultimately, more private sector capitalisation. Following a year of hard work, we’re very proud to see the outcome of the Download our latest publication, A Guide for Entrepreneurs, second edition of Companies to Inspire Africa. On behalf of Asoko, I would to gain insights from leading founders of AIM companies. like to thank the team at LSEG for their commitment to this project. A particular word of appreciation to the companies covered in this report. Through your participation you have single-handedly set the benchmark for transparency and performance for your own businesses as well as inspired many around you.

Rob Withagen www.londonstockexchange.com/AIMforgrowth CEO and Co-founder, Asoko Insight

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LSEG CTIA.indb 12-13 10/01/2019 11:28 SPONSOR FOREWORD

e are pleased to once again partner with London Stock Exchange Group Win the publication of the second edition of the Companies to Inspire Africa report, which identifi es African companies that have exhibited the potential to become global leaders in their respective industries. This year’s edition features 360 private companies, all of which have exhibited tremendous growth over the past three years, an increase from the 343 companies in last year’s maiden edition. The consumer services, industry, agriculture and technology and telecoms sectors topped the list of industries most represented, at 79, 77, 53 and 51 companies respectively. Africa’s young population of 226 million people, aged between 15 and 24 years in 2015, is estimated to double by 2045, according to the World Bank. The growing middle class and continued urbanisation are some of the key factors driving international retail expansion across Africa. Another fast-growing industry in Africa is power and utilities, within the industry sector. We expect to see more growth in this sector to address the energy defi cit in Africa, where, according to the African Development Bank report The New Deal on Energy for Africa, an estimated half of the continent’s population is without access to a power supply. Renewable energy is one of the fast-growing innovations in the energy space and has attracted signifi cant investment globally. Agriculture has been a critical growth driver in Africa. According to the World Bank report Growing Africa, agriculture (defi ned as the cultivation of “Building trust in society and crops and raising of livestock) contributes almost a quarter of the GDP in solving important problems Sub-Saharan Africa and, together with agribusiness (the broader business within the agriculture ecosystem), accounts for nearly half of the continent’s on the African continent are GDP. Latent opportunities in the industry are expected to increase with the deployment of technological solutions across the agribusiness value chain. important to us” Technology and telecoms companies also featured prominently, particularly within the fi nancial services industry, as the continent continues to experience their infl uence in disrupting the traditional retail banking and payments sub-sectors with new technology-driven applications. At PwC, we view private business as an important catalyst to economic growth and innovation in Africa. With 66 offi ces and more than 10,000 people in 34 countries on the continent, we support companies through their growth journey by offering a variety of professional services. This includes supporting them in raising funds for growth, helping to develop their strategies for expansion, providing audit services to early growth stage companies – an important element in establishing confi dence with various stakeholders – and working with companies to ensure regulatory and tax compliance. Building trust in society and solving important problems on the African continent are important to us, and we are committed to continue supporting these companies in achieving their growth. Initiatives such as London Stock Exchange Group’s Companies to Inspire Africa provide much-needed global visibility of the potential residing in these companies.

Hein Boegman CEO, PwC Africa

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LSEG CTIA.indb 14-15 10/01/2019 11:28 ASOKO AD DPS

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LSEG CTIA.indb 16-17 10/01/2019 11:28 SPONSOR FOREWORD 2,000 leaders 1,000 top companies 10 countries

One community n the next two years, there will be 122 million new entrants to the IAfrican labour market, and by 2050, Africa will be home to a quarter of the world’s population. If ever there were a time to celebrate and encourage high-growth companies in Africa, it is now. This level of population growth inevitably brings challenges. Infrastructure, health and education all require serious attention. However, it also brings opportunity. We’re proud that the Companies to Inspire Africa report casts a spotlight on some of that opportunity by showcasing the individual success stories across this diverse continent. As the UK’s development fi nance institution, we’ve been investing in African businesses since we were founded 70 years ago. We have backed successful mobile phone companies in Kenya, fi nancial institutions in Nigeria, pharmaceutical companies in Egypt and large agribusinesses in Tanzania. While there have been ups and downs, we’ve consistently achieved positive returns. Today, we have a £2bn portfolio of 715 companies in Africa. Our ethos is to bring more than just capital to investment. We bring our expertise to improve environmental and social standards, deliver training and nurture local talent. This ensures that the businesses we invest in are not only responsible corporate citizens but are attractive to potential clients, “Nurturing business growth is partners and investors. not just about individual success Of course, nurturing business growth is not just about individual success stories. African countries need to be viewed as attractive stories. African countries need investment destinations, too. We are seeing some change in that area, with countries such as Ethiopia, Ghana and Rwanda using the World to be viewed as attractive Bank’s Doing Business rankings as a yardstick by which to measure and improve their performance. investment destinations” And it seems to be working. The number of success stories from those countries places them in the top 10 nations represented in this report. While risks remain and need to be managed, this report shows that these companies and countries are deserving of a much greater level of attention from our investment community. This report shows that it’s time to look again at Africa.

Tenbite Ermias Managing Director, Africa, CDC Group

Africa’s next generation of CEOs. theafricalist.com

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LSEG CTIA.indb 18-19 10/01/2019 11:28 SPONSOR FOREWORD

he African continent has been friend and foe to many international Tinvestors over the years, resulting in its sporadic rise and fall in Communicating popularity. Given its position as the world’s second largest and second most populous continent, sitting behind Asia in both categories, it is not a stretch of the imagination to envisage that Africa has fi nally reached tomorrow’s a turning point where it can deliver the rapid economic growth and development that has evaded it to date. This alone creates immense appetite from the investment community globally to participate in this as yet untapped potential in its vibrant and diverse markets. future today The key to realising value in investing in Africa is to understand not only the environment, in terms of the governance, economic, legal and political perspectives, but also the local licence-to-operate sensitivities in each country. Across the continent, the Shared Value Africa Initiative is becoming a defi ning template for operating in Africa. The programme supports the ‘Profi t with Purpose’ model, which many countries believe is the key to unlocking market-specifi c potential through the implementation of business imperatives. These will not only help to provide returns We are an international business to shareholders, but also help to solve real issues that will bring about sustainable and necessary change to drive real growth in their communications consultancy, specifi c economies. “The key to realising value specialising in reputation, influence It is the intimate knowledge of the local markets that enables in investing in Africa is to Instinctif Partners to work with its clients across multiple African markets, guiding them on their strategic positioning and implementing & engagement. understand not only the wide-ranging engagement programmes to address complex stakeholder groups – ultimately to develop relevant, resilient and robust operations We work with clients across multiple environment, but also the local that facilitate sustainable wealth creation in the markets in which licence-to-operate sensitivities they operate. African markets, guiding them on their We are delighted to be partnering with London Stock Exchange Group in each country” and its Companies to Inspire Africa initiative. As a business we have been strategic positioning & implementing operating across Africa for nearly three decades and we wholeheartedly believe in its potential. The companies featured in this year’s programme wide-ranging engagement programmes are truly inspirational and demonstrate the entrepreneurial fl air that is emerging across Africa and that offers the opportunity of building the to address complex stakeholder groups. shared prosperity the continent deserves.

Deanne Chatterton CEO, Instinctif Partners, Africa

instinctif.com

Get in touch: +27 11 447 3030 20 @InstinctifSSA | [email protected] 21

LSEG CTIA.indb 20-21 10/01/2019 11:28 SPONSOR FOREWORD

chieving the Sustainable Development Goals in Africa will require a Asignifi cant increase in economic growth rates across the continent. The full potential of Africa’s small and medium-sized enterprises (SMEs) needs to be unleashed and an environment created that supports enterprise growth. It is against this background that the African Development Bank partnered with London Stock Exchange Group in 2017 on the inaugural publication of the Companies to Inspire Africa report. In 2019, we are pleased to expand the publication to showcase more inspirational SMEs from across our continent. Fast-growing SMEs are essential to Africa’s transformation and the achievement of our priorities in agriculture, regional integration, energy and industrialisation, and to improve living standards across the continent. Realising the full potential of these enterprises requires strong partnerships with multiple stakeholders to address the constraints they face. This year, the Bank partnered with the Bourse Régionale des Valeurs Mobilières (BRVM), which serves the eight member countries of the West

1 African Monetary Union, to launch ELITE Lounge BRVM. This will build Light up & power Africa the capacity of fast-growing SMEs and prepare them for potential capital Eclairer & électrifier market fi nancing. l’Afrique This year’s Companies to Inspire Africa report profi les companies 4 Integrate Africa in more than 10 African countries, operating in important sectors for Intégrer l’Afrique “Fast-growing SMEs are essential growth including agriculture, fi nancial services, technology, healthcare to Africa’s transformation and the and consumer services. A growing number of companies, including some showcased in this publication, are expanding their reach into new markets 2 achievement of our priorities in and countries within the continent, emerging as regional champions. Feed Africa With 54 national markets, many of which are small, Africa needs Nourrir l’Afrique agriculture, regional integration, to accelerate its regional integration, opening markets to trade and 5 investments, and catalysing the fi nancing that supports these regional Improve the energy and industrialisation, and champions. In this context, the Bank just launched the fi rst Africa- quality of life for the people of Africa to improve living standards across to-Africa Investment Report, which highlights the realities African Améliorer la qualité de vie companies face when investing across borders, the emerging trends in des populations en Afrique intra-African investment and the steps African policymakers can take to 3 the continent” accelerate intra-African investment. Industrialise Africa Industrialiser l’Afrique Through this partnership around Companies to Inspire Africa, we are joining efforts to showcase and build an information base to showcase African growth SMEs to a global investor audience. We also hope to The High 5 agenda – five priority actions for the African Development Bank and for Africa – is the AfDB’s channel for focusing and scaling up its 2013-2022 Ten Year Strategy, to bring encourage African enterprises to trade and invest with one another, about the social and economic transformation of Africa. The High 5s are designed to deliver the twin objectives of the Ten Year Strategy: inclusive growth that is shared by all; and the gradual create stronger value chains and expand into new markets. transition to green growth. The High 5s are: Light up and power Africa; Feed Africa; Industrialise Africa; Integrate Africa; Improve the quality of life for the people of Africa. On behalf of the African Development Bank, I extend my Le Top 5, c’est-à-dire les cinq actions prioritaires pour la Banque africaine de développement et pour l’Afrique, constituent le moyen utilisé par la BAD pour concentrer et étendre la mise congratulations to all the companies featured in this edition, along en œuvre de sa Stratégie décennale pour la période 2013-2022 visant à transformer l’Afrique sur le plan social et économique. Le Top 5 a pour but de réaliser le double objectif de la stratégie décennale : une croissance inclusive partagée par tous ; et la transition progressive vers une croissance verte. Le Top 5 est constitué des priorités suivantes : Éclairer l’Afrique et l’alimenter with our thanks to London Stock Exchange Group for the excellent en énergie ; Nourrir l’Afrique ; Industrialiser l’Afrique ; Intégrer l’Afrique ; Améliorer la qualité de vie des Africains. collaboration on this important initiative.

Pierre Guislain Vice President, Private Sector, Infrastructure and Industrialization, TO FIND OUT MORE, PLEASE VISIT African Development Bank Group www.afdb.orgwww.afdb.org 22 23

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Partnering with fast growing African dynamic private sector, underpinned by strong entrepreneurial Atalent, is an essential combination for ensuring sustained economic prosperity. And this combination will be needed if the transformation of businesses through transformational change Africa is to be accelerated. Securing investment to expand and create new markets will drive the development and diversifi cation of economies, to achieve Stephenson Harwood is a full service international growth and stability. The Africa we know is unrecognisable from the negative images so ODZƪUPZLWKRYHUSHRSOHZRUOGZLGH often portrayed by the international media. This initiative – of which we are incredibly pleased to be a part – provides an opportunity not only to We combine a genuine understanding of African recognise the achievements of African companies and entrepreneurs, but also to help them prosper. markets with leading expertise in all areas of the law. Africa is a land of opportunity, where countries want to take charge of their own destinies and are looking for partnerships to support them in doing so. Ghana’s recent investment campaign, entitled Ghana Beyond Aid, is a case in point. Similarly, initiatives like the African Continental Free Trade Area “ Africa is not just a place on the map, agreement point to a desire for Africans to partner and trade with other Africans. it’s where we work.” At Stephenson Harwood, our award-winning Africa group has been supporting clients across the African continent, and our international Tony Edwards, partner “Securing investment to expand clients have been investing there, for many years. Refl ecting the African and create new markets will drive roots of many of our team, our relationship with Africa is a partnership. We were the fi rst UK law fi rm to establish a formal secondment the development and programme, inviting lawyers from law fi rms across Africa to spend time with us in London, providing an international perspective to local talent. diversifi cation of economies, Many of these secondees have become leading practitioners. We promote a number of other long-term initiatives in Africa, including Twice winner of Africa’s Strategic to achieve growth and stability” in Kenya where we work closely with the Rhino Ark Charity. One of the most important conservation projects in the country, it helps to support Partner of The Year Award, the preservation of Kenya’s essential water resources, and to protect Law Digest Awards important wildlife and farms, and farmers from animal interference. In Nigeria, we are a partner of the Nigerian Law School and sponsor its Best Student prize. The future of Africa will be shaped through engagement and investment. With a healthy, educated and empowered labour force, Africa’s transformation will deliver real and sustained economic growth across the continent.

Tony Edwards Partner, Africa Group, Stephenson Harwood

www.shlegal.com 24 25

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L 28 S E G

C T I A . i n d b

A l l

P AFRICAN COMPANIES a g e s SNAPSHOT THE COMPANIES IN THIS REPORT COME FROM ALL OVER THE CONTINENT OF The proportion of Africans AFRICA. THIS MAP HIGHLIGHTS THE COUNTRIES WITH THE MOST FEATURED living in cities by 2023 COMPANIES, AND THE MAP IS SHADED TO SHOW THE REGIONS AND COUNTRIES WHERE THE NOMINATED COMPANIES OPERATE 50% McKinsey 12 MOROCCO NORTHERN 8 AFRICA 26 EGYPT

WESTERN AFRICA EASTERN AFRICA 130 147 CÔTE D’IVOIRE 97 NIGERIA 720GHANA ETHIOPIA 15

CENTRAL UGANDA KENYA AFRICA 31 6 66

7 ANGOLA

SOUTHERN AFRICA The number of mobile money accounts in Africa 47 23 m SOUTH AFRICA 100 RESEARCH FINDINGS GSMA 1 0 / 0 1 / 2 0 1 9

29 29

1 1 : 2 8 AGRICULTURE

AGRICULTURE SECTOR AT A GLANCE

51 MILLION THE AGRICULTURE THE NUMBER OF FARMS IN AFRICA SECTOR IS POISED 3.7 MILLION THE AMOUNT OF FOR SIGNIFICANT RICE NIGERIA PRODUCES PER INVESTMENT ACROSS YEAR, IN TONNES AFRICA, BRINGING JOBS 32% THE PROPORTION OF AFRICA’S GDP AND STRENGTHENING THAT COMES FROM THE AGRICULTURE FOOD SECURITY. SECTOR

IN THIS SECTION TECHNOLOGY-LED Babban Gona (which means ‘Great Farm’ in Hausa), TRANSFORMATION helps farmers optimise their crop yields, while Charis UAS operates drones IS INTENSIFYING to help in multiple sectors such as construction and SUSTAINABLE farming. Plus, John Oroko, Co-founder and CEO of Selina Wamucii, connects PRODUCTION AND Kenyan smallholders with TURNING FARMERS customers around the world Sources: AGRA, PwC, Africa INTO ENTREPRENEURS Business Insight

30 31

LSEG CTIA.indb 30-31 10/01/2019 11:28 AGRICULTURE GREEN SHOOTS OF CHANGE 2025 The year by which Babban The agricultural sector is an engine of job creation PLOUGHSHARES Gona aims to have one in Africa and accounts for about 60% of total NOT SWORDS million farmers across Africa employment in the Sub-Saharan region, while the share of jobs across the food system is potentially Babban Gona Farmer Services www.babbangona.com much larger. While expanding land under cultivation Sector: Agriculture has boosted African agricultural production, it has Country of operations: Nigeria come at an environmental cost. Technology has abban Gona, which means ‘Great Farm’ the answer to intensifying agricultural production Bin the Hausa language widely spoken in Babban Gona sustainably without harming the environment, Northern Nigeria, was set up to create jobs enables hardworking whether by providing access to finance for farmers, and a viable future for young Nigerians in the smallholder farmers agriculture sector, and thereby discourage them to reach their powering cooling systems for fresh produce or from joining extremist groups. The business full potential improving communications with markets operates a franchise model in Northern Nigeria, providing thousands of farmer cooperatives with a full range of services, including finance, training, agricultural inputs and support for OTHER COMPANIES harvesting, storage and marketing. The aim is to help farmers optimise their crop yields, THAT MADE OUR LIST keep production costs down and in the process increase profitability and improve household – Blue Skies Holdings food security and livelihoods. – GET IT Holdings Babban Gona focuses on rice and maize and – Kenya Highland Seed the poultry that uses maize as feed. Kola Masha, Managing Director, says that over the past year Company Ltd there has been an increase in demand for such – Melvin’s Marsh International food products as a result of the growing population Ltd and an emerging middle class. “Demand for – SunCulture Kenya Ltd Babban Gona’s products is expected to rise,” says Kola. “We see a willingness for customers to use our products.” For the full directory The business has grown quickly in recent years turn to pages 131–143 and its members have, to date, produced and marketed some 30,000 tonnes of produce. The next stage of growth is now being planned, with “We see a willingness the business setting its sights on expanding into new territories in the coming years. “Within the for customers to use next five years, we will look to expand the model across both West and East Africa,” says Kola. our products” “Babban Gona is targeting having one million Kola Masha, Managing Director, Babban Gona farmers across Africa by 2025.” The demand will be there, given the continent’s growing population, but there will be challenges too. More extreme weather conditions, increased desertification and insecurity are all issues that will have to be faced, but the opportunities are equally apparent. “The industry has high growth prospects, particularly if technology and processes can be developed to surmount these challenges,” says Kola.

32 33 AGRICULTURE

EYE IN THE SKY WATER COURSES haris Unmanned Aerial Solutions (Charis UAS) is the only licensed MGP has been helping farmers in Morocco growth was made possible thanks to a Cdrone operator in Rwanda, providing rapid and high-quality aerial Cto maximise their food production for continuous effort in the development of imagery to customers in a range of industries. The company has tripled in more than 20 years. The company specialises new products and services, investment in size in the past year, with projects that have included using drones to map in the irrigation sector and offers a wide the distribution network as well as the wetlands in the city of Kigali, as well as monitoring construction sites range of products and services, including strengthening of human resources,” and helping farmers to boost their productivity and yields. manufacturing and integration of irrigation says Youssef Moamah, CEO. www.cmgp.com “We have grown the business by showing our clients the value-add of www.charisuas.com and micro-irrigation equipment, primarily for CMGP has also been expanding into Sector: Agriculture our services, namely: cost and time savings, high-quality data and the Sector: Agriculture the agriculture and infrastructure sectors. new areas, recently buying a business Country of operations: Morocco best customer service,” says Eric Rutayisire, Founder and CEO. “The best Country of operations: Rwanda The company attributes its strong growth specialising in plant protection products. marketing comes from customers who refer you to others based on their in recent years – with an average 30% The company was set up in 1995 and has experience of your work. Furthermore, we have built a strong team of increase in annual turnover from 2014 to built up a 25% market share in Morocco, young people with great enthusiasm for the technology.” 2017 – to its openness to new ideas. “This making it the market leader. It now has

“The best marketing comes from customers who refer you to others based on their experience of your work”

Charis UAS provides The fi rm has worked on high-quality aerial a number of public and imagery for clients private projects

“CMGP intends to The drones help CMGP’s offering in construction to includes fertilisation profi t from DPI’s carry out technical products and inspections fi ltration systems proven experience”

Charis is now planning to expand far beyond its home market of ambitions to expand beyond its home base, Rwanda, with the aim of operating in about 20 countries around the with Senegal and Kenya the fi rst two markets continent within the next fi ve years, tripling its workforce every year as it it is targeting. “In the next fi ve years, CMGP % expands. The main opportunities it has identifi ed are the use of drones in aims to extend its regional coverage to the agriculture, construction, inspection and mining sectors. become a leading pan-African operator in the As drone use becomes more widely accepted, the opportunities are 30 20 irrigation sector,” says Youssef. likely to proliferate, but so will competition. “There are opportunities as To help with its growth, the company more industries embrace the use of drone technology to advance their recently attracted investment from London- operations,” says Eric. But, he adds, “there will be more players coming The number of countries based Development Partners International The average increase in into the industry.” Charis plans to expand (DPI). “CMGP intends to profi t from DPI’s annual turnover from While regulations may slow the adoption of drone technology in some proven experience and its deep understanding markets, Eric says a more signifi cant hurdle is accessing government to in the next fi ve years of the African markets,” says Youssef. 2014–2017 contracts. “The main challenge is having access to government projects. Agriculture is one of the most important Most projects go to international companies and locals sometimes miss sectors in Africa, and given that water out,” says Eric. “The government should prioritise local companies in scarcity is a critical issue in Morocco and tenders and give them a chance in executing local projects. This will more generally in Africa, the ability to grow increase the capacity of local companies.” food using less water is only likely to become more important in the years ahead.

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FROM FIELD TO FORK elina Wamucii was set up to connect Kenyan smallholders with Scustomers, both locally and overseas. The company offers buyers consistent quality while giving farmers fair pricing and a guaranteed market for their fruit, vegetables, herbs and spices. www.selinawamucii.com Technology lies at the heart of its approach, with a mobile phone- Sector: Agriculture based platform used to shorten the supply chain and manage the Country of operations: Kenya relationship with growers. However, farmers do not need to have a smartphone or even access to the internet – they can register with the company simply by dialling a code on their phone. The company has grown consistently since it was set up in 2015 and Connecting companies has fi nanced its growth entirely through its own cash fl ow. “We have adopted a patient, long-term view as a company and this has kept us with capital

ELITE is a full-service programme for ambitious, inspiring companies that want to further their growth. ELITE is a vibrant community of entrepreneurs, Selina Wamucii supplies Kenya business leaders, advisers and investors from around Cavendish bananas to consumers worldwide the world. “Agriculture is the only immediate We are proud to support Inspiring Companies. viable economic opportunity for Technology is at these young people” the centre of Selina Wamucii’s offering Share success, do business, make connections.

going even in tough times,” says John Oroko, Co-founder and CEO. One of the big opportunities Selina Wamucii has identifi ed is the growing popularity of avocados and related products like extra virgin avocado oil, especially in markets such as China, Russia and the Middle East. “With Kenya now being the largest exporter of avocados in Africa @_ELITEGroup_ and over 80% of avocados being grown by smallholder farmers, this 2015 #weareELITE presents a unique opportunity for Selina, given our fast-growing network of farmers and an optimised supply chain,” says John. The company is now embarking on an expansion into Ethiopia, with The year Selina www.elite-network.com entry into Rwanda, Tanzania and Uganda also planned over the next fi ve Wamucii was set up years. However, there are challenges ahead, according to John. “Sub- Saharan Africa’s working age population is expected to grow to around 800 million by 2030,” he says. “Agriculture is the only immediate viable economic opportunity for these young people. These young farmers are adaptable to trends and opportunities, including uptake of technology, that will increase agricultural output. On the other hand, climate change is going to be a challenge that needs to be addressed.”

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CONSUMER SERVICES SECTOR AT A GLANCE

303 MILLION AFRICA IS ONE OF THE THE NUMBER OF AFRICAN WORLD’S FASTEST-GROWING HOUSEHOLDS 53% CONSUMER MARKETS. THE PERCENTAGE OF INCOME EARNERS WITH STRONG ECONOMIC IN AFRICA WHO ARE 16-34 YEARS OLD GROWTH, URBANISATION, 10% THE COMPOUND RISING CONSUMPTION AND ANNUAL GROWTH IN VALUE SALES IN SUB- AN AFRICAN SHOPPING SAHARAN AFRICA’S SUPERMARKET MALL BOOM, THERE IS A INDUSTRY BY 2021

SIGNIFICANT SOCIETAL IN THIS SECTION Nigeria-based Eat’N’Go brings some of the most SHIFT AND ACCOMPANYING famous food and drink concepts to Africa, SURGE IN SPENDING while Les Laboratoires Biopharma wants to bring beauty products to the masses

Sources: McKinsey, IDG

38 39

LSEG CTIA.indb 38-39 10/01/2019 11:29 CONSUMER SERVICES THE CUSTOMER IS KING The African continent is widely viewed as offering SPEEDY the final frontier for consumer growth. Doing MEALS business here has been hampered in the past, but the business environment is improving; Eat’N’Go Africa www.eatngo-africa.com infrastructure is being strengthened, while growing Sector: Consumer Services numbers of consumers are earning more and Country of operations: Nigeria purchasing products and services that support their agos-based Eat’N’Go is Nigeria’s fastest aspirations. The rise of mobile communications is Lgrowing fast-food restaurant operator, Eat’N’Go brings food fuelling consumer growth and resulting in a major working with major international brands such and drink brands and shift towards online shopping, which is set for as Domino’s Pizza, Cold Stone Creamery and concepts to Africa Pinkberry Gourmet Frozen Yogurt. The company massive expansion as mobile usage soars currently has some 70 outlets, employing more than 1,800 staff. As well as its restaurants, Eat’N’Go also has manufacturing facilities. The company has grown each year since its OTHER COMPANIES creation in 2012, and it intends to keep up that trend in the years to come. The company says it THAT MADE OUR LIST plans to increase the number of physical outlets in its portfolio by up to 50% a year over the next – Friends Consult Ltd five years and the workforce is also set to grow – Gharb Papier et Carton by more than 5,000 people in that time. “The – La Clique Music International Ltd company has a full five-year plan developed as a roadmap for both the management team and the – Little Ltd investors to ensure ongoing growth,” says Patrick – Movemeback Ltd McMichael, CEO. Maintaining its upward momentum has not always been easy, with the local economy going through some turbulent times in recent years. For the full directory turn to pages 131–143 “Economic challenges in developing countries can be very severe on companies of all sizes,” says Patrick. “The growth challenges have been diligently handled by the team through marketing strategies, menu engineering and negotiating with suppliers. The fact that Eat’N’Go has been “The company has a full able to continue to grow is something the team are very proud of.” five-year plan developed As a developing economy, Nigeria presents numerous challenges to any company that wants as a roadmap for both the to grow, including issues around infrastructure, the cost of locally supplied products versus imports, + management team and and the purchasing power of the local community. However, one element that the company says the investors to ensure has helped with its development is support from 1,800 the authorities. “The Nigerian government has a ongoing growth” number of programmes to support companies Patrick McMichael, CEO, Eat’N’Go Africa to invest in the local economy to create jobs and The number of staff Eat’N’Go build economic prosperity,” says Patrick. “Eat’N’Go has been participating in the government employs across its 70 outlets programmes since inception.”

40 41 CONSUMER SERVICES

FLAVOURS OF AFRICA NUTRITIOUS INGREDIENTS enya’s Afribon, which was set-up in 2012, is a manufacturer of food n many East African countries, malnutrition infants across Uganda, South Sudan and Kand drink fl avours and ingredients, with factories and labs in Kenya, Iand stunting rates are over 35%. Africa Kenya. In its home market of Rwanda, Tanzania, Uganda, Rwanda and Cameroon. The company’s products bring Improved Foods (AIF) aims to tackle this a further 90,000 vulnerable pregnant or regional and local tastes to the processed food and drinks made by its problem by making high-quality, affordable, breastfeeding mothers and infants were given clients, which are mostly small and medium-sized fi rms. www.afribon.com locally sourced nutritious foods available. free access to AIF’s fortifi ed supplementary “We are the fi rst fl avour house producing locally across the East Africa Sector: Consumer Services The company, which is backed by a number foods through rural public health centres. www.africaimprovedfoods.com region,” says Anne Merienne-Giuge, CEO. “Before, many of the beverage Country of operations: Kenya of international development banks, has the “Being able to provide pregnant and Sector: Consumer Services producers would source their ingredients from overseas.” capacity to produce 45,000 tonnes of fortifi ed breastfeeding mothers and infants above six Country of operations: Rwanda Afribon’s fl avours are used in a wide range of products, from fruit juices blended food a year at its state-of-the-art months of age with access to much-needed to tea and coffee and alcoholic beverages, as well as confectionery, baked manufacturing facility in Kigali, Rwanda. locally produced nutritious foods is the goods such as biscuits, cakes and breads, and dairy products. Last year, its foods were distributed to biggest opportunity AIF has been able to The company has worked hard through the recent economic downturn more than 1.5 million refugees and vulnerable capitalise on,” says Amar Ali, CEO.

“We are the fi rst fl avour house producing locally across the East Africa region”

Afribon’s fl avours are Maize sourcing is part used in a range of of AIF’s business as it products, from sweets seeks to encourage more to coffee localised production “Many of the high- quality nutritious The fi rm has sites AIF is based in Kigali, the in Kenya, Tanzania, capital of Rwanda, but foods available are still Uganda, Rwanda aims to combat and Cameroon malnutrition across Africa imported from abroad”

and has managed to increase its revenues, in part because it has been “By including local farmers in our value chain, able to show its clients that it can help their bottom line, too. It works with we are providing a sustainable local solution its customers to help them develop new product ideas, from formulation to malnutrition while contributing to the local m to recipe adjustment and initial production set-up. economy via agricultural and private sector “The region is a beehive of activity in certain sectors and segments development initiatives,” says Amar. of the market, and we have been able to react quickly to market gaps 1.5 2012 In the coming year, the business is expecting and provide solutions,” says Anne. “By developing and producing the to double in size with the opening of a new beverage ingredient systems locally, the manufacturers have been able high-quality production facility in Addis Ababa, to improve their cash fl ows, in turn reducing stock levels and having The year Afribon launched Ethiopia. A key longer-term aim is to encourage The number of refugees greater operational effi ciency through buying locally. This has led to more local production of nutritious foods. and vulnerable infants a dramatic growth in our revenues.” “Many of the high-quality nutritious foods The company now has ambitions to develop further and plans to available in the East Africa region are imported,” helped by Africa expand into a number of new markets in Africa in the next few years, says Amar. “A great opportunity – and challenge Improved Foods in 2017 while staying aligned with the advice that Anne gives any business – lies in increasing the import substitution starting out. “Identify your market and provide innovative solutions of these foods. This involves convincing both for it,” she says. “Be agile and open to new ideas or different ways of institutions and commercial distributors to doing business.” increase their local sourcing, even though this may not always be the cheapest option.”

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ELECTRONIC EXPORTS THE BEAUTY OF BUSINESS omare manufactures a range of electronic goods at its factory in ameroon’s Les Laboratoires Biopharma which are easily accessible at affordable prices BAlgiers, including televisions, surveillance cameras, digital displays Cspecialises in importing, producing and to our consumers. Our ambition is to reach a and smartphones. The company works with South Korean electronics distributing cosmetics products across Sub- maximum number of consumers and meet giant LG and also produces products under its own commercial brand, Saharan Africa. Since it was set up in 2001, their aspirations in harmony with their needs called Stream System. the company has built up an in-house team of and culture.” The company was set up in 2001 and from the start it was heavily www.bomarecompany.com beauty experts who have local market expertise, From the start, the company has been focused on export markets. “We had a vision to develop our business Sector: Consumer Services and it uses cutting-edge marketing campaigns, developing its own products, launching brands www.laboratoires-biopharma.com Country of operations: Algeria Sector: Consumer Services at the international level,” says Ali Boumediene, Founder and Owner. state-of-the-art local production facilities and a such as Primo in 2002 and Moby Bébé in 2007. Country of operations: Cameroon “Since the creation of our company we set a strategy to manufacture our wide distribution network. It now has 23 brands that it sells in 22 countries products and export them to Europe and develop business in Africa later.” “We strive hard to make beauty accessible to around the continent, attracting some three It is a vision that the company continues to pursue. It plans to double Africans,” says Francis Nana Djomou, CEO. “Our million customers. “Our ambition is to continue the size of its factory to 30,000m2 in the coming years, at a cost of some mission is to provide high-quality products, to capture the growth of the beauty sector in

“Since the creation of our company we set a strategy to manufacture our products and export them to Europe and later develop business in Africa”

Bomare is based Francis Nana Djomou, in Algeria CEO, Les Laboratoires Biopharma

“We strive hard

The company produces Les Laboratoires to make beauty smartphones under its Biopharma owns label Stream Systems 23 beauty brands accessible to Africans”

$50m. That will allow for a sharp rise in output. “Our objective by 2021 is Sub-Saharan markets with the most innovative to produce 1.5 million TVs instead of 300,000 today and to produce three products by making them increasingly million smartphones instead of 700,000 today,” says Ali; “60% of all those accessible for consumers,” says Francis. products will be exported to Europe and other countries in Africa.” The company appears confi dent about its To hit such targets, the company is planning to increase the size of prospects in the coming years, with steady its workforce from 650 today to around 2,000 employees. Bomare has 650 22 growth in demand as a result of high population developed a reputation for employing a highly skilled workforce, with 40% growth, the rising fi nancial empowerment of of its staff holding PhDs, and it has also developed links with a number women and a growing middle class. “To capture of higher education institutions to help it stay on top of the fast-moving The number of this growth, our challenge will be to increase The number of countries world of technology. staff Bomare production capacity and strengthen our position Les Laboratoires “We have invested in the training of our employees and we have as a key player in both the local and the wider invested in different universities,” says Ali. “We assist young engineers currently employs regional market,” says Francis. Biopharma sells in and students from their fi rst year so that at graduation they can be However, there will also be challenges, not integrated in our company. Technology is changing very fast and we least in terms of access to fi nance. “Investing need engineers who can adapt to that.” in new plants, new production facilities, research and development, and highly qualifi ed professionals would be easier if the access to fi nance was easier,” says Francis.

44 45

LSEG CTIA.indb 44-45 10/01/2019 11:29 CONSUMER SERVICES It’s time to look again

Five of the ten fastest growing economies in the world last year were in Africa. It’s time to look again.

CDC is the UK’s development finance institution. We’ve been investing in Africa for 70 years. Find out more at cdcgroup.com 46 47

LSEG CTIA.indb 46-47 10/01/2019 11:29 EXPERT COMMENTARY REGIONAL SNAPSHOT ADDRESSING THE CENTRAL AFRICA SNAPSHOT MISSING MIDDLE IN CENTRAL AFRICA, CAMEROON AND GABON LEAD THE WAY WITH A COMBINED FOUR COMPANIES IN OUR REPORT. THE REGION ACCOUNTS JUDITH KARL AFRICA’S SMES ARE DEMONSTRATING THE DYNAMISM, FOR 1.7% OF THE FIRMS LISTED IN THIS PUBLICATION EXECUTIVE SECRETARY, UNITED NATIONS INNOVATION AND EXCELLENCE THAT WE WANT TO SEE CAPITAL DEVELOPMENT FUND REPLICATED ACROSS THE CONTINENT

his is an exciting time for companies enterprises. Too often, the lack of Tin Africa. At United Nations Capital fi nancing means that opportunities to Development Fund (UNCDF), an aid agency generate wealth, employment and impact dedicated to making fi nance work for are lost. the poor, we have seen fi rst-hand the Addressing this problem of ‘missing tremendous potential of companies across middle’ fi nance is essential for creating the continent. We’ve supported a number jobs, empowering women, and generating of businesses to expand, as was the case opportunities for young people across with Josa Green Technologies, a Uganda- Africa. Where possible and appropriate, based company, which creates biomass UNCDF helps SMEs access commercial briquettes for use in clean cookstoves. investments by deploying early-stage High-growth companies like these, which fi nance and technical assistance to help seek both development impact and profi t, them improve their business models and are essential for African economies to be resilient and inclusive. We were thrilled “ WE HAVE SEEN FIRST- when Josa Green and two other UNCDF HAND THE TREMENDOUS partners were included in the Companies POTENTIAL OF COMPANIES to Inspire Africa report, a testament to the ACROSS THE CONTINENT. dynamism of African businesses. WE’VE SUPPORTED A However, UNCDF also knows that too NUMBER OF BUSINESSES 2 many small and medium-enterprises “ WHERE POSSIBLE AND APPROPRIATE, TO EXPAND” UNCDF HELPS SMES ACCESS COMMERCIAL (SMEs) in Africa face severe limits on CAMEROON INVESTMENTS BY DEPLOYING EARLY-STAGE their ability to access working capital FINANCE AND TECHNICAL ASSISTANCE TO HELP and long-term fi nance. This problem is strengthen their management teams. particularly acute in the poorest countries. UNCDF can also use grants, concessional THEM IMPROVE THEIR BUSINESS MODELS” There, SMEs typically seek credit ranging loans or guarantees to share project risks, 1 from $50,000 to $1m from local banks. incentivise investors to provide fi nancing, But with little collateral and no credit and ensure that businesses secure the EQUATORIAL GUINEA histories for their early-stage businesses, resources they need to grow. GABON 1 these entrepreneurs are often seen as I commend the Companies to Inspire too risky. Many domestic banks also lack Africa report and similar publications for DEMOCRATIC REPUBLIC OF THE CONGO specifi c products to serve this market highlighting some of the many inspiring 2 segment. In our experience, many small business stories coming out of Africa. I fi rms, particularly those with fewer than hope that our collective efforts will result 10 employees, face daunting challenges in many similar companies joining their as they seek to grow into middle-size ranks in years to come.

“MANY SMALL FIRMS, PARTICULARLY THOSE WITH FEWER THAN 10 EMPLOYEES, FACE DAUNTING CHALLENGES AS THEY SEEK TO GROW INTO MIDDLE-SIZE ENTERPRISES” NB Map depicts countries where listed companies operate

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LSEG CTIA.indb 48-49 10/01/2019 11:29 FEMALE CEOS

FEMALE LEADERS SECTOR AT A GLANCE

20% THE NUMBER OF THE INCREASE IN OPERATING PROFITS FOR BUSINESSES WOMEN-OWNED BUSINESSES WITH THE HIGHEST NUMBER OF WOMEN IN AFRICA IS ON THE RISE. ON THEIR BOARDS, COMPARED TO IN OIL, IT, MINING AND INDUSTRY AVERAGES x5 IN THE AVIATION SECTOR, THE INCREASE IN THE NUMBER OF FEMALE ENTREPRENEURS WOMEN IN THE AFRICAN CABINET ARE BREAKING GENDER OVER 35 YEARS STEREOTYPES. BOLD 44% THE PERCENTAGE OF SENIOR WOMEN AND AMBITIOUS, FEMALE IN AFRICA HOLDING LINE ROLES BUSINESS LEADERS IN THIS SECTION This chapter celebrates ARE HELPING TO SHAPE the female senior executives doing Africa THE FUTURE OF THE proud. SecureID produces important smart cards and ID documentation, CONTINENT AND INSPIRE while Wonderbag looks back to traditional cooking THE NEXT GENERATION methods with its non- electric, portable slow cooker range

Sources: McKinsey, Africa CEO Forum

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LSEG CTIA.indb 50-51 10/01/2019 11:29 FEMALE LEADERS WOMEN IN POWER Research has shown that there is a link between CHAMPION companies that perform better fi nancially and OF INDUSTRY that have gender diversity. Over the past 10 years, Africa has made progress in terms of gender LADOL www.ladol.com diversity in leadership and now leads other major Sector: Industry economies in terms of the number of female senior Country of operations: Nigeria executives. The varied benefi ts of diversity infl uence agos Deep Offshore Logistics (LADOL) is a risk management, decision making and board Lspecial economic zone, built on a disused LADOL provides a dynamics, which all impact fi nancial performance island inside Apapa Port, at the entrance to one-stop shop for Lagos Harbour, Nigeria, which started in 2000. industrial and oil The free zone provides a base for large industrial and gas companies operating in West Africa projects and was initially focused on attracting companies working in the oil and gas sector. OTHER COMPANIES In January this year, it celebrated a signifi cant THAT MADE OUR LIST milestone with the arrival of the Egina, a huge fl oating production storage offl oading (FPSO) – Eos Capital (Pty) Limited vessel owned by French oil giant Total. “It is the – Nampharm (Pty) Limited largest project of its kind in the world, and the fi rst FPSO to be fabricated and integrated in Africa and – Olori Cosmetics also the largest vessel ever to berth in Nigeria,” – Rush Nutrition Proprietary says Amy Jadesimi, CEO. “It demonstrated that Limited the most complex global industrial projects can – TheBridgeGlobal be completed in Nigeria.” The zone says that companies based there enjoy operating costs that are up to 50% lower For the full directory than outside the area, something which has turn to pages 131–143 proved particularly attractive in recent years when oil prices were relatively low. “LADOL’s value add is that it lowers operating costs,” says Amy. “The fall in oil price led to a rapid increase in activity at LADOL due to this strong value proposition.” The oil and gas sector may have been a natural place to start, given its importance to the Nigerian economy, but LADOL has now expanded its “It is the largest project focus to include other industries, starting with agriculture and technology. Once full, the zone of its kind in the world” will provide jobs for around 5,000 people, but its Amy Jadesimi, CEO, Lagos Deep Offshore Logistics impact will be far greater than that, with as many as 50,000 direct and indirect jobs supported by businesses operating in the zone. “LADOL is targeting non-petroleum sector tenants that want to engineer, manufacture and train sustainably, proving that local private 50,000 companies can drive economic diversifi cation,” says Amy. “The company is committed to a virtuous cycle of local job creation, private sector expansion, improved quality, competition and The number of jobs even lower costs.” supported by businesses within LADOL 52 53

LSEG CTIA.indb 52-53 10/01/2019 11:29 FEMALE LEADERS

ETHICAL THREADS GOING GREEN hana and UK-based Ethical Apparel Africa (EAA) sources cost- ojec International is the largest The company has expanded its meter factory Gcompetitive clothing and accessories from producers in West Mmanufacturer of electricity meters in the over the past year, doubling its production Africa for its brand partners. The company is a multi-faceted operation, West African region, with a state-of-the-art plant capacity to two million meters a year. “With a combining capacity building with international order facilitation. It has in Lagos, Nigeria. The facility produces a range of workforce of over 3,600 full-time employees, a sales team that brings high-volume export orders to factories in West goods, including post-paid and pre-paid meters and a track record of having injected over 1.2 Africa and an on-the-ground technical team which helps those factories for residential and commercial clients, and grid million meters into the Nigerian market, Mojec www.ethicalapparelafrica.com www.mojec.com make their operations more effi cient and to reduce waste. There is also Sector: Industry meters for industrial clients. The company also has contributed signifi cantly to bridging the an impact team that works with the factory owners to help them reinvest provides its clients with related products such metering gap in Nigeria,” says Chantelle Abdul, Sector: Industry Country of operations: Ghana Country of operations: Nigeria their savings into worker empowerment. as meter boxes and circuit breakers. In addition, Managing Director. “This virtuous cycle of operational excellence, investing in workers and Mojec has developed an energy management While the company has carved out a market- improving productivity is at the core of EAA’s model and drives our ability platform with a remote payment monitoring leading position in terms of meters, these days it to deliver high-quality, cost-competitive, and ethically manufactured system called Mojec Power Genie. is also becoming increasingly active in the wider

Ethical Apparel Africa Yemi Osinbajo, is focused on people as Vice President of well as profi t Nigeria (left) and Chantelle Abdul, Managing Director, Mojec (right)

Factory owners are “We have developed a network that offers encouraged to reinvest a transparent, ethical sourcing solution” savings into worker Mojec’s meter factory empowerment in Nigeria

products for our clients,” says Chief Executive Keren Pybus, Co-founder of power sector. “Today, Mojec is moving beyond the business alongside Chief Operating Offi cer Paloma Schackert. metering to solve the inadequate power supply Against a backdrop of rising prices in Asia and pressure from within the problem on the continent via its sister company, clothing industry to fi nd a new international manufacturing hub, EAA has Mojec Power,” says Chantelle. been promoting the advantages that West Africa can offer, which include The new arm of the group will provide quick shipping times to the US and Europe, a low cost of living, good 3,600 3,000 renewable energy to commercial and industrial labour availability and low tariffs into key export markets. clients, and to government utilities at grid level “Combined with the right factory partners that are focused on people as well as power storage solutions aimed at as well as profi t, we have developed a network that not only competes The number of jobs residential users. The company is also preparing The number of full-time on price but also offers brands a transparent, ethical sourcing solution,” Ethical Apparel Africa to open a research and development facility in employees at Mojec says Keren. Nigeria next year, which will look at solar panels, Over the coming years, EAA plans to increase production capacity in aims to create meters and other related products. “The fi rm the region, both through growth with its existing partners and by bringing is further leading the way on the continent by new partners on board. It also aims to develop local technical skills empowering end-users and homeowners to go within factories and universities through partnerships with development green,” says Chantelle. agencies and others. Such developments should also result in more The company says it expects its workforce employment opportunities for locals. “We expect to create 3,000 new to triple in size over the next fi ve years as the sustainable jobs, particularly for women,” says Keren. business grows.

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SMARTER CARDS WHAT’S COOKING? igeria’s SecureID is Africa’s leading manufacturer of smart cards and onderbag manufactures, sells and across the world by addressing the critical Nother identity documents, working with clients in the fi nancial, telecoms Wdistributes a cooking system based on daily challenges of time, poverty, self-worth and government sectors. The company’s smart card manufacturing plant one of the oldest technologies in the world: and cleaner, healthier cooking,” says Founder in Lagos is certifi ed by both Mastercard and Visa and is able to produce a www.secureidltd.com heat retention. Its non-electric bags are made Sarah Collins. www.wonderbagworld.com wide range of products including debit and credit cards, mobile phone SIM Sector: Technology & Telecoms of chipped foam with a drawstring at the top To date the company has distributed over Sector: Consumer Services cards, loyalty cards, driving licences, national identity cards, passports Country of operations: Nigeria to retain the heat. Once food is brought to the one million of its products around the world Country of operations: South Africa and more. boil by conventional cooking methods it can and Sarah says that the rate of growth Kofo Akinkugbe, CEO, points out that its facility in the country’s then be put into a Wonderbag, where it will should accelerate in the future. “We are commercial capital is “the fi rst EMV [chip and PIN]-certifi ed smartcard continue to cook for up to 12 hours. optimistic that we will see as much, if not manufacturing plant in Sub-Saharan Africa”. That puts it in a strong position “Since I came up with the concept of the more, uptake of the bag over the next fi ve in the region, and these days the company’s products are distributed across Wonderbag in 2008, my mission has been years,” she explains. more than 21 countries around Africa. to economically empower women and girls Beyond offering a simple cooking method,

SecureID produces The drawstring on a variety of products, the Wonderbag helps from SIM cards to retain heat passports “My mission has been to economically empower women and girls across Kofo Akinkugbe, Sarah Collins, CEO, SecureID Founder, Wonderbag the world”

With payment technology always evolving, the company is having to there are wider potential benefi ts from using constantly adapt to the changing needs of its customers. Two of the key a system like the Wonderbag. More than trends at the moment are the move towards contactless payment cards and three billion people are thought to cook over % the rise in digital transactions, both of which necessitate greater investment an open fi re every day and some four million in IT systems and infrastructure. people die each year from illness caused by “In the smart card industry there is a migration from contact-based smart 21 60 indoor air pollution-related diseases. “Using a cards to contactless ones to allow for faster transactions and verifi cation,” Wonderbag can decrease indoor air pollution says Kofo. “The major challenge to this is the cost to change existing by up to 60%,” says Sarah. processing devices to ones that accept contactless transactions. However, The number of She adds that using her product also frees The potential decrease the benefi ts far outweigh the challenges as it will lead to increased ease African countries up time for some people – typically women in indoor air pollution of card transactions.” – who currently have to spend hours every Developing a technology business in Nigeria is not always straightforward. SecureID products day gathering fuel and then cooking over when using Wonderbag Among the major challenges faced by companies are the underdevelopment are distributed in an open fl ame. “It gives women time to earn of critical infrastructure such as power supply and broadband coverage, a an income and allows girls to go to school skills defi cit among those emerging from the local education system, and instead of having to gather wood daily,” she the limited access and high cost of fi nance. “High-growth companies have to says. “As long as poverty and climate change carry very high costs to run world-class institutions,” says Kofo. “It takes a lot exist in Africa – and the world – there will of determination and persistence for businesses to thrive.” always be a need for the Wonderbag.”

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LSEG CTIA.indb 56-57 10/01/2019 11:29 Communicating tomorrow’s future today

We are an international business communications consultancy, specialising in reputation, influence & engagement.

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LSEG CTIA.indb 58-59 10/01/2019 11:29 EXPERT COMMENTARY REGIONAL SNAPSHOT EMPOWERING WOMEN NORTHERN AFRICA SNAPSHOT ACROSS THE CONTINENT OUT OF 26 COMPANIES CONTRIBUTING TO THE LIST FROM NORTHERN AFRICA, 12 COME FROM MOROCCO. THIS REGION ACCOUNTS FOR MELANIE HAWKEN FEMALE ENTREPRENEURS ARE LEADING THE WAY FOR 7.2% OF THE FIRMS LISTED IN THIS REPORT CEO AND FOUNDER, LIONESSES OF AFRICA TRANSFORMATIVE CHANGE IN AFRICA, MAKING MOVES PUBLIC BENEFIT CORPORATION INTO PREVIOUSLY MALE DOMINATED INDUSTRIES

ionesses of Africa Public Benefi t entrepreneurs in Africa typically reinvest LCorporation is a social enterprise working 90% of what they earn back into their to advance Africa’s women entrepreneurs communities, by investing in education, by building and delivering entrepreneur nutrition, household expenditure, and development programmes, mentoring caring for children and the elderly. programmes, business tools, digital These women are deeply motivated media channels, community platforms, to solve pressing problems in their networking events and information communities. With Africa’s growing young resources. Delivered at scale to women population, job creation is one of the biggest 3 entrepreneurs, always free of charge, the challenges across the continent. Between mission is to drive change, so that Africa’s now and 2035, 18 million new jobs will need 12 TUNISIA women entrepreneurs have the opportunity to be created every year just to keep pace with the rapidly growing population. The to become the change agents Africa needs. MOROCCO Lionesses of Africa has more than desire to create jobs is commonly the driver 700,000 users across 54 African countries of entrepreneurial intent for Africa’s women and also reaches tens of thousands of entrepreneurs. They are also leading Africa’s users in the diaspora in Europe and North response to tackling the United Nations’ ALGERIA America. It is on target to reach the Sustainable Development Goals. goal of empowering one million women Given the enormous potential of Africa’s 8 entrepreneurs across Africa. women entrepreneurs, at Lionesses of 3 EGYPT “ WOMEN ACROSS THE CONTINENT ARE Africa is fl ourishing with entrepreneurial Africa, our focus is to build and deliver BUILDING GENDER-BUSTING COMPANIES AND spirit and has the highest rates of women’s programmes to support them in four ENTERING INTO INDUSTRIES PREVIOUSLY entrepreneurship anywhere in the world. key areas: access to education, capital, SEEN AS MALE DOMAINS” Lionesses of Africa’s community includes markets and partnerships. To fund these a prosperous number of emerging high programmes we partner with Impact growth potential women entrepreneurs. Partners around the world who share our These women are supported through our commitment and vision for advancing accelerator, education programmes and Africa’s women entrepreneurs. We believe mentoring programmes, and are selected to these programmes, with the support of be part of our pan-African and international Impact Partners, have the potential to lead events programmes where they gain access change for Africa’s women entrepreneurs. to capital, access to markets, and access to While so much still needs to be done, partnership opportunities. we are encouraged by what we see. Our 100 Lioness community includes Women across the continent are building women at the top of their game who have gender-busting companies and entering built successful and impactful businesses. into industries previously seen as male These women play a vital role as advocates, domains. Women are building businesses role models, mentors and strategic advisers that are reversing Africa’s commodity to the Lionesses of Africa project. The trap, especially in agriculture where they importance of women-led high growth are creating exciting products and brands companies in Africa cannot be overstated. that add value. Women are leveraging These outstanding women entrepreneurs ancient handcrafts and skill sets across the are not only amazing engines for economic continent, creating exciting new products growth, but we are also a powerful force for that appeal to global buyers. Women are NB Map depicts countries where listed companies operate equitably distributing that growth. Women leading the way. 60 61

LSEG CTIA.indb 60-61 10/01/2019 11:29 FINANCIAL SERVICES

FINANCIAL SERVICES SECTOR AT A GLANCE

134 FINANCIAL INCLUSION THE NUMBER OF IPOS BY AFRICAN COMPANIES OVER IS ONE OF AFRICA’S THE FIVE YEARS SUCCESS STORIES. MORE TO 2017 100 MILLION AFRICAN PEOPLE THAN THE NUMBER OF MOBILE MONEY EVER BEFORE NOW HAVE ACCOUNTS IN AFRICA 300 MILLION ACCESS TO FINANCE AND THE NUMBER OF BANKED AFRICANS, BANKING THANKS TO UP FROM 170 MILLION IN 2012

ADVANCES IN MOBILE IN THIS SECTION Paystack helps African MONEY DEVELOPMENT. businesses get paid by anyone, anywhere in the world, while SA Taxi helps TECHNOLOGY IS A people in South Africa to start or grow their KEY DISRUPTOR IN taxi business Sources: PwC, GSM FINANCIAL SERVICES Association, McKinsey

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LSEG CTIA.indb 62-63 10/01/2019 11:29 FINANCIAL SERVICES ON THE MONEY Demand for fi nancial services in Africa is being TRANSACTION driven by broader economic progress, and today APPROVED it has the second fastest growing banking market in the world (taking retail and wholesale banking Paystack www.paystack.com together). A notable feature is the staggering Sector: Financial Services growth in the number of people becoming banked. Country of operations: Nigeria Competition in Africa’s challenging and competitive igerian payments fi rm Paystack is used by banking landscape is increasingly fi erce and Nmore than 17,000 customers, from small Paystack helps tomorrow’s leaders need to be able to demonstrate start-ups to large government agencies, to businesses in Africa innovation and technological knowhow securely collect online and offl ine payments get paid by anyone, and grow their business. According to the anywhere in the world company, its system handles more than $20m worth of payments every month. Paystack was set up in 2015 by two software OTHER COMPANIES developers, Shola Akinlade and Ezra Olubi, THAT MADE OUR LIST and has raised more than $9m in funding to date, with a $1.3m seed investment round in – 4G Capital December 2016 and an $8m Series A round – i–Pay in August 2018. Among its backers are global payments fi rms Stripe and Visa. – Jumo World There have also been some important product – Paycorp Investments Pty Ltd innovations over the past year, with Paystack – Social Lender becoming the fi rst payments company to introduce automated chargebacks in Nigeria, thus reducing the percentage of transaction For the full directory volumes that merchants lose to chargebacks. turn to pages 131–143 “When our customers grow, we grow too, so our strategy has always revolved around building tools that help our customers do business better and become more profi table,” says Shola, CEO and Co-founder. “Our customer obsession has helped ensure that many Paystack merchants have grown their business by double digits and survived tough economic “Our customer obsession conditions. By extension, it’s helped Paystack grow too.” has helped ensure that To date, the company has built up a market share of around 15% in the Nigerian online many Paystack merchants payments space. Its current growth strategy includes plans to offer its services in more % have grown their business countries around the continent. “In fi ve years, by double digits ” our goal is to expand and power growth 15 businesses in at least fi ve other countries,” says Shola Akinlade, CEO and Co-founder, Paystack Shola. “To do this, we intend to hire the best talent from across Africa who can help us build solutions that not only help businesses collect The market share of the payments, but also help them grow and become profi table. Currently, we’re a small team of 35, Nigerian online payments but we’ll likely keep hiring and growing as the space that Paystack has need arises.” 64 65

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STRATEGIC SOLUTIONS FRONTIER INVESTORS onsultancy fi rm ACIOE Associates works with a large range of businesses, rontline Capital Advisors is an investment household name in the pre-emerging market Cfrom start-ups to large corporates, to help them unlock strategic Fadvisory and consulting fi rm with a investment banking space,” says Benjamin opportunities, establish and manage relationships with key stakeholders and network of three offi ces in Ghana, which Oku, Vice President of Marketing at the fi rm. ASSOCIATES to minimise and manage risks in key African markets. It also conducts on launched in 2001. “With growing assets will come the need the ground market intelligence, research and due diligence, and designs and www.acioe.com It provides investment banking, private and for an increased workforce as well as an implements sustainability solutions for its clients. Sector: Financial Services institutional asset management, fi nancial increase in the number of branches to service www.frontlineadvisors.com Recent work has included providing strategic support on a $1bn Country of operations: Nigeria and retirement planning and private equity clients,” says Benjamin. Sector: Financial Services Country of operations: Ghana infrastructure investment in Nigeria, which helped the client save more services. It has set itself a mission of acting Regulatory changes should strengthen the than $25m in taxes by securing a fi ve-year tax holiday. It also worked as a conduit for investors to gain unfettered banking market in Ghana, which will help the with another global client to analyse policies in the cassava and tomato access to Africa, which it describes as the last wider fi nancial services sector. markets, identifying policy bottlenecks that contribute to post-harvest frontier market. “The capital requirement for commercial losses and constrain economic development. “In fi ve years, we would like to be a banks has recently been raised,” says Benjamin.

The team of experts Clifford Mpare, CEO, supports corporations, Frontline Capital Advisors start-ups and non- profi t organisations

“We expect our business

offerings to evolve with the The team at Ekenem Isichei, CEO, Frontline Capital demands of our clients” ACIOE Associates Advisors

“By playing at the nexus of business and policy, we are strategically “This will produce fewer yet stronger banks, positioned to act as a credible partner to businesses as they navigate thus confidence in the sector will soar. complex policy and regulatory challenges in African markets,” says m We believe this will have a cascading Ekenem Isichei, CEO. effect on investment banks and asset In the coming years, the company is aiming to expand its operations management firms.” into a number of other markets around the continent, including Ethiopia, 2001 $25 The fi rm also prides itself on providing Botswana, Mozambique and Côte d’Ivoire. As it grows, it anticipates pro bono fi nancial literacy and retirement increasing competition. “We expect our business offerings to evolve with planning advice, particularly to those made the demands of our clients, fl uctuations in commodity pricing, government The amount an ACIOE redundant. “Over the past year, our economy The year Frontline policy changes and the reality of the business environment,” says Ekenem. client saved in taxes with has seen many redundancies across different Capital Advisors was “We expect more industry competition from law fi rms, big data fi rms and sectors,” says Benjamin. management consulting fi rms.” the company’s help “Our message to these former employees founded What is not likely to change is the need for businesses to have a trusted has been to provide them with viable adviser they can turn to in order to navigate what is often a complex options that will preserve their retirement, commercial environment. “Considering the growing population and or redundancy packages, and we have spreading democratic reforms, Africa is an attractive region for direct advised them on the benefits of investment investment. However, there are bottlenecks around land registration, diversification,” he concludes. power supply, property rights, enforcement of rules and trade across borders,” says Ekenem. 66 67

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BRIDGING THE FUNDING GAP SMALL LOANS, BIG IMPACT ulalend is a company that believes that small businesses hold the key reater access to the digital world, often The company offers short-term loans to a successful local economy. The South African-based organisation as a result of the widespread adoption of as well as deposit and savings accounts. L G MIC R O FINANC E BANK provides funding for small to medium-sized enterprises, allowing them to smartphones, has created opportunities for Its loans include products specifi cally do everything from buying inventory and equipment to hiring more staff, businesses to reach large audiences more easily tailored for smartphone purchases, school www.renmoneyng.com www.lulalend.co.za opening new branches and launching marketing campaigns. than ever before. Among those taking advantage fees and household appliances. Under its Sector: Financial Services Sector: Financial Services The company uses a fast and simple online application process that of that is Renmoney Microfi nance Bank. Loan@Work offering it also provides reduced- Country of operations: Nigeria Country of operations: South Africa takes minutes to complete and provides a decision in a similar timeframe. The company started in 2012 with a rate fi nancing that other companies can offer The funds are then sent to the customer’s bank account within 24 hours, microfi nance banking licence in Lagos, initially to their employees. and a repayment schedule is set over either six or 12 months. The main under the name RenCredit. It changed its name “We’ve spent the last years building more lending criteria are that a business must have been operating for at least to Renmoney in December 2013 and since then convenient solutions to provide credit when our a year, have R500,000 ($34,000) in annual revenues and be based in it has upgraded to a state licence and opened customers need it,” says Oluwatobi Boshoro, South Africa. fi ve more branches. CEO. “We have really focused on listening to the

“We are committed to responsible lending”

The company offers South African businesses hassle-free access to fi nance Oluwatobi Boshoro, CEO, Renmoney

Lulalend prides itself Renmoney currently on quick and easy has over 400 application processes employees

“One of the biggest reasons small businesses struggle to stay on customer and using their feedback to iterate on their feet is a lack of access to fi nance,” says Trevor Gosling, CEO. services and processes.” “We are committed to responsible lending and economic growth in To date, this approach has attracted a South Africa by offering a product that allows business owners to get customer base of more than 25,000 people. The immediate access to business fi nance in a way that is easy, affordable evolution of the fi nancial services industry is and hassle free.” 24 2012 expected to continue for the foreseeable future There is a large funding gap for SMEs in South Africa, estimated to be and Renmoney says it will continue to adapt to around R346bn ($23.6bn). But the problem is certainly not unique to the changing environment. the country and Lulalend is eyeing up the potential to start offering its The number of hours in “We’re certain the industry will be The year Renmoney services in nearby countries in the years ahead. which Lulalend aims to remarkably different in a few years. We’re started its operations, “Lulalend is looking to plug the credit gap and is scaling rapidly in already experiencing the impact of technology, South Africa while also looking to grow beyond its borders and positively send approved funds to a regulation and access to funding, as well as a under its original name infl uence the economic growth in other African countries,” says Trevor. customer’s bank account more informed and empowered consumer,” says of RenCredit “This will require growth on numerous levels within the business. We are Oluwatobi. “We anticipate a signifi cant increase projecting our workforce to grow from 20 employees to more than 100 in demand over the next fi ve years, in line with over the next several years.” consumption and are already ramping up our technology, people and strategic capacity to capitalise on this.”

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SMART DATA PAYMENT PLATFORMS uperfl uid Labs is bringing artifi cial intelligence to African businesses. The echAdvance is a Nigerian payments clients, and Transfer2Africa, an online money Scompany, which has offi ces in Ghana, Kenya and Germany, has built up Tinfrastructure company. It provides a transfer platform. The strategy of targeting a team of data scientists, engineers and mathematicians. It has developed platform to enable transaction processing many different market niches with dedicated www.techadvance.ng www.superfl uid.io a proprietary technology platform that mines customer transactional data and payment collection, aggregation and divisions has served the group well, with Sector: Financial Services Sector: Financial Services Country of operations: Nigeria to predict future business events, reveal customer behaviours and trends, Country of operations: Kenya reconciliation. The Lagos-based company its utilities-focused subsidiary said to have enhance engagement and increase overall profi tability. started in 2009 and has built up, and performed particularly well over the past year. “Our platform enables businesses to identify and unlock hidden revenue launched, a network of subsidiaries, each of “We have grown the business in recent times opportunities and expand their services and impact to reach millions more which focuses on different segments of the by focusing on more recession-proof aspects customers through the power of data and artifi cial intelligence,” says market, such as the payment of utilities bills, of the industries we operate in. Notably, utility Timothy Kotin, Co-founder and CEO. fi nancial services and transport fares. payments and the need for more streamlined The potential commercial gains to be made from the company’s The list of subsidiaries includes GPay, which fi nancial services via digital fi nancial products,” technology has attracted some large customers, including one of the biggest provides payments services for corporate says Edmund Olotu, Founder and CEO.

The Superfl uid Labs TechAdvance’s team from the headquarters are in Ghana offi ce Lagos, Nigeria “We have grown the business by focusing on “We are proud of the impact Edmund Olotu, more recession-proof our technology is enabling” Superfl uid Labs’ offi ce Founder and CEO, in Kenya TechAdvance aspects of industries”

local banks in Ghana, a leading asset fi nance bank in East Africa and a pan- The company continues to innovate and African solar power company, to name just a few. “Our customer insights, launch new products and platforms. One area credit scoring and business intelligence solutions continue to enable our that it sees as particularly promising is digital growing number of clients to succeed and deliver essential services to their banking. TechAdvance is currently preparing customers,” says Timothy. “These fi rms are bringing access to innovative for the launch of a new online arm called 2009 digital fi nancial services and products, as well as clean and affordable 3 Advance Bank, which will offer loans as well electricity to millions of Africans. We are proud of the impact our technology as bespoke financial and investment advice is enabling.” to customers and budgeting tips. “With While the company initially focused on signing up customers in the The number of the rise of FinTech and the opportunities The year TechAdvance fi nancial services sector, it aims, in the longer term, to expand into other offi ces Superfl uid that exist for disruption in the financial was founded sectors, taking advantage of the wider growth in the use of data. “As more services space, we see the development organisations embrace digital technologies and channels for engaging with Labs has globally of this product as one of our greatest their customers, we expect further explosive growth in the availability of opportunities,” says Edmund. data to guide decision-making and improve business outcomes, as well as a He adds that one of the most important greater awareness of this potential among key stakeholders,” says Timothy. challenges facing high-growth companies in The ultimate aim for the company is to be recognised as the leading data Nigeria is the “inadequate access to intelligent analytics and artifi cial intelligence provider in its markets. “We also hope to fi nance that understands the life cycle of be home to some of the best and brightest minds,” adds Timothy. technology companies”.

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COLLABORATION IS KEY ON THE ROAD enia Group is fi rmly plugged into the emerging patterns of business A Taxi offers a wide range of fi nancial transportation for most South Africans due to Vlife, with a diverse collection of subsidiaries encompassing coworking Sproducts and other services to the minibus poor public transport infrastructure,” says spaces, insurance technology (InsurTech) and consulting. It also helps taxi industry. Its offerings include fi nancing Terry Kier, Chief Executive. international brands enter the Nigerian market through its Gateway service. to buy a taxi, specialised insurance, one of the Costs are a critical issue for the company’s Venia Group currently has 5,000 businesses within its network. largest taxi-only panel beaters in the country, a customers and with that in mind, SA Taxi has www.sataxi.co.za Sector: Financial Services “We are focused on disruptive ideas that leverage technology, design dealership offering new and pre-owned taxis and set up a spare parts procurement operation, Country of operations: South Africa and service to achieve differentiation and lower cost,” says Kola Oyeneyin, www.venia-group.com a parts and salvage business. in which parts are bought in bulk and then Founder and Chief Innovation Offi cer. “We invest in new ideas and Sector: Financial Services Such services are critical in South Africa, distributed to its repair centre and its network Country of operations: Nigeria build great brands, creating jobs and making room for businesses and where minibus taxis account for 70% of the of approved panel beaters, thereby keeping entrepreneurs to thrive along the way.” country’s public transport and are central to the cost of repairs to a minimum. It takes a The group’s coworking spaces division, called Venia Business Hub, most people’s journeys to and from work. “The similar approach to its salvage operations. “A big offers a range of fl exible subscription packages to suit smaller businesses taxi industry will remain the dominant mode of challenge for the industry is the increasing cost

Nigeria’s Vice President, Taxis dominate public Yemi Osinbajo, transport in South Africa visiting Venia Group’s and SA Taxi is well headquarters positioned in the market

“The taxi industry will Kola Oyeneyin, Founder and Chief Terry Kier, remain the dominant Innovation Offi cer, Chief Executive, SA Taxi Venia Group mode of transportation”

that may be concerned about affordability and unpredictable spikes in of running a minibus taxi, driven by high petrol business activity, but it also proactively targets larger companies looking to prices, the purchase price of the vehicles and a downsize. Meanwhile, a second coworking division, InstaSpaces, is focused shrinking economy that leads to fewer people % on pushing collaboration across traditional and non-traditional coworking commuting,” says Terry. spaces and thereby encouraging greater adoption of coworking. However, like all industries it is undergoing Venia has also been targeting those working in the so-called ‘gig 5,000 70 change as a result of technology, something economy’. Over the past year its InsurTech subsidiary, AutoGenius, which offers SA Taxi an opportunity to further launched an insurance product aimed at drivers and riders of e-hailing develop its portfolio of services. In particular, companies and another product that provides affordable micro-insurance The number of the company is developing wireless services The proportion of health coverage for SMEs and their employees. businesses within for its customers through its SA Taxi Connect public transport The fl exible subscription package it offers is also being applied when it division, which could lead to additional revenue- comes to insurance. “We have applied the same concept with our insurance Venia Group’s network generating opportunities. minibuses account business, working with our partners to develop affordable products that “Technology will play a bigger role in the for in South Africa allow for monthly subscriptions – a novelty in Nigeria,” says Kola. industry, including a card payment system for Embracing fl exibility has enabled Venia to retain its existing customers commuters,” says Terry. “SA Taxi Connect is and attract new ones. In the coming years it plans to roll out its coworking rolling out free Wi-Fi at ranks and in taxis. This services nationally and expand into other key African markets. Other gives businesses the opportunity to advertise product areas may also be targeted. “We believe there is an opportunity to to commuters.” disrupt the talent recruitment process by leveraging technology,” says Kola. 72 73

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BETTER BANKING SOUTHERN AFRICA lueSPACE Africa Technologies is a fi nancial technology integration Bcompany that works with banks and public sector institutions to ensure they are making the best possible use of technology in areas such as IT infrastructure, cybersecurity, customer insights and operational effi ciency. SNAPSHOT To achieve this, it has built up an experienced in-house IT team since it was founded in 2013. But it also works with global IT infrastructure www.bluespaceafrica.com NINE COUNTRIES FROM THE SOUTHERN AFRICA REGION ARE companies such as Amazon Web Services and Hitachi, as well as FinTech Sector: Financial Services REPRESENTED IN THIS PUBLICATION. SOUTH AFRICA LEADS THE WAY Country of operations: Ghana fi rms and cybersecurity companies. WITH 23 COMPANIES FEATURED IN THE REPORT. THIS PART OF THE “For us, partnerships have been the bedrock of our growth, and our strategy, working with motivated employees and our client partner CONTINENT MAKES UP 13.1% OF THE LIST community,” says Samuel Amanor, Founder, CEO and VP of Sales. “I believe that building intimacy with these pillars has been the key to our success.”

“Partnerships have been the bedrock of our growth, and our strategy” MALAWI 3 7

ANGOLA 1

Samuel Amanor, ZAMBIA Founder, CEO and VP of Sales, BlueSPACE Africa ZIMBABWE 2 Maximising the 3 effi ciency of FinTech NAMIBIA 1 MOZAMBIQUE is a key part of the company’s offering 6 BOTSWANA

Over the past year, BlueSPACE Africa has been working particularly closely with FinTech fi rms, building a staff hiring platform for one FinTech company and developing a partnership with global FinTech player Finastra. “The relationship with Finastra is taking us global and allowing us to play with leading banks on the African continent starting with Ghana and Nigeria,” says Samuel. “The revenue projections from 2013 this are tremendous.” 23 The company has its headquarters in Accra, Ghana, but it is looking to expand well beyond its home market in the coming years. “We see The year BlueSPACE SOUTH AFRICA 1 ourselves growing to cover most of the West African region and be the Africa was founded partner of choice for the top fi ve banks in each of those countries as LESOTHO well as deepening our relationships with central banks and ministries of fi nance in these countries and working with governing bodies like the International Monetary Fund and the World Bank,” says Samuel. Among the projects it is working on, with this expansion strategy in mind, is a plan to develop cloud services for the fi nancial services industry, which will be one of the largest of its kind in Africa. NB Map depicts countries where listed companies operate

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HEALTHCARE & EDUCATION SECTOR AT A GLANCE

9.8% GROWTH IN POPULATION THE ESTIMATED GROWTH RATE OF THE AFRICAN IS PUSHING THE NEED PHARMA INDUSTRY BETWEEN 2010 FOR SPENDING AND AND 2020

INVESTMENT IN AFRICA’S x2 THE NUMBER OF CHILDREN UNDEVELOPED HEALTHCARE ENTERING PRIMARY SCHOOL EDUCATION AND EDUCATION SYSTEMS. IN SUB-SAHARAN AFRICA HAS MORE THROUGH LEVERAGING THAN DOUBLED OVER 25 YEARS DIGITAL TECHNOLOGIES, 10% THE LITERACY AND IMPROVING LEVELS AMONG 15-24-YEAR-OLD KNOWLEDGE, SKILLS SUB-SAHARAN WOMEN IMPROVED AND RESOURCES, THE OVER 10% BETWEEN 2000 AND 2016

CONTINENT CAN CREATE IN THIS SECTION Clinique Procréa BETTER HEALTHCARE specialises in fertility treatment in Côte d’Ivoire, while the African AND EDUCATION Leadership University equips its students with skills for the real world, INFRASTRUCTURES and its fl exible teaching model will continue to change with technological advances such as artifi cial intelligence

Sources: McKinsey and UNESCO

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LSEG CTIA.indb 76-77 10/01/2019 11:29 HEALTHCARE & EDUCATION YEARNING FOR LEARNING 2012 PLATFORM As African cities enjoy better logistics, LEARNING The year Snapplify was infrastructures and healthcare capabilities, urban set up in South Africa households have more purchasing power and Snapplify are quicker to adopt modern medicines. African www.snapplify.com Sector: Healthcare & Education governments are increasing health spending to Country of operations: South Africa meet the United Nations Millennium Development Goals, while new technologies are also providing napplify is a South African-based education Stechnology company that provides a opportunities to monetise and democratise platform for the distribution and sale of digital Snapplify is an edtech company focused on healthcare. The potential for increasing education educational materials to both institutions and content distribution, levels in Africa is tremendous. In today’s knowledge individual students. Since it was set up in 2012, mobile reading and the company has grown and expanded beyond innovation for digital economy, higher education has become critical. its home market into other territories, both in education Opportunities exist by tapping into the digital Africa and far beyond, and it now has offi ces in revolution, with information and communication Kenya, the Netherlands and the US. The company has developed partnerships technology transforming education by expanding with leading publishers in order to expand its access to high-quality educational content library catalogue and it has also worked with higher education institutions to simplify issues around e-book access and e-learning adoption. “Our goal is to continue working with OTHER COMPANIES partners to support the education sector by THAT MADE OUR LIST offering sustainable, reliable solutions that can be tailored to specific needs,” says CEO – African Management Initiative Wesley Lynch. – De Flight Medics Ltd The nature of the digital environment means the company needs to constantly engage in – Sherylle Calder Visual testing and improvement of new features, in Performance (Pty) Ltd order to ensure it is providing the best possible – The Training Room Online experience to students and their teachers. “The – Tobby Vision Computers best platforms are those that innovate quickly, but also work with educators and institutions Institute to support them as they grow within the digital education landscape,” says Wesley. The company works hard to maintain the For the full directory “The best platforms are turn to pages 131–143 innovative culture of a start-up and continues to look for new opportunities. That approach is those that innovate leading it into new markets all the time. “We are currently exploring opportunities in both quickly, but also work with Botswana and Mauritius,” says Wesley. “And we have partnered with telecoms company Econet educators and institutions” Wireless to zero-rate hundreds of thousands of Wesley Lynch, CEO, Snapplify education e-books and make them more easily accessible in countries around Africa.” As it expands, the company is also just as open to learning as its customers. “We’ve worked closely with global and regional partners such as Econet Wireless and Google to learn as much as we can to adapt our offering to suit the situation on the ground,” says Wesley.

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LEARNING TO GROW THE SPIRIT OF EDUCATION nternational Community School is an independent, co-educational unisia’s Esprit School of Engineering aims remain the key actors of their education and are Iinstitution in Ghana, with a number of campuses spread across Accra Tto do things differently. It strives to be more positioned at the core of our learning system. To and the second city of Kumasi. It fi rst opened its doors to the public in than just another private education institution that end, Esprit uses problem- and project-based Kumasi in January 2000, when it had just seven students. It expanded its and describes itself as a university that thinks learning, creating an ‘on the job’ environment operations to the capital in 2015 and the group now has more than 1,000 outside the box, with its innovative way of and leading to the quality education demanded www.esprit.tn pupils enrolled, drawn from 30 different countries. educating the next generation of engineers. in the labour market.” Sector: Healthcare & Education www.icsghana.org It’s getting results. Esprit currently has more Country of operations: Tunisia It provides for the full range of teaching, from pre-school through to Sector: Healthcare & Education The university set itself goals of providing the primary, middle and high school, based on the British curriculum. The Country of operations: Ghana best quality education and giving its students than 6,000 students and 80% of its graduates group is also a regional member of Round Square, a worldwide association the skills they will need when they graduate. fi nd jobs in less than six months. of leading schools. “When we fi rst created Esprit, we wanted The political and economic turmoil that Many of International Community School’s pupils go on to study to stand out from the crowd,” says Tahar Ben Tunisia has suffered since 2011 has made at prestigious universities overseas, such as Brown University and the Lakhdar, Co-founder and CEO. “The students conditions diffi cult for many in the country,

“We have been the fastest growing school in the city of Accra”

The school caters for The institution uses all age groups and problem- and project- has pupils from 30 based learning different countries

Dr Charles Yeboah, Co-founder and Esprit School of Managing Director, Engineering is based International in Tunisia Community School

Massachusetts Institute of Technology in the US, and the University of including those in the education sector. Stirling in the UK. However, private universities have been With demand for high-quality education continuing to grow in Ghana, insulated to some extent from the worst of % the school has been developing a new campus in East Legon, Accra. “We the problems. “Parents nowadays trust private have been the fastest growing school in the city of Accra,” says Dr Charles universities, despite the investment they have Yeboah, Co-founder and Managing Director. “That has resulted in building 1,000 to provide, as they were less affected by the 80 a brand new campus, because the demand has been phenomenal.” economic impact thanks to the support of The group aims to attract even more pupils in the years to come with a different bodies and the constant monitoring marketing and outreach programme in the two cities in which it operates. The number of pupils of the quality of education,” Tahar says. The proportion of “We intend to embark on a massive campaign and also to set up early enrolled in International Esprit aims to extend its reach and attract Esprit graduates who years’ centres in strategic locations in Accra and Kumasi,” says Charles. more students from other parts of the continent. “This will make us known all over the cities and the centres will serve as Community School “We intend to expand Esprit towards Sub- fi nd jobs within six a feeder to our main campuses. We expect to be a dominant force in the institutions Saharan countries,” says Tahar. “The same values months of leaving educational landscape in West Africa in the next fi ve years, offering a that helped us consolidate our establishment quality and inclusive education to our pupils as well as promoting our in Tunisia will also help us to grow our business adults’ professional development programme.” abroad. We are also planning professional exchange programmes to better connect with other nationals and share our knowhow.”

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FERTILITY SPECIALISTS TOMORROW’S LEADERS et up in 2008, Clinique Procréa specialises in fertility treatment and he African Leadership University (ALU) student numbers more than double in 2017 and Sis the leading medical centre in assisted reproductive treatments in Tis helping to train the next generation of increase by a further 75% in 2018. Côte d’Ivoire. Alongside its core focus, it delivers a range of other medical African business leaders, offering undergraduate The organisation’s teaching methods are services to women and children. degree courses in subjects such as business focused on equipping its students with the skills This is a relatively under-served market. Assisted reproduction is not management, computer science, international they will need in the real world and encouraging yet regulated by law in Côte d’Ivoire and the topic of fertility treatment business and trade, and entrepreneurship, them to take ownership of their own learning www.alueducation.com Sector: Healthcare & Education is often poorly understood. as well as its fl agship MBA programme. It and to think in an entrepreneurial fashion. Country of operations: Mauritius “Our biggest opportunity has been the lack of an adequate offering in www.clinique-procrea.com established its fi rst campus in Pamplemousses, “By employing the most inspiring teaching Côte d’Ivoire for patients requiring fertility treatment,” says Dr Myriam Sector: Healthcare & Education northern Mauritius, and has since expanded, methods, ALU is pioneering a new take on Kadio-Morokro, Director General. “Clinique Procréa has taken action to Country of operations: Côte d’Ivoire opening campuses in Kigali, Rwanda in 2017 higher education and leadership development,” make assisted reproductive treatments accessible to a larger number and, more recently, in Nairobi, Kenya. As a result says Fred Swaniker, Founder. “Traditional higher of patients. It is the only centre capable of providing end-to-end care to of these developments, the university saw its education is based on a professor-centric model.

Clinique Procréa ALU’s teaching specialises in fertility methods focus on treatment giving students skills for the real world

“The long-standing taboos “ALU is pioneering The fi rm has made surrounding fertility in the region assisted reproductive a new take on treatments more Fred Swaniker, should progressively recede” accessible Founder, ALU higher education”

patients in need of fertility treatment.” This model will need to adapt to the world of In addition, the company says traditional attitudes to fertility tomorrow due to disruptions from technology treatment are starting to change. “The long-standing taboos surrounding and artifi cial intelligence.” % fertility in the region should progressively recede, as has been the case ALU has plans to rapidly expand the number in other parts of the world. This will drive the demand and therefore more of campuses over the next few years. Alongside opportunities for medical centres.” 2008 that, it will also expand the student fi nancing 75 With limited offi cial support for the development of medical services scheme it has developed through its African in the country, the business has thrived thanks to the entrepreneurial Leadership Finance Company subsidiary, which spirit of its founders, as well as a capacity to attract highly qualifi ed The year Clinique helps to reduce the upfront cost of education The increase in student physicians and provide best-in-class training for technicians. Another Procréa was set up through income share agreements. numbers at the important success factor has been its focus on social media and other “ALU plans to open 10-15 new sites over the communications channels to reach its patients. next fi ve years across Africa, increasing the university in 2018 The company is currently in the middle of an expansion programme number of enrolled students to over 30 times that will see it signifi cantly increase its capacity. “We are building a state- today’s fi gure,” says Fred. “We will train over of-the-art clinic that should start operations within two years, with the 100,000 people over the next fi ve years and we aim to double the volume of activity of the clinic in the next fi ve years,” will raise more funding for our student fi nance says Myriam. “Clinique Procréa will also reach more patients from a more company to continue keeping the upfront cost diversifi ed background by developing a network of fi rst care medical units to the student down.” in the suburbs or secondary cities.” 82 83

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LSEG CTIA.indb 84-85 10/01/2019 11:30 INDUSTRY

INDUSTRY SECTOR AT A GLANCE

$140BN THE IMPACT OF INDUSTRY THE VALUE OF SUB-SAHARAN AFRICAN 4.0 – THE NEXT PHASE IN MANUFACTURING EXPORTS, WHICH THE DIGITALISATION OF ALMOST TRIPLED BETWEEN 2005 MANUFACTURING – WILL AND 2015 13% BE WIDE AND PROFOUND. THE CONTRIBUTION BY MANUFACTURING IT OFFERS EXCITING TO GDP IN SOUTH OPPORTUNITIES FOR AFRICA 1% AFRICAN MANUFACTURERS THE INCREASE IN AFRICA’S ENGINEERING INDEX AND SMALL AND MEDIUM- SCORE REQUIRED TO GET A 0.85% SIZED ENTERPRISES TO INCREASE IN GDP PER CAPITA

CREATE NEW BUSINESS IN THIS SECTION Egypt-based ElFateh MODELS AND INTEGRATE for Industries and Steel Constructions provides steel structures for a INTO GLOBAL VALUE CHAINS multitude of industrial projects, and Trigger Enterprises supplies and distributes equipment for fi refi ghting

Sources: CEBR, South Africa Statistics Agency, ODI

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LSEG CTIA.indb 86-87 10/01/2019 11:30 INDUSTRY BUILDING ON GREATNESS 1985 Manufacturing is a signifi cant opportunity for Africa EXPORT The year ElFateh was to generate a large number of jobs and reduce ENGINE established in Cairo political and social instability. Four strands of economic prosperity – infrastructure, institutions, ElFateh for Industries and Steel Constructions human capital and technology – will drive www.elfateh.com manufacturing-led growth in Africa, ensuring the Sector: Industry Country of operations: Egypt continent is more resilient to economic shocks and lFateh for Industries and Steel Constructions less dependent on natural resource exports. Africa’s Eprovides high-quality steel structures for ElFateh For Industries manufacturing and engineering sector has a key a wide variety of infrastructure and industrial and Steel Constructions advantage over foreign developed markets – it is not projects. Set up in 1985, the company is provides steel headquartered in the Egyptian capital Cairo structures for a range of industrial projects weighed down by infrastructure legacy issues and has built up a customer base which spans numerous sectors, including construction, cement, oil and gas, power and transport. The products it offers range from bridges to OTHER COMPANIES space frame systems, overhead cranes and tanks THAT MADE OUR LIST and pipes, supported by design, fabrication and erection services carried out according to – Alfi e Design Ltd international standards. Major projects it has worked on over the years include Sharm El Sheikh – BioLite Holdings Kenya Ltd airport, a General Motors factory and numerous – MAX.ng other factories, warehouses and industrial sites. – Songoro Marine Transport Ltd The company has coped well with the economic turmoil in its home market in recent – Waterhealth Ghana Ltd years and continues to win business abroad, in part because of the falling value of the Egyptian pound, but also thanks to its diversifi ed portfolio, For the full directory an export-focused sales strategy and its success turn to pages 131–143 in creating partnerships. “Egypt has been subject to a huge currency devaluation which puts us in a position to offer very competitive price and quality levels,” says Managing Director Ahmed Fathelbab. “Our company was successful in growing in the midst “Our company was successful of a fl uctuating market and in the past few years we have executed large-scale projects in airport in growing in the midst of and stadium construction, power, and oil and gas with some renowned European companies.” a fl uctuating market” The company continues to look for Ahmed Fathelbab, Managing Director, opportunities abroad, principally in nearby ElFateh For Industries and Steel Constructions markets in Africa and Europe, and it continues to expand its network of overseas offi ces to that end. “We have established offi ces in Sudan and Libya, and within the next year we will have offi ces in East and West Africa,” says Ahmed. “We aim at being a door opener for European engineering contracting companies where we can be their steel supplier in their projects.”

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BUILDING THE FUTURE OIL PIONEERS rom its base in Dar es Salaam, Tanzania, Advent Construction, founded pringfi eld Group is at the forefront of the operations where necessary to ensure that we Fin 1996, prides itself on providing world-class standards of quality, Soil industry in Ghana, with activities that remain sustainable.” compliance and transparency in the region’s construction sector. With a span the exploration and production of oil and Among other things, the company has a workforce of over 1,000 staff, its activities range from large civil works to gas, as well as the transportation, storage and majority stake in the offshore West Cape Three individual fi ve-star hotels and everything in between. trading of hydrocarbons. Points Block 2, where it is currently undertaking www.springfi eldgroup.com www.adventconstructions.co.tz Sector: Industry The company has coped well with the diffi cult trading conditions of Sector: Industry “We operate across the entire chain of the exploration and appraisal activity. It has Country of operations: Ghana recent years and has been able to develop its market share even as some Country of operations: Tanzania oil and gas industry,” says CEO Kevin Okyere. completed a 3D seismic survey campaign rivals have struggled. “A diffi cult economic environment and a temporary “As economic conditions have developed, we over the area. slowdown in new projects saw us realign our strategic positioning have diversifi ed our operations and learnt to “We are the fi rst wholly independent and strengthen the core business while the industry went through evolve in order to keep pace with the conditions. Ghanaian-owned entity to own and operate a restructuring,” says Dhruv Jog, Managing Director. “Less innovative You could say we have grown the business by deep-water oil asset,” says Kevin. “This is no companies were unable to cope with this realignment, but Advent was diversifying, shifting our focus and tightening small feat.”

A rice mill project by Advent Kevin Okyere, CEO, Springfi eld Group

“East Africa is one of the fi nal frontiers Advent’s projects range from the The company operates of rapid infrastructural growth” manufacturing its own deep-water sector to hotels oil asset

able to grow its footprint and use its size and economies of scale to take The company acquired its licence for the on new sectors and regions that were previously unavailable.” area from the government of Ghana in 2016. The business continues to look for new opportunities to expand at a time of relatively low oil prices – fortunate and among the areas it is now looking at is the offshore construction timing that has helped Springfi eld Group’s costs. sector. The growth of the local middle class, coupled with the need to It says it plans to develop the fi eld through a 2016 address the severe housing shortage and the requirement to build out 1996 joint operatorship and partnership that will boost key infrastructure such as water distribution and treatment, hospitals, its fi nancial and technical capacity. schools and even leisure developments all mean that demand for the The company already has an international services offered by fi rms such as Advent Construction should be strong The year Advent was presence, being one of the leading exporters of The year Springfi eld in the years ahead. established in Dar es refi ned products to neighbouring land-locked Group acquired its “East Africa is one of the fi nal frontiers of rapid infrastructural and countries such as Mali and Burkina Faso, and as economic growth and that sees Advent being very busy for the next 20– Salaam, Tanzania an exporter of Nigerian crude. licence from the 30 years as the population in the region continues to grow,” says Dhruv. Looking forward, it is aiming to build on government of Ghana its experience in Ghana to compete for other licensing areas in the wider region. “We aim to expand our operations along the Gulf of Guinea by acquiring other oil and gas assets in West Africa and beyond,” says Kevin.

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PROPERTY PROVIDER FOUNDATION FOR SUCCESS igeria’s Alpha Mead Group, founded in 2006, is a diversifi ed real estate airobi-based Optiven Group is an award- in Kenya in the past fi ve years alone, which Nservices company, offering property and facilities management, real Nwinning property development company means Optiven has to constantly stay aware of estate and infrastructure development, training, security systems and more. with over 20 years’ experience in the market. changing demands from potential buyers. “We This is an important area of economic activity in Nigeria given the Alongside its head offi ce in the capital, the shall remain true to our values which include housing and infrastructure defi cits that the country suffers from. Such !& company also has offi ces in key cities around innovation and customer focus,” says George www.optiven.co.ke gaps continue to provide opportunities for the company, particularly the country as well as satellite branches in the Wachiuri, CEO. “By listening to our customers, www.alphamead.com Sector: Industry when it comes to demand for housing from the country’s rapidly growing US and Europe. we are able to understand and anticipate their Sector: Industry Country of operations: Kenya middle class. Country of operations: Nigeria To date, Optiven Group has completed 50 needs. This strategy will be strengthened in “Our real estate and infrastructure business leverages modern building projects and handed over more than 5,000 the coming years in order to propel the group technology to build homes faster and in more cost-effective ways,” says title deeds to its customers. Real estate is above others.” CEO Femi Akintunde. “On the other hand, the infrastructure arm of the an increasingly competitive fi eld, with an Alongside its real estate activities, the business focuses on working with public sector stakeholders, especially in estimated 9,000 companies starting operations company also operates subsidiaries, including

The company prides The Garden of Joy is itself on the expertise a project by Optiven and experience of Group in Machakos its workforce County, Kenya

“Foreign direct investment is increasing Femi Akintunde (left), CEO of Optiven Group’s head demand for facilities management services” Alpha Mead Group offi ce is in Nairobi

healthcare and civil works, to improve the state of the nation’s infrastructure Optiven Construction, which provides concrete stock to improve the quality of lives of the citizens.” building materials, and Optiven Insurance While Nigeria may face challenges in these areas, its relatively stable Agency, which provides general and life cover. socio-political and economic environment means it continues to be a The group is also active in corporate big draw for foreign investors. Tapping into demand in this area is an philanthropy through the Optiven Foundation important part of the group’s business and it has focused its facilities 2006 50 which provides scholarships, food donations management business on commercial and offi ce space. and homes for the less fortunate members “Foreign direct investment is increasing demand for facilities of society. “We continuously work with the management services, particularly from companies requiring global best The year Alpha Mead less fortunate to ensure that their lives are The number of projects practice and high service standards to support their operations,” says Group was founded bearable,” says George. “With various partners Optiven Group has Femi. “Our facilities management business relies on strong international we continue to change lives through education, standards and local capacity to help our customers optimise their health, mentorship and philanthropy.” completed to date operational cost, increase effi ciency and create a safe, secure and The group aims to continue developing comfortable physical environment for them to live, work or play.” its activities. “Opportunities are available A further promising area of activity has come from the growing interest in emerging areas such as agribusiness, of the government in public private partnerships. “We have taken strategic hospitality and insurance, areas in which we steps to actively prepare for this, investing in terms of people, capacity, have already invested through rolling out systems, technologies and capabilities in the last fi ve years,” says Femi. strategic business units.”

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LSEG CTIA.indb 92-93 10/01/2019 11:30 INDUSTRY

ENGINEERING TRUST SAFETY FIRST apient Vendors is a fast-growing construction company providing rigger Enterprises was set up by two The company’s core product offering Spractical engineering solutions for residential, commercial and Tambitious friends in 2015 and since then includes fi re detection and suppression industrial clients. The company provides civil engineering, design and has built up a reputation as a leading supplier systems and fi refi ghting training, but it also build, project management and road construction services to its client base, and distributor of fi refi ghting equipment and offers other general merchandise such as which ranges across the oil and gas, banking, real estate, maritime and personal protective wear across the East and building, plumbing and electrical materials as construction sectors in Nigeria. It has completed 60 projects to date. Central Africa regions. well as civil and mechanical services. www.triggerent.com www.sapientvendors.com.ng “Our entrance into the construction business was inspired by a growing “From oil exploration to industrial The Kampala-based company has Sector: Industry Sector: Industry Country of operations: Uganda shortage of quality construction service in the country, especially from Country of operations: Nigeria revolutions, wherever they build, we protect,” ambitions to develop its footprint so that indigenous contractors,” says CEO Walter Emiedafe. says Director Gideon Kirumira. “Trigger it reaches all corners of the continent. “It’s Among the problems and challenges the team had noticed in the Enterprises is now the number one fi refi ghting onwards and upwards for us,” says fellow market were poor project management skills, which resulted in project services supplier in a regional market Director Sean Kijjambu. “Africa is no longer costs overrunning and some schemes being abandoned entirely, as well spanning over eight countries.” the future, it’s the most rapidly developing

Sapient Vendors’ clients range from the oil and gas sectors to Sean Kijjambu, Director, banking and real estate Trigger Enterprises

Trigger Enterprises “We have built a reputation supplies fi refi ghting Walter Emiedafe, CEO, equipment across East for quality service delivery” Sapient Vendors and Central Africa

as a lack of capital and poor communication skills. Sapient Vendors aims market in the world. We are looking to put to offer a much-improved service to the market and its approach has our mark on the whole of Africa.” paid off, with satisfi ed customers including the likes of telecoms operator As it develops, the company is keenly MTN Nigeria Communications and medical equipment provider JNC aware of the need to maintain high standards. International. “Our experiences have enabled us to provide 8 “Over the years of operation, we have built a reputation for quality 60 our clients with comprehensive and cost- service delivery, which has resulted in repeat business from all our effective packages and through this we enjoy customers, all thanks to our team of highly motivated, vibrant and exceptional levels of customer retention,” says effi cient people,” says Walter. The number of projects Sean. “We expect to grow our team by at least The number of countries The success of its customer retention strategy has been a key factor in 35% in order to meet ever-increasing demand in which Trigger the company’s growth in recent years. Alongside the support it receives Sapient Vendors has and maintain our good customer practices.” from its fi nancial partners Stanbic IBTC Bank and First Bank of Nigeria, its completed The company has been helped by the Enterprises operates regulatory compliance has given it access to more opportunities within rapidly growing economy in its home market the public space. However, there is still plenty of opportunity to expand of Uganda and has adopted a corporate motto further and, in the coming fi ve years, Sapient Vendors aims to grow its of “nothing is impossible”. revenues further and, in the process, become a pan-African construction It is a business philosophy that Trigger brand. It also plans to develop a public-private partnership model for Enterprises recommends to other aspiring health infrastructure projects. entrepreneurs.

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LSEG CTIA.indb 94-95 10/01/2019 11:30 INDUSTRY INDUSTRY

BUILDING DIVERSIFICATION rom a modest start a quarter of a century ago, Hyvec Partners FLtd (HPL) has gone on to become one of the leading construction companies in Mauritius, building everything from commercial shopping malls to up-market houses, high-rise offi ce blocks, schools, universities and prisons. But it is not just a construction fi rm. The company launched a diversifi cation strategy in 2011 and has since moved into a number of www.hyvec.com other sectors, including retail and hospitality. Sector: Industry Country of operations: Mauritius These days, HPL has the exclusive distribution rights for the Tommy Hilfi ger fashion brand in Mauritius, Botswana, Namibia, South Africa, Ethiopia, Rwanda and Kenya. It also represents a number of other high- end consumer brands such as Mont Blanc, Ralph Lauren and SieMatic. “Our diversifi cation and regional expansion strategies will pay off Offering access to a

“Our diversifi cation and regional expansion strategies will pay off handsomely” deep pool of liquidity both in the UK and Europe

Rose-Belle Business Park in Mauritius, by Hyvec Partners

The head offi ce in Pamplemousses, Mauritius London Stock Exchange’s markets With a single connection, handsomely. Besides Mauritius, we have six Tommy Hilfi ger outlets in South Africa and are opening three in Kenya, soon to be followed by include the Main Market – London’s members can trade shares, Ethiopia and Rwanda,” says Nawaz Khan Chady, Founder and Chief flagship venue for equity, debt and depository receipts, ETFs, Executive. “The high-end fashion clothing will reach cruising speed in various markets and will contribute signifi cantly to turnover and profi ts.” exchange traded products, offering and European Rights Issues Meanwhile, it has received approval to develop a 100-room, three-star 6 hotel aimed at business customers in Ebene CyberCity, 15km south of businesses access to Europe’s most of 19 European countries the Mauritian capital Port Louis. Construction work on this hotel and two others is due to start in the near future. The company plans to use these The number of Tommy liquid pool of capital – and AIM with an efficient interoperable assets to develop its presence in the travel and tour markets. It says it is Hilfi ger outlets Hyvec – the world’s leading market for post-trade model, as well as also actively considering entering the Islamic banking sector. Group has opened in Even with all this activity, property remains at the heart of the growth companies. US securities. group. “Construction and real estate will continue to be the fl agship South Africa of the group,” says Nawaz. “We have a sizeable land bank to support development of properties. We are currently providing facilities management services to four buildings and there is scope to add new buildings going forward.”

96 97

LSEG CTIA.indb 96-97 10/01/2019 11:30 REGIONAL SNAPSHOT

WESTERN AFRICA SNAPSHOT NIGERIA IS THE COUNTRY WITH THE MOST COMPANIES IN THIS REPORT, ACCOUNTING FOR 27% OF THE FEATURED FIRMS. THE REGION AS A WHOLE CONTRIBUTES 36.1% OF THE COMPANIES IN THIS PUBLICATION

1

MALI 2

SENEGAL 2

BURKINA FASO NIGERIA 97

GHANA 20

7 1 TOGO CÔTE D’IVOIRE

NB Map depicts countries where listed companies operate

98 99

LSEG CTIA.indb 98-99 10/01/2019 11:30 SECTOR AT A GLANCE

8 THE NUMBER OF THE ELITE PROGRAMME AFRICAN COUNTRIES REPRESENTED CONNECTS THE NEXT IN THE ELITE GENERATION OF PROGRAMME 90+ INSPIRING BUSINESSES THE NUMBER OF AFRICAN WITH MENTORS, COMPANIES INTERACTING NETWORKS AND WITH ELITE CAPITAL TO HELP THEM 2 THE NUMBER OF COMPANIES PROGRESS TO THE NEXT FEATURED IN THE ELITE PROGRAMME STAGE OF GROWTH. THAT WERE PART OF THE COMPANIES TO THE INITIATIVE IS INSPIRE AFRICA CURRENTLY ACTIVE 2017 REPORT IN THIS SECTION IN MOROCCO AND THE The two companies in this chapter are part of ELITE’s programme for BRVM COUNTRIES business growth. Bricoma provides DIY supplies to the population in Morocco, while Energy Transfo manufactures and distributes transformers, expanding into the renewable and solar energy markets

Source: LSEG

100 101

LSEG CTIA.indb 100-101 10/01/2019 11:30 SUPPORT AND PROSPER 30,000 London Stock Exchange Group launched the ELITE BUILDING The number of products programme in Morocco in 2016, in partnership AFRICA stocked by Bricoma with Casablanca Stock Exchange, and expanded into West Africa with the BRVM countries in 2017. Bricoma www.bricoma.ma ELITE is an ecosystem designed to help ambitious Sector: ELITE companies scale-up, structure for growth and be Country of operations: Morocco more competitive in the global marketplace. eading DIY chain Bricoma fi rst opened its ELITE combines education, business support, Ldoors in 2004, in the Moroccan capital Rabat. Bricoma is a DIY chain mentoring and access to expertise and funding. Since then it has developed a chain of 16 stores which has developed The businesses involved will all benefi t from around the country, with close to 50,000 square 16 stores in Morocco metres of sales area. The company stocks introductions to advisers and investors, while a range of some 30,000 products across six being able to tap into a wider community of over departments, from hardware to gardening. 1,000 ELITE companies from around the world As it has developed, the company has learnt to adapt to the needs of customers in different parts of the country. “Very often, what works in one region is not the right approach in another region,” says Mohammed Filali Chahad, CEO. “We try to adapt our approach to make the most of each city’s opportunities. In addition, a strategy that suited us a year ago does not necessarily suit us the year after. Market conditions are constantly changing and we update our strategic plan regularly.” Footfall and turnover have both grown at an impressive rate over the past year, with a 16% rise in revenue and a 20% increase in customer visits in 2017 – a performance that the company aims to repeat this year. The most recent additions to the store portfolio have come in Bouskoura in the Grand Casablanca area in March 2018 and in the town of Nador in the north-east of the country in September. The company plans to continue expanding its store “Market conditions are network while making effi ciency gains behind the scenes in the next few years. constantly changing and “Our business sector is not yet saturated, and we still need to increase our investments,” we update our strategic says Mohammed. “Our action plan is essentially aimed at expanding our network of stores, with a plan regularly” target of 20 stores by 2020. We are also planning Mohammed Filali Chahad, CEO, Bricoma to develop central purchasing with a platform dedicated to logistics and distribution. And digital is an opportunity that will not be neglected by Bricoma in the coming years.”

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LSEG CTIA.indb 102-103 10/01/2019 11:30 EXPERT COMMENTARY

ENERGY TRANSFORMERS asablanca-based Energy Transfo is a company which has moved with Cthe times. Set up in 1989 to design and manufacture transformers, JOIN ELITE’S it has developed turnkey distribution stations ready to be connected to the grid. More recently, it has expanded into the solar energy sector to take advantage of the growing demand for renewable power and it has www.energytransfo.ma Sector: ELITE developed a containerised transformer for large solar photovoltaic plant. GLOBAL NETWORK Country of operations: Morocco The company has been exporting its products around the continent since 1999, with a particular focus on west and central Africa, and it LUCA PEYRANO, THE ELITE COMMUNITY FOCUSES ON THE MOST AMBITIOUS sells in more than 20 countries. It has been distributing solar equipment CEO, ELITE PRIVATE COMPANIES TO HELP THEM ACHIEVE THEIR GROWTH, around the continent since January 2016 and it is the opportunities in this area that look the most promising these days. AND AFRICAN COMPANIES ARE PART OF THIS AGENDA “Solar power will provide great business opportunities over the coming mall and medium-sized enterprises forward to the fi rst group of companies S(SMEs) are the backbone of Africa’s from the region soon. economy, accounting for approximately Today we are proud that over 70 “Even if you are at the top of your 90% of all companies and providing nearly companies from across Africa are part of 80% of the region’s employment. These ELITE’s dynamic international community, market, you have to continue to companies are fundamental to the future together generating in excess of €1.9bn improve your product” success of the African continent. They have and employing over 20,000 people. the potential to drive innovation, create We continue to work with our regional employment and, in turn, contribute to partners and key stakeholders such as domestic wealth creation. the African Development Bank and FSD The Companies to Inspire Africa reports Africa to further develop the ELITE offering play a vital role in showcasing some of across Africa. these businesses. They also complement The ELITE chapter highlights the London Stock Exchange Group’s initiative impressive growth of some of the ELITE Energy Transfo designs for high-growth, private companies – ELITE. companies from Africa. We also shine a and manufactures ELITE is a platform, programme and spotlight on two Moroccan businesses that transformers ecosystem focused on supporting the most have made the list for two years running: exciting and ambitious private companies energy provider Energy Transfo and DIY to achieve their growth potential by helping retailer Bricoma. them access the knowhow, network and The impact of Africa’s SMEs on the capital they need. sustained economic development of the Nouzha Taariji Today, over 1,000 companies make up continent is unquestionable. That’s why, Marrakchi, CEO, “ SMEs ARE THE BACKBONE OF AFRICA’S the growing global ELITE community. Energy Transfo Companies come from over 35 countries “COMPANIES COME FROM ECONOMY, ACCOUNTING FOR APPROXIMATELY OVER 30 COUNTRIES AND 90% OF ALL COMPANIES AND PROVIDING and more than 35 sectors, from technology to food and drink, healthcare MORE THAN 30 SECTORS, NEARLY 80% OF THE REGION’S EMPLOYMENT” decades,” says Nouzha Taariji Marrakchi, CEO. “People without any access and manufacturing. They generate in FROM TECHNOLOGY TO FOOD to electricity will gladly embrace a solar option. Anyone who’s paying excess of €65bn in combined revenues AND DRINK, HEALTHCARE a lot on electricity bills will welcome a solar solution that cuts down and account for over 400,000 jobs AND MANUFACTURING” electricity costs in the long run. And people with a green awareness will across the countries they operate in. often pay to go solar.” ELITE is proud to be forging close ties sitting at the heart of the international The company is targeting the full range of potential buyers, from 1989 across Africa. The ELITE Africa story began capital markets, we see it as our residential to commercial, industrial and institutional customers, with in Morocco in 2016, in partnership with fundamental responsibility to provide the promise of reducing their energy costs. But although the opportunity Casablanca Stock Exchange (CSE) and since an ecosystem for companies of all sizes might be great, Nouzha recognises it can still be a tough environment. The year Energy Transfo then more than 60 Moroccan companies to fl ourish. “Our company is involved in an increasingly competitive market,” says was created have joined ELITE. Morocco’s success Together, the Companies to Inspire Nouzha. “So, in order to maintain our position and grow our business, we has also expanded across West Africa in Africa report and ELITE are championing have developed and implemented initiatives to reduce costs, boost sales, collaboration with the BRVM and the CSE, some of Africa’s brightest businesses adjust capacities, improve our processes and realise synergies.” and 10 companies joined as the fi rst group and channelling growth capital to the And she has one piece of advice for anyone starting out in business. from the region in 2018. innovators, job creators and business stars “Never stop innovating. Even if you are at the top of your market, you Furthermore, ELITE entered into a of tomorrow. have to continue to improve your product.” Memorandum of Understanding with More of Africa’s inspiring companies can the Nairobi Securities Exchange and FSD benefi t from the support provided through Africa to explore the ELITE opportunity for ELITE. Visit www.elite-network.com to fi nd the East Africa region and we are looking out more. 104 105

LSEG CTIA.indb 104-105 10/01/2019 11:30 ELITE ELITE IN AFRICA SNAPSHOT MOROCCO PRIVATE COMPANIES CAN ACCELERATE LONG-TERM GROWTH THROUGH A DIVERSE INTERNATIONAL NETWORK AND A RANGE OF FUNDING OPTIONS. ELITE IS CURRENTLY €1.9bn ACTIVE IN 35 COUNTRIES ACROSS THE WORLD, INCLUDING THE AFRICAN CONTINENT

INTERNATIONAL GROWTH THE AGGREGATE REVENUE AFRICAN ELITE COMPANIES MALI ELITE IN AFRICA BURKINA GENERATE FASO

BENIN

KENYA

SENEGAL TOGO CÔTE D’IVOIRE 90+

THE NUMBER OF AFRICAN COMPANIES IN THE ELITE A GLOBAL AND DIVERSE NETWORK PROGRAMME 2

THE NUMBER OF ELITE COMPANIES 20,000 IN AFRICA 8 FEATURED IN THIS YEAR’S PUBLICATION THE NUMBER OF + bn + THE NUMBER OF EMPLOYEES ACROSS 1,000 €80 35 432,000 35 AFRICAN COUNTRIES AFRICAN ELITE COMPANIES AGGREGATE REVENUE COUNTRIES JOBS SECTORS REPRESENTED IN COMPANIES ELITE 106 107

LSEG CTIA.indb 106-107 10/01/2019 11:30 RENEWABLE

RENEWABLE ENERGY SECTOR AT A GLANCE

730 MILLION RENEWABLE ENERGY THE NUMBER OF PEOPLE IN AFRICA RELYING ON IS GIVING MILLIONS TRADITIONAL USES OF BIOMASS OF PEOPLE IN AFRICA 92% ACCESS TO ELECTRICITY THE PROPORTION OF UNTAPPED POTENTIAL AS THE CONTINENT TURNS HYDROPOWER RESOURCES IN TO SOLAR, WIND AND AFRICA HYDROPOWER PROJECTS 290% THE FORECAST TO BOOST GENERATION INCREASE IN RENEWABLE POWER INSTALLED CAPACITY. THESE HOLD CAPACITY IN AFRICA BETWEEN 2015 THE POTENTIAL TO BRING AND 2030

IN THIS SECTION CLEAN, CHEAP AND M-KOPA has connected over 600,000 households RELIABLE POWER TO THOSE to solar power in East Africa, while Village Energy transformed its WHO HAVE NEVER HAD business doing solar repairs to becoming a one- ACCESS BEFORE stop shop for solar needs Sources: International Renewable Energy Agency (IRENA), IEA

108 109

LSEG CTIA.indb 108-109 10/01/2019 11:30 RENEWABLE ENERGY SUSTAIN THE ENERGY Africa has an abundance of natural resources: a POWERING % large coastline with signifi cant wind and wave NIGERIA power resources, and greater solar resources 30-35 than any other continent. While unreliable power North South Power Company www.northsouthpower.com supply has been an obstacle in accelerating Sector: Renewable Energy The increase in workforce economic transformation, African nations have the Country of operations: Nigeria in the next fi ve years, as opportunity to protect the people, environment North South Power igeria’s North South Power Company predicted by North South and future economic development with a range Company is an Nis an ambitious electricity-generating Power Company’s CEO electricity-generating of renewable energy sources. Many small-scale company with a focus on providing renewable company with solar, wind and geothermal plants provide energy energy to a power-hungry continent. The a focus on providing company’s key asset is the 600MW Shiroro renewable energy in rural areas; for example, solar power can help Hydroelectric Power Station, which it acquired with daily needs such as small-scale electrifi cation, under a 30-year concession, signed in desalination, water pumping and water purifi cation November 2013. North South Power plans to increase the capacity of the Shiroro plant to 720MW – part of a wide-ranging expansion strategy which OTHER COMPANIES also includes the acquisition of additional THAT MADE OUR LIST hydro and solar power assets. It was recently named the preferred bidder for a 25-year – African Clean Energy concession for the 30MW Gurara hydropower plant in Kaduna State and it is also – Envirofi t International Inc developing a 300MW solar power project. – Mobisol Rwanda Ltd In addition, North South Power is exploring the possibility of buying into the 700MW – ZOLA Energy Zungeru Power Plant currently under – Zonful Energy construction, which lies downstream of its existing Shiroro facility. “Together, this is expected to put the For the full directory generation capacity of NSP at about 1,750MW turn to pages 131–143 over the next five years,” says Dr Olubunmi Peters, Executive Vice Chairman and CEO. “As we continue to expand our business, our workforce will continue to grow, by 30–35%.” “This has given us the The company has been able to take advantage of some significant reforms to opportunity to diversify the electricity market in Nigeria in recent years, including the Power Sector Recovery and expand our current Programme, a road map for the sector jointly developed by the Nigerian government and generation’s footprint” the World Bank. This is designed to improve Dr Olubunmi Peters, Executive Vice Chairman and CEO, the sector’s financial viability, increase access North South Power Company to electricity and encourage more private sector investment. “This has given us the opportunity to diversify and expand our current generation’s footprint through the strategic acquisition of assets and vertical integration across the value chain,” says Olubunmi.

110 111

LSEG CTIA.indb 110-111 10/01/2019 11:30 RENEWABLE ENERGY

POWERING UP SOLAR ROLLOUT rom portable solar lanterns to pay-as-you-go solar home systems, VE Projects – the acronym stands for workforce tripling in size over the same time. FKenya-headquartered d.light has become a global leader in off-grid GGreen Village Electricity – describes itself “The renewable energy industry in Nigeria is energy systems, serving customers in more than 60 countries around the as a pioneer in the development of solar still young but burgeoning,” says CEO Ifeanyi world through distribution hubs in East and West Africa, as well as India, photovoltaic (PV) micro-utility technology in Orajaka. “There is an increasing trend for Southeast Asia and the US. Founded in 2007, the company targets the the West Africa region. Its services include the distributed renewable energy solutions in the more than two billion people around the world who have little or no access design, sale, installation and maintenance of country due to the poor level of service from www.gve-group.com www.dlight.com Sector: Renewable Energy to a reliable electricity supply. Sector: Renewable Energy solar systems for residential, commercial and the public utility.” Country of operations: Nigeria It uses a combination of mobile payment systems and an extensive Country of operations: Kenya rural off-grid communities, as well as energy GVE’s recent growth has been helped by distribution network to reach its customers. The system is designed to back-up and energy management systems. fi nancial support from some major international be very affordable, with a small initial deposit and then payments of GVE has been taking advantage of that backers, including equity and debt funding about $0.50 a day. opportunity and is growing fast, with revenues from the impact investment subsidiary of a “d.light has been able to rapidly scale its pay-as-you-go solar home increasing by 250% over the past year and the major oil and gas fi rm, and support from an

d.light creates GVE Projects develops pay-as-you-go solar solar photovoltaic home systems micro-utility technology

“The solar home systems make Ned Tozun, Co-founder Ifeanyi Orajaka, CEO, renewable energy affordable” and CEO, d.light Green Village Electricity

systems, bringing the grid-like experience to 300,000 households arm of the European Investment Bank. “This around the world,” says Ned Tozun, Co-founder and CEO. “The solar has signifi cantly helped us in kickstarting our home systems make renewable energy affordable for almost anyone.” medium-term growth plan of impacting four % The company continues to expand into new markets and over the past million people,” says Ifeanyi. year its distribution network has been rolled out to six more countries, However, despite the company’s strong primarily in Africa. At the same time, it has added hundreds of sales 250 2007 performance it says that it also faces some agents to its network. signifi cant challenges in developing the market To date, the company has reached some 85 million people with its for solar power in Nigeria. “The major challenges products, giving them an affordable and reliable alternative to more The year d.light facing the PV solar industry include a negative The increase in revenue traditional options such as kerosene lanterns. It has set itself a target was founded perception by clients, high initial capital over the past year for of reaching 100 million people by 2020 and looks well on its way to expenditure costs, fl uctuations in exchange hitting it. rates, inconsistency in customs charges GVE Projects “We want to empower our customers to climb the energy access ladder and limitations in the availability of skilled with solar home systems that provide an experience similar to or better labour,” says Ifeanyi. “While we are collectively than a grid connection,” says Ned. “We will lead the way in enabling tackling some of the challenges as an industry, families to leapfrog the electrical grid, going straight to renewable, off- through media campaigns and sector-driven grid energy. We expect our business workforce to grow fi ve-fold in the next standards enforcement and regulation, we seek fi ve years.” government support in the medium term.”

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LSEG CTIA.indb 112-113 10/01/2019 11:30 RENEWABLE ENERGY

LIGHTING AND LOANS MOVING TARGETS ince it was set up earlier this decade, M-KOPA has connected over illage Energy is a Ugandan solar power and increase access to services.” S600,000 households to solar power in East Africa and more than V start-up that is developing a last-mile The company has a network of six branches 500 new homes are being added to its network every day. The company distribution model for farmers, other rural and 30 employees across Uganda and offers a provides pay-as-you-go solar energy to homes which are not connected www.solar.m-kopa.com businesses and institutions. The company wide range of services, from in-house design to the grid. The battery-powered systems come with lights and mobile Sector: Renewable Energy specialises in projects that provide between to procurement, fi nancing, installation, remote phone charging points, as well as options for powering radios, digital TVs Country of operations: Kenya 200W and 10kW of power monitoring and on-site servicing. Since 2015, it www.villageenergy.com and fridges. “The off-grid solar industry in rural East has completed over 100 custom installations, Sector: Renewable Energy “Thanks to the sun’s rays and mobile technology, our customers can Africa is mostly focused on households,” with the largest to date being a 5kW scheme. Country of operations: Uganda light up their homes,” says Jesse Moore, CEO and Co-founder. “To start, says Waringa Matindi, CEO. “This leaves huge However, although there is clearly plenty they need a deposit of $30 followed by daily payments of 50 cents.” untapped opportunity for farms, businesses of potential in this corner of the solar market, The company has been innovating beyond simply the provision of solar and institutions which can boost incomes, there are also lots of challenges and over time power and over the past year it has launched a fi nancing service called lead to job creation and entrepreneurship the company has adapted its position to focus

“Our R&D team is working on 10 different product and business prototypes”

M-KOPA has Village Energy says connected over it has identifi ed 600,000 households an underserved to solar power market niche “Our model has evolved from doing solar repairs The company Since 2015, it has to being a one-stop produces rechargeable completed over 100 LED torches custom installations solar shop”

Solapesa. This is based on the idea that the mobile payments system on the most rewarding elements. M-KOPA uses to collect bills can also be used to provide loans “Despite many innovative technologies to its customers. entering the market, the complexities of “Our asset-backed fi nance service for existing customers was serving this customer segment have slowed launched this year,” says Jesse. “After some months of consistent adoption,” says Waringa. “Our model has payments, customers can access more fi nancing for productive assets. 500 2009 evolved from doing solar repairs to being a It is an important next step in providing our customers with a range of one-stop solar shop to now focusing 100% on transformative asset-backed services.” larger custom solar installations. The key has To date, its customers have acquired more than 250,000 assets based The number of new been the speed at which we are able to adapt The year Village Energy on their positive credit rating with M-KOPA. The company says the homes being added and our ability to fi nd sales and develop new was launched majority of the loans are being used to pay for agricultural services and business opportunities.” inputs, indicating that the service could play a useful role in boosting to M-KOPA’s network The company feels it is now well-placed for household income and productivity over the longer term. every day growth in the coming years. “We are not afraid The company says it is planning to launch other services in the future. to challenge our own business assumptions “In the next fi ve years we will be using our deep customer understanding and make changes to our model as the data to develop new products and services of our own and with our partners,” comes in, while staying true to our core says Jesse. “Our R&D team is working on 10 different product and mission of delivering solar at the last-mile,” business prototypes.” says Waringa.

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LSEG CTIA.indb 114-115 10/01/2019 11:30 EXPERT COMMENTARY REGIONAL SNAPSHOT AT THE HEART OF THE EASTERN AFRICA SNAPSHOT AFRICAN GROWTH KENYA LEADS THE WAY IN EASTERN AFRICA, WITH 66 COMPANIES FROM THE COUNTRY FEATURED IN THIS PUBLICATION. UGANDA IS IN CHRISTIAN CHAMMAS WITH A TRACK RECORD OF STRONG GROWTH AND FINANCIAL COMPOUND SECOND PLACE, WITH 31 COMPANIES. EASTERN AFRICA ACCOUNTS CEO, VIVO ENERGY PERFORMANCE, VIVO ENERGY IS EXCITED ABOUT THE ANNUAL FOR 40.8% OF THE FIRMS LISTED IN THIS REPORT GROWTH RATE CONTINUED OPPORTUNITIES FOR THE FIRM, AND FOR AFRICA

frica is one of the world’s fastest- service stations in 15 countries across the Agrowing regions, whether measured by continent, we like to say that we are at the GDP growth, population and urbanisation heart of the African growth story, helping growth, or in terms of rising income levels to fuel Africa’s future. and an increasing middle class. Vivo Energy’s initial public offering These trends lead to a growing need for in May 2018 was a major milestone commercial transport, personal mobility, in our business and was the largest infrastructure development and power entry to London Stock Exchange by an generation to drive industrial growth – African-focused company (by money underpinning demand for the retail and raised) in over a decade. commercial fuels that we provide across 15 the African continent. “BRINGING VIVO ENERGY Urbanisation and higher income also TO THE PUBLIC MARKETS drive change in consumer habits and ETHIOPIA HAS DIVERSIFIED OUR lifestyles, with city dwellers increasingly valuing convenience and quick service SHAREHOLDER BASE AND while shopping. ENHANCED OUR PROFILE Since our launch in 2011, we have WITH CUSTOMERS AND “ TRENDS LEAD TO A GROWING NEED FOR invested in all our markets across Africa BROADER STAKEHOLDERS” KENYA 1 COMMERCIAL TRANSPORT, PERSONAL to grow the business, adding hundreds 31 UGANDA MOBILITY, INFRASTRUCTURE DEVELOPMENT of new service stations and convenience Additionally, we made a secondary 66 SOMALIA AND POWER GENERATION TO DRIVE retail outlets, continuing to deliver inward listing on the Main Board of the improved results, year on year. Johannesburg Stock Exchange. These INDUSTRIAL GROWTH” RWANDA None of this would have been possible are premium listings on what are seen as without the dedication of our local teams premium stock exchanges. TANZANIA in Africa – not just the 2,350 direct Bringing Vivo Energy to the public Vivo Energy employees, but the tens of markets has diversifi ed our shareholder 14 base and enhanced our profi le with 11 “OUR SUCCESS IS BUILT customers and broader stakeholders. ON THESE PEOPLE, WHO Beyond that, it has also enabled us to further grow the business and strengthen DELIVER WORLD-CLASS our market-leading position across Africa. STANDARDS ACROSS OUR Our unconditional entry into eight OPERATIONS, EVERY DAY, new markets in March 2019, following WORKING TO ACHIEVE completion of a transaction with Engen, OUR VISION” will give us a footprint in additional high- growth Sub-Saharan markets and make thousands of other partners, including us the largest pan-African independent 8 our dealers, retail staff, transporters and fuel retail network by a wide margin. It will MADAGASCAR 1 contractors. Our success is built on these give us access to around 150 million new MAURITIUS people, who deliver world-class standards consumers, taking us from around 23% to across our operations, every day, working over 35% of the African population. to achieve our vision of becoming Africa’s We are excited about the future of most respected energy business. Africa and we are excited about the future NB Map depicts countries where listed companies operate Today, with over 1,800 Shell-branded of Vivo Energy. 116 117

LSEG CTIA.indb 116-117 10/01/2019 11:30 RENEWABLERERENNEEWAWABLBLE

“The AfDB is determined to continue to INVESTING IN AFRICA place funding for SMEs at the centre of AS AFRICA’S PRIMARY DEVELOPMENT FINANCIAL INSTITUTION, THE AfDB IS AT THE its strategies and future interventions” FOREFRONT OF INVESTMENT ACROSS THE CONTINENT, PARTICUARLY IN SMEs

he African Development Bank (AfDB) believes the development of interventions, the AfDB does support fi nancial institutions in Africa Group, Bourse Régionale des Valeurs Mobilière (BRVM) and the SMEs to facilitate their access to stock exchange. The project TAfrica is closely tied to the growth of its fi nancial markets as an to increase credit to the private sector, especially SMEs. In 2017, Casablanca Stock Exchange (CSE) to contribute in addressing some is being undertaken in collaboration with various stakeholders, alternative source of fi nancing for Africa’s private sector, in particular, the Bank approved over €1.2 billion of operations for the fi nancial of the challenges faced by SMEs in Africa. One such joint initiative among whom are market regulators and professional bodies, its SMEs. The Bank is convinced that the ability of fi nancial markets sector, with 40% of this amount dedicated solely for the benefi t is the launch of the “The ELITE Lounge BRVM”, a capital markets including the regional exchange (BRVM), the regional fi nancial to adapt to local realities and challenges facing African companies, of SMEs. initiative aimed at addressing SMEs’ unique challenges in the areas markets regulator (Conseil Régional de l’Epargne Publique et des and the provision of appropriate fi nancial support, will enable SMEs The development of African fi nancial markets and institutions of accounting and management, need for scale up and de-risking Marchés Financiers – CREPMF), Central Depository and Settlement to play leadership roles in industrialising the continent. The critical to mobilise domestic and international savings, in order to channel of SME businesses, capacity building and institutionalising of Banks, Association of Brokers) and a number of SMEs. The project importance of Africa’s SMEs cannot be overemphasized as there are resources towards the fi nancing of African economies, including for SME culture. The ELITE Lounge BRVM is a collaboration between will have a positive impact on economic operators, both issuers and an estimated 5 million formal SMEs in Africa, creating approximately SMEs, is therefore at the heart of the Bank’s priorities for promoting BRVM, CSE and LSEG, with support from AfDB, to offer an all- investors, on WAEMU states through more possibilities for fi nancing 58% of total employment and 33% of the continent’s GDP. the economic and social transformation of the continent. in-one solution, by helping to prepare SMEs for listing, through their economies, and ultimately on the WEAMU population who Effective and integrated fi nancial markets are essential to catalyze a tailor-made program, a dedicated platform, a structured will benefi t from the economic and social fallouts of better access intermediation of long-term fi nancing, thus helping to reduce some STRENGTHENING THE FINANCIAL MARKET training framework, and access to a community of advisers and to fi nancing. of the challenges faced by Africa’s SMEs. ECOSYSTEM TO BETTER SERVE AND institutional investors. The PADMAFIR project is being implemented from the Fund Domestic and regional capital markets in Africa have evolved The ELITE Lounge BRVM, is part of the West Africa Economic and for Private Sector in Africa (FAPA), which is funded by the Bank signifi cantly over the last 20 years, but still need support if they BRIDGE FUNDING GAP FOR SMEs Monetary Union (WAEMU) Support Project for the Development of and the Governments of Japan and Austria. FAPA has been a very are to play a signifi cant role in bridging the gap as an alternative It is towards the achievement of this priority that the Bank has the Regional Financial Markets (PADMAFIR). This is a broad support faithful partner to Africa, giving grants for the development of source of funding to SMEs. To complement the fi nancial market partnered with stakeholders such as London Stock Exchange project in collaboration with the capital market regulator, the private enterprises, through which AfDB can provide grants to SMEs regional stock exchange and other institutional and commercial ecosystems, including African fi nancial institutions to support market participants. SMEs. In this case, FAPA is funding a broad range of activities, PADMAFIR builds on the Bank’s knowhow and lessons learned including directly supporting SME ecosystems. THE HIGH 5S AGENDA from past experiences in capital market development support The AfDB is determined to continue to place funding for SMEs across the continent, with the main objective of strengthening the and the improvement of the ecosystem for SMEs at the centre Regional Financial Market governance structures, modernising of its strategies and future interventions. It will maintain its regulatory frameworks to boost market competitiveness and leading role in enabling stronger, deeper and better linked capital attractiveness, and ensuring capacity building of the different markets across the continent, capable of attracting domestic and stakeholders, as well as establishing a support mechanism for international funding for the growth of Africa’s SMEs.

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LSEG CTIA.indb 118-119 10/01/2019 11:30 TECHNOLOGY & TELECOMS

TECHNOLOGY & TELECOMS SECTOR AT A GLANCE

1 BILLION WE ARE LIVING THE NUMBER OF MOBILE CONNECTIONS IN IN A CONNECTED SUB-SAHARAN WORLD. BROADBAND AFRICA 1ST INFRASTRUCTURE AND AFRICA IS THE FASTEST-GROWING MOBILE MARKET DATA CENTRES ARE KEY GLOBALLY TO THE DEVELOPMENT 4.5 MILLION THE NUMBER OF OF AFRICA’S DIGITAL JOBS THAT MOBILE TECHNOLOGIES AND ECONOMY. EVERY SERVICES WILL GENERATE BY 2020, JOB OF THE FUTURE IN AFRICA IN THIS SECTION WILL INCLUDE A DIGITAL Kash Pandya, CEO of telecoms company Helios Towers, explains how COMPONENT AND AFRICA’S mobile phones are now a vital part of society across the continent. WORKFORCE NEEDS TO BE Also, the Group CFO of CSquared describes PREPARED ACCORDINGLY how the fi rm helps with broadband connectivity across West Africa

Sources: GSMA, Researchandmarkets.com

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LSEG CTIA.indb 120-121 10/01/2019 11:30 TECHNOLOGY & TELECOMS DIGITAL DYNASTY The application of information and communication MOBILE technologies, particularly in mobile telecoms, CONNECTIONS has had a major impact on the socioeconomic transformation of Africa. As its mobile market Helios Towers www.heliostowers.com begins to mature, African service providers are Sector: Technology & Telecoms moving from securing subscribers, towards Country of operations: Mauritius encouraging data consumption and mobile banking. elios Towers owns and operates telecoms This has fuelled a parallel expansion in innovators Htowers and related infrastructure in four Based in Mauritius, and entrepreneurs looking to ride the mobile wave, African countries: the Republic of the Congo, the Helios Towers owns and has opened up an array of uses for mobiles in Democratic Republic of the Congo (DRC), Ghana and operates telecoms and Tanzania. With mobile phones now a vital part towers in parts of Africa, including Ghana business, healthcare and education of society across the continent, such services are an essential component of a successful economy. “Our core business is to provide mobile network operators with tower site space, power and OTHER COMPANIES related services,” explains Kash Pandya, CEO. “As THAT MADE OUR LIST our markets have little or no fi xed line voice or data infrastructure, the services we provide are – Africa’s Talking Ltd essential for providing mobile connectivity to – Cellulant Kenya Ltd these countries and help support the development of their communities.” – Co-Creation Hub Ltd The numbers involved are often very large. – Guscorp Integrated Services Ltd In DRC, for example, Helios Towers is in the – Seamfi x Nigeria Ltd process of improving mobile infrastructure and connectivity for six million people by upgrading and building backbone sites covering 1,800km. For the full directory “The project will add signifi cant capacity, replacing turn to pages 131–143 existing satellite connectivity and providing the infrastructure for increased 3G and the launch of 4G services following the government’s recent award of 4G licences,” says Kash. Deploying, upgrading and maintaining telecoms towers across such vast geographic areas, often with limited infrastructure and “The services we provide power reliability, is certainly a challenge, yet the company has still managed to post 14 are essential for providing consecutive quarters of earnings growth. It has been helped in this by a combination mobile connectivity to of operational effi ciencies and the continued adoption of mobile phones in its markets. “Mobile these countries” subscription growth in our markets are some of Kash Pandya, CEO, Helios Towers the fastest in Africa and forecast to increase by 2023 49 million by 2023,” says Kash. “Strong market dynamics driving top-line growth, combined with continual operational improvements, have been the drivers of our growth.” The year by which mobile Increasing disposable income and consumer spending should drive demand for improved subscription in Africa is set to mobile connectivity and Helios Towers looks well have increased by 49 million placed to capitalise on these opportunities. 122 123

LSEG CTIA.indb 122-123 10/01/2019 11:30 TECHNOLOGY & TELECOMS

PIXEL PERFECTION DIGITAL DISRUPTER reative technology agency 3 Wise Pixels (3WP) offers a wide range of airobi-based Bean Interactive is a full-service services based around its digital skill set, Cservices, including website and app design, branding advice, platform Ndigital marketing agency that doesn’t lose including production, strategy, experiential maintenance and even CCTV installation and servicing, all from its base in sight of the detail while keeping an eye on services and audience development. The the bustling Nigerian city of Lagos. the bigger picture. “We focus on fi nding and company prides itself on having a reputation for “The company mirrors the ever-evolving landscape of the continent’s executing the small things that make a big being disruptive by fi nding ways of enhancing largest city: rapid growth, innovation, targeted problem-solving and difference, in other words, sweating the small the impact of a marketing campaign by using www.bean.co.ke www.3wp.io Sector: Technology & Telecoms distinct overtones of a rich cultural identity,” says Nnanna Okorie, CEO. Sector: Technology & Telecoms stuff,” says Martin Kiarie, CEO. relevant technology. However, Bean Interactive Country of operations: Kenya The company has been enjoying impressive growth rates in recent Country of operations: Nigeria It is an approach the agency has adopted for wants to leverage its abilities to become more years. “The technology and branding industries are still largely in all of its clients and their campaigns, and it has than simply a digital agency. their infancy on this continent and this presents us with our biggest enabled it to win new business, even when wider “Our strategic intention is to evolve from opportunity: to provide world-class services to consumers who have been economic conditions have been weak. being a digital marketing agency to a led to believe those services can only be acquired overseas,” says Nnanna. The company offers a range of marketing leading marketing agency in a digital world,”

“African entrepreneurs will become empowered by the free fl ow of information”

3WP works to design Bean Interactive is and develop apps for based in Nairobi, Kenya Android and iOS

The team, known as ‘pixels,’ develops reliable, dynamic and long-term Martin Kiarie, digital solutions CEO, Bean Interactive

“Those who recognise and seize this opportunity will be at the forefront of explains Martin. “We will focus on using our the boom currently being experienced in Africa.” technological expertise to add value to other Ongoing improvements to internet access around the continent functions of communications that we currently mean there is plenty of potential for further growth, and the company don’t serve. We will then focus on serving new is planning its expansion strategy for the years ahead. 3WP is planning segments and markets.” to add more engineers, creative designers and developers to its team, 2009 2015 The company’s strategy has been helped by as well as social media and data analysts, in order to make the most of being selected to join the Stanford Business new opportunities as they arise. Once it is fi rmly established in Nigeria, it School Seed Transformation programme last also plans to expand into other cities such as Abidjan, Côte d’Ivoire, and The year 3 Wise Pixels year, something that has led it to consider The year Bean Nairobi, Kenya. was founded in Nigeria how best to enhance and optimise every aspect Interactive was “Over the course of the next few years, African entrepreneurs will of the business. “This has been a key pillar in become empowered by the free fl ow of information spurred by faster, our continued transformation as it has forced launched in Kenya cheaper internet, more global companies like Uber, Amazon and Facebook us to address all factors of our business,” fi ne-tuning their products and services for this market, and the success says Martin. of indigenous companies,” predicts Nnanna. “It won’t be long before true “We are focusing not just on what we do, but innovation in Africa takes root.” how we run the company. We are now geared to step into the next phase of our business: sustained growth.”

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LSEG CTIA.indb 124-125 10/01/2019 11:30 TECHNOLOGY & TELECOMS

TECH TRANSPARENCY MAKING THE CONNECTION udgIT Foundation has been using technology to enlighten, engage ewer than half of the world’s people are able The company’s story began in Uganda, where Band empower Nigerians since 2011. The foundation describes Fto use the internet, and connections may be it built a fi bre network in the greater Kampala itself as a non-governmental civic technology organisation and its core slow and unreliable for those who are online. area in 2013. Since then, it has expanded into focus is to provide accurate data about public fi nance and governance www.yourbudgit.com The key problem is often poor infrastructure, Ghana and Liberia in West Africa and it now has matters, thereby raising the standard of government transparency and Sector: Technology & Telecoms something which CSquared is trying to address more than 1,500 fi bre connections to towers Country of operations: Nigeria www.csquared.com accountability in the country. by developing modern telecoms networks. and buildings serving millions of end users. Sector: Technology & Telecoms The foundation works with other civil society and public institutions as “We believe broadband connectivity can The business model is to act as a neutral Country of operations: Uganda well as the media to get its message out and to date has reached close to transform communities and bring about wholesaler, with CSquared offering its network fi ve million Nigerians, both online and offl ine. Its output includes Budget sustained economic development,” says to mobile network operators and internet service Access and State of States publications, as well as training sessions, Alexander Kiel, Group CFO. “We provide open- providers who can then reach out to sign up workshops and the production of thousands of infographics. It has also access infrastructure to meet the needs of customers. “This helps avoid costly duplication developed a project-monitoring platform called Tracka, which keeps an young and growing populations in Africa.” of infrastructure and ultimately leads to better

The foundation works with public and other other civil society institutions Alexander Kiel, Group CFO, CSquared “Our biggest opportunity is the need “We believe broadband CSquared addresses for Nigerian citizens to be informed Oluseun Onigbinde, poor infrastructure connectivity can Co-founder and Director, for modern about governance activities” BudgIT Foundation telecoms networks transform communities”

eye on the progress of more than 800 projects around the country. connectivity for all,” says Alexander. “Early on, The organisation is currently active in 22 of Nigeria’s 36 states, but it being a neutral wholesale infrastructure operator has plans to expand its operations both inside the country and beyond. helped establish us as the infrastructure “Our mission is relevant in practically every democratic nation, especially operator of choice for service providers, since we those of the developing countries,” says Oluseun Onigbinde, Co-founder do not compete with them in the retail space.” and Director of BudgIT Foundation. “To this end, in the next fi ve years we 36 1,500 CSquared has some heavyweight hope to increase our reach to all 36 states of Nigeria and spread to at least shareholders behind it, including the likes of three other countries, improving the knowledge of governance matters tech giant Google, Japan’s Mitsui & Co and the among citizens.” The number of states International Finance Corporation, part of the The number of fi bre In an effort to place the foundation on a sustainable, long-term footing, in Nigeria BudgIT World Bank Group. Their support is enabling connections CSquared it has also been developing some profi t-making ventures. In 2015, it set the company to expand further around the up BudgIT Co to offer data analytics and visualisation services for both Foundation wishes continent and to develop products to enhance has in West Africa public and private companies and last year it launched the Civic Hive to reach broadband adoption. project, which offers virtual and physical space for start-ups. “This is “These shareholders have a long-term another revenue-generating platform for BudgIT as start-ups pay for the vision around increasing access to broadband space they use at a very subsidised rate,” says Oluseun. internet in Africa and have committed But the main focus still remains the same. “Our biggest opportunity is signifi cant capital for expansion into more the need for Nigerian citizens to be informed about governance activities,” markets,” says Alexander. says Oluseun. 126 127

LSEG CTIA.indb 126-127 10/01/2019 11:31 TECHNOLOGY & TELECOMS

THE BIG PICTURE SUN-POWERED SURFING outh Africa’s Sea Monster Entertainment is a marketing company izeti is taking on the challenge of poor capital and operating expenditure ineffi ciencies Sthat uses animation, games and augmented reality to make a Tinternet connectivity in Africa, using the associated with powering their towers with diesel difference, with a particular focus around fi nancial education and power of the sun. The company provides generators,” says Kendall Ananyi, CEO. “We were entrepreneurship. “We create engaging and memorable digital content affordable internet access to homes and small then able to pass the savings to the customers, www.tizeti.com and experiences,” says Managing Director Glenn Gillis. “We know how businesses in Nigeria under the brand name who have become more price-sensitive due to Sector: Technology & Telecoms to use stories to share knowledge and inspire behaviour change. Sea www.seamonster.co.za Wifi .com.ng, using solar-powered Wi-Fi towers the diffi cult economic conditions.” Country of operations: Nigeria Monster delivers projects that have the potential to fundamentally Sector: Technology & Telecoms that can connect customers within a 2km radius. The company also offers a service in which disrupt how organisations communicate.” Country of operations: South Africa With monthly plans starting at $30 a month, the its customers can use their devices as hotspots, The company was set up seven years ago and since then it has been company says its system costs users up to 50% to enable a secondary tier of users to access the getting involved in increasingly complex and strategic projects with a less than the price of a typical capped mobile internet using their own Wi-Fi-enabled devices. few key clients. These are aimed at both internal and external audiences. data plan. “This has increased our addressable market to The larger projects do necessitate bigger budgets, but Glenn says the “We took the telco model and removed all the include people who would normally not be able

Sea Monster employs Tizeti provides high animation and games speed broadband to deliver behaviour- internet across Africa changing projects “Our ambitions are global, and a

strong desire to achieve scalable Glenn Gillis (left), Managing Director and Wynand change is core to our plans” Groenewald, Creative Kendall Ananyi, Director, Sea Monster CEO, Tizeti

company’s output tends to work best on a larger canvas. to afford our monthly plan. The daily plan offers “At scale, our solutions can be very cost-effective, but they do require unlimited internet access for as little as $0.60,” a level of upfront investment and high-level buy-in,” he says. “Over time m says Kendall. and with appropriate support they can drop costs by up to 75% per active In September, Tizeti raised $3m in funding engagement and customers are increasingly partnering with us to unlock from a group of international investors. It plans $3 this value. In turbulent times, companies must do more, not less, to make 2011 to use the funds to expand outside Nigeria into calculated investments to drive new business growth and lower costs.” new markets around the continent, starting with Fittingly, the company also has big ambitions for itself. Over the next Ghana, and it will also launch a new consumer- fi ve years it plans to raise more funding to invest in sales and marketing The year Sea Monster facing brand called Wifi .Africa. The amount Tizeti channels globally, open an offi ce in London and develop products with was formed The company has big ambitions for growth raised in funding from clients around the world. It is also looking for ways to create annuity in the coming years. “We see our company as income and develop revenue-sharing arrangements. the go-to provider of uncapped internet service international investors “Our ambitions are global, and a strong desire to achieve scalable across the continent, as the telcos move towards change is core to our plans,” says Glenn. “Animation and games taxing their consumers with expensive capped really will change the world, and organisations are starting to see how data plans,” says Kendall. “We hope to quadruple these can be serious business tools to drive measurable results. Our the size of our workforce over the next fi ve years opportunities are endless.” to go after the internet access opportunity as fast as we can.”

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LSEG CTIA.indb 128-129 10/01/2019 11:31 THE METHODOLOGY BEHIND THE NUMBERS HOW WE BUILT OUR LIST OF COMPANIES TO INSPIRE AFRICA

To build this list, London Stock Exchange Growth Group collated companies nominated Companies must have demonstrated growth by our partners, development fi nance over the past three years. Growth was institutions, venture capitalists, private evaluated in terms of revenues, numbers equity fi rms, impact investors and our of employees, operational output or research partner, Asoko Insight. geographic expansion. London Stock Exchange Group used the fi nancial data provided on the Size companies to establish the list, with Independent company or consolidated group the following criteria needing to be annual revenue must not exceed $1bn, for met for inclusion. the years 2015-2017. Revenues are based on the company’s audited accounts. Company status Companies must be active and privately Auditability held, with headquarters or their Companies were required to provide details primary operations being run out on the auditors for their fi nancial accounts of Africa. against which checks were carried out.

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LSEG CTIA.indb 130-131 10/01/2019 11:31 DIRECTORY

AC Group Ltd Africa’s Talking Ltd Awash Wine Share Company Plc Camusat Uganda Ltd Ethiochicken Plc Central www.acgroup.rw www.africastalking.com www.awashwines.com www.camusat.com www.ethiochicken.com Sector: Technology & Telecoms Sector: Technology & Telecoms Sector: Consumer Services Sector: Technology & Telecoms Sector: Agriculture Alduco Engineering Services Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: www.alduco.com Rwanda Kenya Ethiopia Uganda Ethiopia Sector: Industry Nominating firm: 42Kura Nominating firm: Asoko Insight Nominating firm: CDC Group Nominating firm: Grant Thornton Nominating firm: The Africa List Country of primary operations: Uganda Equatorial Guinea Acorn Group Ltd African Leadership University Axiom Networks Ltd Ethiogreen Production And Nominating firm: Asoko Insight www.acornholdingsafrica.com Ltd pg 83 Sector: Technology & Telecoms Capture Solutions Ltd Industry Plc Sector: Industry www.alueducation.com Country of primary operations: www.cs4africa.com www.ethiogreen.com Gabon Special Economic Zone SA Country of primary operations: Sector: Healthcare & Education Rwanda Sector: Technology & Telecoms Sector: Consumer Services www.gsez.com Kenya Country of primary operations: Nominating firm: Rwanda Country of primary operations: Country of primary operations: Sector: Industry Nominating firm: Asoko Insight Mauritius Development Board Kenya Ethiopia Country of primary operations: Nominating firm: PwC Nominating firm: Asoko Insight Nominating firm: Asoko Insight Gabon Adele Dejak Ltd Bank of Kigali Ltd Nominating firm: GuarantCo www.adeledejak.com African Management Initiative www.bk.rw Case Medical Centre Ltd Ethiopian Steel Profiling and Sector: Consumer Services www.africanmanagers.org Sector: Financial Services Sector: Healthcare & Education Building Plc Laboratoires Biopharma pg 45 Country of primary operations: Sector: Healthcare & Education Country of primary operations: Country of primary operations: www.ethiopiansteelprofiling.com www.laboratoires-biopharma.com Kenya Country of primary operations: Rwanda Uganda Sector: Industry Sector: Consumer Services Nominating firm: Lionesses of Africa Mauritius Nominating firm: Asoko Insight Nominating firm: Asoko Insight Country of primary operations: Country of primary operations: Nominating firm: Self nominated Ethiopia Cameroon ADFinance Bean Interactive Ltd pg 125 Cellulant Kenya Ltd Nominating firm: Asoko Insight Nominating firm: PwC www.adfinance.co Agricom Africa Ltd www.bean.co.ke www.cellulant.com Sector: Technology & Telecoms www.agricomtz.com Sector: Consumer Services Sector: Technology & Telecoms Farm Fresh Produce (Uganda) La Clique Music International Ltd Country of primary operations: Sector: Agriculture Country of primary operations: Country of primary operations: Ltd www.lacliquemusic.com Rwanda Country of primary operations: Kenya Kenya Sector: Agriculture CSquared pg 127 Docuwide Uganda Ltd Sector: Consumer Services Nominating firm: Rwanda Tanzania Nominating firm: Asoko Insight Nominating firm: CDC Group Country of primary operations: www.csquared.com www.docuwide.co.ug Country of primary operations: Development Board Nominating firm: Asoko Insight Uganda Sector: Technology & Telecoms Sector: Consumer Services Congo, Democratic Republic of the Nominating firm: Self nominated Biodeal Laboratories Ltd Cephas Inn Ltd Country of primary operations: Country of primary operations: Nominating firm: The Africa List Advent Construction Ltd pg 90 Akaki Garment Share www.biodeal.co.ke www.cephasinn.com Uganda Uganda www.adventconstructions.co.tz Company Sector: Healthcare & Education Sector: Consumer Services Nominating firm: Convergence Nominating firm: Asoko Insight 4G Capital Tobby Vision Computers Sector: Industry Sector: Industry Country of primary operations: Country of primary operations: Partners www.4g-capital.com Institute Country of primary operations: Country of primary operations: Kenya Uganda Sector: Financial Services EA Fruits Farm and Company Ltd www.tobbyvision.com Tanzania Ethiopia Nominating firm: Asoko Insight Nominating firm: Asoko Insight Country of primary operations: d.light Ltd pg 112 Sector: Agriculture Sector: Healthcare & Education Nominating firm: Asoko Insight Nominating firm: Asoko Insight Mauritius www.dlight.com Country of primary operations: Country of primary operations: Nominating firm: Asoko Insight BioLite Holdings Kenya Ltd Chandaria Industries Ltd Sector: Renewable Energy Tanzania Cameroon Afribon Kenya Ltd pg 42 All In Trade Ltd www.global.bioliteenergy.com www.chandaria.com Country of primary operations: Nominating firm: AECF Nominating firm: Asoko Insight www.afribon.com www.allintradelimited.com Sector: Industry Sector: Consumer Services Kenya Friends Consult Ltd Sector: Consumer Services Sector: Renewable Energy Country of primary operations: Country of primary operations: www.friendsconsult.co.ug Nominating firm: UNCDF East African Agri-Business Plc Trianon BTP Gabon Country of primary operations: Country of primary operations: Kenya Kenya Sector: Consumer Services www.eastafricanholding.com www.trianon-homes.com Kenya Uganda Nominating firm: Asoko Insight Nominating firm: DFID Kenya Country of primary operations: Davis and Shirtliff Ltd Sector: Agriculture Sector: Industry Nominating firm: Asoko Insight Nominating firm: Self nominated Uganda www.davisandshirtliff.com Country of primary operations: Country of primary operations: Nominating firm: Asoko Insight BitPesa Charis UAS pg 34 Sector: Industry Ethiopia Gabon Africa Improved Foods Rwanda Anergi Holding Company www.bitpesa.co www.charisuas.com Country of primary operations: Nominating firm: Asoko Insight Nominating firm: Investisseurs & Ltd pg 43 www.anergigroup.com Sector: Technology & Telecoms Sector: Agriculture Kenya Future Link Technologies Ltd Partenaires www.africaimprovedfoods.com Sector: Industry Country of primary operations: Country of primary operations: www.fltug.com Nominating firm: DFID Kenya Empire Microsystems Ltd Sector: Consumer Services Country of primary operations: Kenya Rwanda Sector: Technology & Telecoms www.empire.co.ke Country of primary operations: Mauritius Nominating firm: Self nominated Nominating firm: Rwanda Country of primary operations: Delight Uganda Ltd Sector: Technology & Telecoms Rwanda Nominating firm: PwC Development Board Uganda www.delightug.com Country of primary operations: East Nominating firm: Rwanda Nominating firm: Asoko Insight Bonfire Adventures and Events Sector: Consumer Services Kenya Development Board Ltd Credible Blooms Ltd Abyssinian Flight Services Plc Anglo African Investments Ltd Country of primary operations: Nominating firm: Prudential Group www.bonfireadventures.com Sector: Agriculture www.abyssinianflights.com www.angloafrican.com Uganda Futurepump Ltd Africa Polysack Industries Ltd Sector: Financial Services Sector: Consumer Services Country of primary operations: www.futurepump.com Sector: Industry Nominating firm: Lionesses of Africa Envirofit International Inc www.africapolysack.com Country of primary operations: Country of primary operations: Kenya Sector: Agriculture Country of primary operations: www.envirofit.org Sector: Industry Mauritius Kenya Nominating firm: AfricInvest Country of primary operations: Ethiopia Direct Pay Online Holdings Ltd Sector: Renewable Energy Country of primary operations: Nominating firm: Self nominated Nominating firm: Asoko Insight Kenya Nominating firm: Asoko Insight www.directpay.online Country of primary operations: Uganda Nominating firm: Self nominated CrossBoundary Energy Sector: Financial Services Kenya Nominating firm: Asoko Insight Aptech Africa Ltd Britania Allied Industries Ltd www.crossboundaryenergy.com Country of primary operations: Nominating firm: Self nominated www.aptechafrica.com www.britania.ug Sector: Renewable Energy Kenya Sector: Renewable Energy Sector: Consumer Services Country of primary operations: Nominating firm: CDC Group Country of primary operations: Country of primary operations: Kenya Uganda Uganda Nominating firm: Levanter Africa Nominating firm: Self nominated Nominating firm: Asoko Insight

132 133 DIRECTORY

General Equipment (1978) Hyvec Group pg 96 Kenya Highland Seed LANTech (Africa) Ltd Meru Greens Horticulture Ltd NASECO (1996) Ltd Paksons Enterprises Ltd Rwanda Trading Company Ltd Company Ltd www.hyvec.com Company Ltd www.lantech.co.ke www.merugreens.com www.nasecoseeds.net www.paksons.com www.rwandatc.com www.genequip.co.ke Sector: Industry www.royalseed.biz Sector: Technology & Telecoms Sector: Agriculture Sector: Agriculture Sector: Agriculture Sector: Agriculture Sector: Industry Country of primary operations: Sector: Agriculture Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Mauritius Country of primary operations: Kenya Kenya Uganda Kenya Rwanda Kenya Nominating fi rm: Axcel insights Kenya Nominating fi rm: Asoko Insight Nominating fi rm: AECF Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Info Mind Solutions Plc Little Ltd Metropol Corporation Ltd National Cement Share PMS Group Ltd Sahasra Electronics (Rwanda) Geossy Ltd www.ethiojobs.net Khetia Garments Ltd www.little.co.ke www.metropol.co.ke Company www.pmsafrica.com Pvt Ltd www.geossy.com Sector: Consumer Services Sector: Consumer Services Sector: Consumer Services Sector: Financial Services www.nationalcementsc.com Sector: Consumer Services www.sahasraelectronics.rw Sector: Agriculture Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Sector: Industry Country of primary operations: Sector: Technology & Telecoms Country of primary operations: Ethiopia Kenya Kenya Kenya Country of primary operations: Kenya Country of primary operations: Uganda Nominating fi rm: Self nominated Nominating fi rm: Asoko Insight Nominating fi rm: Self nominated Nominating fi rm: Asoko Insight Ethiopia Nominating fi rm: Lionesses of Africa Rwanda Nominating fi rm: Self nominated Nominating fi rm: CDC Group Nominating fi rm: Self nominated Jesa Farm Dairy Ltd Kifi ya Financial Technology Logistics Link Ltd MicroDahab Poa International Ltd GET IT Holdings www.jesa.co.ug Plc www.logisticslink.co.ke Sector: Financial Services National Union of Coffee www.poa.co.ke Schutter Energy Ltd www.getitrwanda.com Sector: Consumer Services www.kifi ya.com Sector: Industry Country of primary operations: Agribusinesses and Farm Sector: Technology & Telecoms Sector: Renewable Energy Sector: Agriculture Country of primary operations: Sector: Technology & Telecoms Country of primary operations: Somalia Enterprises Country of primary operations: Country of primary operations: Country of primary operations: Uganda Country of primary operations: Kenya Nominating fi rm: AECF www.nucafe.org Kenya Kenya Rwanda Nominating fi rm: Asoko Insight Ethiopia Nominating fi rm: Asoko Insight Sector: Agriculture Nominating fi rm: DFID Kenya Nominating fi rm: AECF Nominating fi rm: Asoko Insight Nominating fi rm: DIT MobiCash Ltd Country of primary operations: Josa Green Technologies Ltd Luna Export Slaughterhouse www.mcash.rw Uganda Power Control Ltd Securex Agencies Ltd Goodlife Pharmacy Ltd Sector: Renewable Energy La Sentinelle Ltd Plc Sector: Financial Services Nominating fi rm: UNCDF www.powercontrol.co.tz www.securexafrica.com www.goodlife.co.ke Country of primary operations: www.lasentinelle.mu www.lunafarmexport.com Country of primary operations: Sector: Consumer Services Sector: Consumer Services Sector: Healthcare & Education Uganda Sector: Consumer Services Sector: Consumer Services Rwanda Nina Interiors Ltd Country of primary operations: Country of primary operations: Country of primary operations: Nominating fi rm: UNCDF Country of primary operations: Country of primary operations: Nominating fi rm: Rwanda www.ninainteriors.co.ug Tanzania Kenya Kenya Mauritius Ethiopia Development Board Sector: Consumer Services Nominating fi rm: Asoko Insight Nominating fi rm: DFID Kenya Nominating fi rm: Asoko Insight Karibu Homes Ltd Nominating fi rm: Axcel insights Nominating fi rm: Asoko Insight Country of primary operations: www.karibuhomes.com MobiPay Uganda PowerGen Renewable Energy Seedco Tanzania Ltd Nominating fi rm: Asoko Insight Grow More Seeds and Sector: Industry M-KOPA Kenya Ltd pg 114 www.mobipayagrosys.com www.powergen-renewable-energy. Sector: Agriculture Chemicals Ltd Country of primary operations: www.solar.m-kopa.com Sector: Technology & Telecoms com Country of primary operations: www.growmoreseeds.com Kenya Sector: Renewable Energy Country of primary operations: Nini Ltd Sector: Renewable Energy Tanzania Sector: Agriculture Nominating fi rm: DFID Kenya Country of primary operations: Uganda www.ninifl owers.com Country of primary operations: Nominating fi rm: AECF Country of primary operations: Kenya Nominating fi rm: UNCDF Sector: Agriculture Kenya Uganda Nominating fi rm: DFID Kenya Country of primary operations: Nominating fi rm: AECF SELFINA Nominating fi rm: Asoko Insight Mobisol Rwanda Ltd Kenya www.selfi na.com Nominating fi rm: Asoko Insight Mace Foods Ltd www.plugintheworld.com Primefuels Kenya Ltd Sector: Financial Services Hamaressa Edible Oil Share www.macefoods.com Sector: Renewable Energy www.primefuels.com Country of primary operations: Company Sector: Consumer Services Country of primary operations: Odyssey Capital Ltd Sector: Industry Tanzania www.lipalater.com Nominating fi rm: Lionesses of Africa www.hamaressaedibleoil.com Country of primary operations: Rwanda Country of primary operations: Sector: Financial Services Sector: Consumer Services Kenya Nominating fi rm: Rwanda Kenya Country of primary operations: Country of primary operations: Nominating fi rm: Asoko Insight Development Board Nominating fi rm: Asoko Insight Selina Wamucii Ltd pg 36 Kenya Ethiopia www.selinawamucii.com Nominating fi rm: IDP Foundation Nominating fi rm: Asoko Insight Mara Beef Moplaco Trading Company Plc Q-Sourcing Ltd Sector: Agriculture www.marabeef.com www.moplaco.com www.qsourcing.com Country of primary operations: Helios Towers Africa pg 122 Sector: Agriculture Sector: Consumer Services Optiven Ltd pg 93 Sector: Consumer Services Kenya www.optiven.co.ke Nominating fi rm: Soros Economic www.heliostowers.com Country of primary operations: Country of primary operations: Country of primary operations: Sector: Industry Development Fund Sector: Technology & Telecoms Kenya Ethiopia Uganda Country of primary operations: Country of primary operations: Nominating fi rm: AECF Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Kenya Mauritius Sheffi eld Steel Systems Ltd Nominating fi rm: Asoko Insight Nominating fi rm: CDC Group Meat King Distributors Ltd Munyax Eco Ltd Questworks Ltd www.sheffi eldafrica.com www.meatkingtz.com www.munyaxeco.com www.questworks.co.ke Sector: Industry Hotpoint Appliances Ltd Sector: Consumer Services Sector: Renewable Energy Organic Export Abattoir Ltd Sector: Industry Country of primary operations: Country of primary operations: www.organicagroindustry.com Kenya www.hotpoint.co.ke Country of primary operations: Country of primary operations: Rwanda Sector: Agriculture Nominating fi rm: Asoko Insight Sector: Consumer Services Tanzania Kenya Nominating fi rm: Asoko Insight Country of primary operations: Country of primary operations: Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Ethiopia Kenya Shiv International Ltd Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Melvin’s Marsh International Nairobi Hospital Rift Valley Machinery Services www.shivgroup.org Ltd www.thenairobihosp.org Ltd Sector: Industry www.melvinstea.com Sector: Healthcare & Education Orkidstudio Ltd www.rvmachinery.com Country of primary operations: Sector: Agriculture Country of primary operations: www.orkidstudio.org Sector: Industry Uganda Country of primary operations: Kenya Sector: Industry Country of primary operations: Nominating fi rm: Asoko Insight Kenya Nominating fi rm: Self nominated Country of primary operations: Kenya Nominating fi rm: Lionesses of Africa Kenya Nominating fi rm: Asoko Insight Nominating fi rm: DFID Kenya 134 135

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Shortlist SunCulture Kenya Ltd TrendPro Systems Ltd Water Forever International Disty Technologies SA IWACO www.shortlist.net www.sunculture.com www.trendpro.co.ke www.water-forever.com www.disty.ma Sector: Technology & Telecoms Sector: Consumer Services Sector: Agriculture Sector: Technology & Telecoms Sector: Industry Sector: Technology & Telecoms Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Morocco Kenya Kenya Kenya Kenya Morocco Nominating firm: Casablanca Stock Nominating firm: Self nominated Nominating firm: DFID Kenya Nominating firm: Self nominated Nominating firm: AECF Nominating firm: Casablanca Stock Exchange Exchange Sigma Feeds Ltd Suntransfer Kenya Investment Trigger Enterprises Ltd pg 95 Wolfram Mining and KarmSolar www.sigmaaqua.com Ltd www.triggerent.com Processing Ltd Eagle Chemical Group Ltd www.karmsolar.com Sector: Agriculture www.suntransferkenya.com Sector: Industry www.wmprwanda.com www.eagle-chemicals.com Sector: Renewable Energy Country of primary operations: Sector: Renewable Energy Country of primary operations: Sector: Industry Sector: Industry Country of primary operations: Kenya Country of primary operations: Uganda Country of primary operations: Country of primary operations: Egypt Nominating firm: Asoko Insight Kenya Nominating firm: Asoko Insight Rwanda Egypt Nominating firm: MSME Egypt Nominating firm: Self nominated Nominating firm: Rwanda Nominating firm: CDC Group Simoshi Ltd TruTrade Ltd Development Board Kitea SA www.simoshi.org SuperFluid Labs Ltd pg 70 www.trutradeafrica.net Ecole Sup Privée d’Ingénierie www.kitea.ma Sector: Consumer Services www.superfluid.io Sector: Agriculture Zen Garden Ltd et de Technologies pg 81 Sector: Consumer Services Country of primary operations: Sector: Financial Services Country of primary operations: www.zengarden.co.ke www.esprit.tn Country of primary operations: Uganda Country of primary operations: Kenya Sector: Consumer Services Sector: Healthcare & Education Morocco Nominating firm: UNCDF Kenya Nominating firm: Self nominated Country of primary operations: Country of primary operations: Nominating firm: Casablanca Stock Nominating firm: Africa Expert Kenya Tunisia Exchange Smartwatch Solutions Ltd Network Twiga Foods Ltd Nominating firm: Self nominated Nominating firm: AfricInvest www.smartwatchsolutions.com www.twigafoods.com Laboratoires MédiS Sector: Technology & Telecoms Surgipharm Ltd Sector: Consumer Services ZOLA Energy Energy Transfo pg 104 www.medis.com.tn Country of primary operations: Sector: Healthcare & Education Country of primary operations: www.offgrid-electric.com www.energytransfo.ma Sector: Healthcare & Education Uganda Country of primary operations: Kenya Sector: Renewable Energy Sector: Technology & Telecoms Country of primary operations: Nominating firm: Asoko Insight Kenya Nominating firm: AlphaMundi Group Country of primary operations: Country of primary operations: Tunisia Nominating firm: Asoko Insight Tanzania North Morocco Nominating firm: AfricInvest Soft Packaging Ltd Ultramaille Sarl Nominating firm: AECF Nominating firm: Casablanca Stock Cairo 3A Sector: Industry Synergy Communications www.ultramaille.com 10 Rajeb Exchange www.dixrajeb.ma www.cairo3a.net Medafrica Systems Country of primary operations: Sector: Technology & Telecoms Sector: Consumer Services Sector: Consumer Services Sector: Agriculture www.medasys.ma Rwanda Country of primary operations: Country of primary operations: Fawry Egypt Country of primary operations: Country of primary operations: Sector: Technology & Telecoms Nominating firm: Rwanda Kenya Madagascar Multiple regions www.fawry.com Morocco Egypt Country of primary operations: Development Board Nominating firm: CDC Group Nominating firm: Investisseurs & Sector: Financial Services Crown Agents Bank Nominating firm: Self nominated Nominating firm: Self nominated Morocco Partenaires Country of primary operations: Nominating firm: Casablanca Stock www.crownagentsbank.com Solantis Solar Ltd Tan Management Insurance Egypt Exchange Brokers Ltd Victoria Seeds Ltd Sector: Financial Services ElFateh for Industries and Carbon Holdings Ltd Nominating firm: Helios Investment www.solantis.eu Country of primary operations: www.carbonholdings.com Sector: Renewable Energy www.tm.co.tz www.victoriaseeds.com Steel Constructions pg 88 Partners Multiple regions www.elfateh.com Sector: Industry PGI-Holding Country of primary operations: Sector: Financial Services Sector: Agriculture Nominating firm: Helios Investment Sector: Industry Country of primary operations: www.amengroup.ovh Uganda Country of primary operations: Country of primary operations: General Emballage Partners Country of primary operations: Egypt Sector: Financial Services Nominating firm: Asoko Insight Tanzania Uganda www.generalemballage.com Egypt Nominating firm: AfricInvest Country of primary operations: Nominating firm: Self nominated Nominating firm: Asoko Insight Sector: Industry Mixta Africa SA Nominating firm: MSME Egypt Tunisia Country of primary operations: Nominating firm: DIT SOLARKIOSK Tanzania Ltd www.mixtafrica.com Compagnie Marocaine www.solarkiosk.eu The Mediae Company Village Energy Uganda Ltd pg 115 Algeria www.mediae.org Sector: Industry Ama Detergent de Goutte à Goutte et de Nominating firm: CDC Group Sector: Renewable Energy Sector: Renewable Energy Sambo Metals Company Sector: Consumer Services Country of primary operations: www.amadetergent.com Pompage (CMGP) pg 35 Country of primary operations: Country of primary operations: www.sambometals.com Country of primary operations: Multiple regions Sector: Industry www.cmgp.com Tanzania Uganda German Medical Healthcare Sector: Industry Kenya Nominating firm: PwC Country of primary operations: Sector: Agriculture Nominating firm: Asoko Insight Nominating firm: Self nominated Corporation Country of primary operations: Nominating firm: Asoko Insight Morocco Country of primary operations: www.gmhc-egypt.com Egypt Movemeback Ltd Nominating firm: Casablanca Stock Morocco Vital Tomosi Dairy Ltd Sector: Healthcare & Education Nominating firm: MSME Egypt Sollatek Electronics (Kenya) www.movemeback.com Exchange Nominating firm: Casablanca Stock The Medical Concierge Group www.milkman.co.ug Country of primary operations: Ltd Sector: Consumer Services Exchange Ltd Sector: Agriculture Egypt www.sollatek.co.ke www.tmcg.co.ug Country of primary operations: Schuch Engineering Country of primary operations: Bomare Company Sarl pg 44 Nominating firm: Asoko Insight Sector: Consumer Services Sector: Healthcare & Education Multiple regions www.bomarecompany.com Sector: Industry Uganda Damandis Maroc Country of primary operations: Country of primary operations: Nominating firm: Self nominated Sector: Consumer Services Country of primary operations: Nominating firm: Vital Capital Sector: Consumer Services Kenya Uganda Country of primary operations: Country of primary operations: Gharb Papier et Carton Algeria Nominating firm: Asoko Insight www.gpccarton.com Nominating firm: Asoko Insight Nominating firm: Self nominated UNIC Online Ltd Algeria Morocco Wananchi Goup Holdings Ltd Sector: Consumer Services www.unicaf.org Nominating firm: Asoko Insight Nominating firm: Casablanca Stock www.zuku.co.ke Country of primary operations: Songoro Marine Transport Ltd The Twins Plc Sector: Consumer Services Exchange www.songoromarine.com Sector: Consumer Services Morocco Sector: Industry Country of primary operations: Bricoma pg 102 Sector: Industry Country of primary operations: Nominating firm: Casablanca Stock Country of primary operations: Multiple regions www.bricoma.ma Country of primary operations: Kenya Exchange Ethiopia Nominating firm: Asoko Insight Sector: Consumer Services Tanzania Nominating firm: CDC Group Nominating firm: Asoko Insight Country of primary operations: Nominating firm: Asoko Insight Morocco Nominating firm: Self nominated 136 137 DIRECTORY

Société Radio Electronique B’Ayoba i-Pay Paycorp Investments (Pty) Ltd Securico Supertech Durban WEZA AACE Food Processing and Maritime Group www.bayoba.biz www.instanteft.i-pay.co.za www.paycorp.co.za www.securico.co.zw www.supertechgroup.co.za www.weza.co.ao Distribution Ltd www.soremar.com Sector: Agriculture Sector: Financial Services Sector: Financial Services Sector: Consumer Services Sector: Consumer Services Sector: Consumer Services www.aacefoods.com Sector: Industry Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Sector: Consumer Services Country of primary operations: Zimbabwe South Africa South Africa Zimbabwe South Africa Angola Country of primary operations: Morocco Nominating fi rm: AECF Nominating fi rm: Self nominated Nominating fi rm: PwC Nominating fi rm: Lionesses of Africa Nominating fi rm: PwC Nominating fi rm: DIT Luanda Nigeria Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Coega Dairy (Pty) Ltd IQ Business Group (Pty) Ltd Power Line Africa (Pty) Ltd Sherylle Calder Visual The Training Room Online Wonderbag pg 57 www.coegadairy.com www.iqbusiness.net Sector: Industry Performance (Pty) Ltd www.ttro.com www.wonderbagworld.com ACEP Burkina South Sector: Consumer Services Sector: Consumer Services Country of primary operations: www.eyegym.com Sector: Healthcare & Education Sector: Consumer Services Sector: Financial Services Country of primary operations: Country of primary operations: Namibia Sector: Healthcare & Education Country of primary operations: Country of primary operations: Country of primary operations: South Africa South Africa Nominating fi rm: PwC Country of primary operations: South Africa South Africa Burkina Faso Absolute Logistics Ltd Nominating fi rm: PwC Nominating fi rm: Asoko Insight South Africa Nominating fi rm: African Capital Nominating fi rm: Lionesses of Africa Nominating fi rm: Investisseurs & Sector: Industry Nominating fi rm: PwC Investments Partenaires Country of primary operations: Reduzir Reusar e Reciclar Compuscan Jumo World Ltd Limitada Zonful Energy Namibia Snapplify (Pty) Ltd pg 78 Nominating fi rm: PwC www.compuscan.co.za www.jumo.world www.3r-mozambique.com TheBridge Global www.zonfulenergy.co.zw ACIOE Associates Ltd pg 66 Sector: Financial Services Sector: Financial Services Sector: Consumer Services www.solutions.snapplify.com www.thebridgeglobal.org Sector: Renewable Energy www.acioe.com Country of primary operations: Country of primary operations: Country of primary operations: Sector: Healthcare & Education Sector: Consumer Services Country of primary operations: Sector: Financial Services Ad Dynamo International South Africa South Africa Mozambique Country of primary operations: Country of primary operations: Zimbabwe Country of primary operations: (Pty) Ltd Nominating fi rm: PwC Nominating fi rm: Thomson Reuters Nominating fi rm: AECF South Africa Angola Nominating fi rm: Self nominated Nigeria Sector: Technology & Telecoms Nominating fi rm: PwC Nominating fi rm: Self nominated Nominating fi rm: Self nominated Country of primary operations: Comsol Networks (Pty) Ltd Kora Angola Roff Industries (Pty) Ltd South Africa SOCREMO – Banco de Nominating fi rm: Invenfi n www.comsol.co.za www.kora.co.ao www.roff.co.za Tradeinter – Prestação de West AFEX Commodities Exchange Sector: Technology & Telecoms Sector: Industry Sector: Industry Microfi nanças, SARL Serviços Lda Ltd Country of primary operations: Country of primary operations: Country of primary operations: www.socremo.com www.tradeinterint.com www.afexnigeria.com African Clean Energy South Africa Angola South Africa Sector: Financial Services Sector: Consumer Services 3 Wise Pixels Ltd pg 124 Sector: Agriculture www.africancleanenergy.com Nominating fi rm: Asoko Insight Nominating fi rm: Vital Capital Nominating fi rm: PwC Country of primary operations: Country of primary operations: www.3wp.io Country of primary operations: Sector: Renewable Energy Mozambique Angola Sector: Technology & Telecoms Nigeria Country of primary operations: Nominating fi rm: Asoko Insight Nominating fi rm: Self nominated Country of primary operations: Nominating fi rm: Self nominated Lesotho Eos Capital (Pty) Ltd Lady Pohamba Private RSAWEB (Pty) Ltd Nigeria Nominating fi rm: Asoko Insight www.eoscapital.com.na Hospital (Pty) Ltd www.rsaweb.co.za Nominating fi rm: Asoko Insight Sector: Financial Services www.lpph.com.na Sector: Technology & Telecoms Sparta Holdings (Pty) Ltd Waco International Holdings Afriland Properties Plc Country of primary operations: Sector: Healthcare & Education Country of primary operations: www.sparta.co.za Ltd www.afrilandproperties.com Afrisphere Worldwide Ltd Namibia Country of primary operations: South Africa Sector: Agriculture www.wacointernational.co.za Sector: Industry Sector: Agriculture Nominating fi rm: Self nominated Namibia Nominating fi rm: CDC Group Country of primary operations: Sector: Consumer Services Country of primary operations: Country of primary operations: Nominating fi rm: PwC South Africa Country of primary operations: Nigeria Malawi Nominating fi rm: PwC South Africa Nominating fi rm: Self nominated Nominating fi rm: DFID Malawi FibreCo Telecommucations Rush Nutrition Proprietary Ltd Holdings (Pty) Ltd Lakeshore Agro-Processors www.rushnutrition.co.za Nominating fi rm: CDC Group www.fi breco.co.za Enterprise Sector: Consumer Services Agricare Ltd Aldeia Nova Sector: Technology & Telecoms Sector: Consumer Services Country of primary operations: www.agricare-ltd.com www.vital-capital.com Country of primary operations: Country of primary operations: South Africa Sector: Agriculture Sector: Agriculture South Africa Malawi Nominating fi rm: Asoko Insight Country of primary operations: Country of primary operations: Nominating fi rm: CDC Group Nominating fi rm: Asoko Insight Ghana Angola Nominating fi rm: Injaro Investments Nominating fi rm: Self nominated SA Taxi Finance pg 73 First Wave Group Lulalend (Pty) Ltd pg 68 www.sataxi.co.za Ltd www.yalelo.com www.lulalend.co.za Sector: Financial Services All Bosses (Pty) Ltd Sector: Agriculture Sector: Financial Services Country of primary operations: Agriex Côte d’Ivoire www.focussurveys.net Country of primary operations: Country of primary operations: South Africa www.phoenixgroup.net Sector: Consumer Services Zambia South Africa Nominating fi rm: Thomson Reuters Sector: Agriculture Country of primary operations: Nominating fi rm: Asoko Insight Nominating fi rm: Self nominated Country of primary operations: Côte Botswana d’Ivoire Satemwa Tea Estate Nominating fi rm: Self nominated Nominating fi rm: Self nominated GlamX Group Ltd Nampharm (Pty) Ltd www.satemwa.com Sector: Consumer Services www.nampharm.com.na Sector: Agriculture Angola Energy Greentech Country of primary operations: Sector: Healthcare & Education Country of primary operations: Alfi e Designs Ltd www.energygreentech.solutions Angola Country of primary operations: Malawi www.alfi e.design Sector: Renewable Energy Nominating fi rm: DIT Luanda Namibia Nominating fi rm: DFID Malawi Sector: Industry Country of primary operations: Nominating fi rm: PwC Country of primary operations: Angola GPR Leasing Africa Ltd Sea Monster pg 128 Ghana Nominating fi rm: DIT Luanda Nominating fi rm: Self nominated www.gprleasing.co.za NamPro Fund www.seamonster.co.za Sector: Industry www.namprofund.com.na Sector: Technology & Telecoms Country of primary operations: Sector: Financial Services Country of primary operations: Alpha Mead Group pg 92 South Africa Country of primary operations: South Africa www.alphamead.com Nominating fi rm: CDC Group Namibia Nominating fi rm: Thomson Reuters Sector: Industry Nominating fi rm: PwC Country of primary operations: Nigeria Nominating fi rm: Asoko Insight 138 139

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Anadariya Farms Industries Babban Gona Farmer Services BudgIT Foundation pg 126 Energy Works Technology Ltd Franzetti Côte d’Ivoire Green Village Electricity Imperial Educational Services Kachifo Ltd www.anadariya.com Ltd pg 32 www.yourbudgit.com www.energyworkstechnology.com www.franzetti-ci.com Projects Ltd pg 113 www.imperialedservices.com www.kachifo.com Sector: Agriculture www.babbangona.com Sector: Technology & Telecoms Sector: Industry Sector: Industry www.gve-group.com Sector: Healthcare & Education Sector: Consumer Services Country of primary operations: Sector: Agriculture Country of primary operations: Country of primary operations: Country of primary operations: Côte Sector: Renewable Energy Country of primary operations: Country of primary operations: Nigeria Country of primary operations: Nigeria Nigeria d’Ivoire Country of primary operations: Nigeria Nigeria Nominating fi rm: PwC Nigeria Nominating fi rm: Self nominated Nominating fi rm: PwC Nominating fi rm: Asoko Insight Nigeria Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nominating fi rm: Global Career Nominating fi rm: Asoko Insight ARM Life Plc Company Cipharm SA Ensure Insurance Plc Frigate Upstream and Energy InfoWARE Ltd Kian Smith Trade & Co Ltd www.armlife.com.ng www.cipharm.ci www.ensure.com.ng Services Ltd Greenfi eld Assets Ltd www.infowarelimited.com www.kiansmithtradeco.com/ Sector: Financial Services Backbone Connectivity Sector: Healthcare & Education Sector: Financial Services www.frigategroup.com www.greenfi eldassets.com Sector: Technology & Telecoms Sector: Industry Country of primary operations: Network (Nigeria) Ltd Country of primary operations: Côte Country of primary operations: Sector: Industry Sector: Industry Country of primary operations: Country of primary operations: Nigeria www.bcnnigeria.net d’Ivoire Nigeria Country of primary operations: Country of primary operations: Nigeria Nigeria Nominating fi rm: Asoko Insight Sector: Technology & Telecoms Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nigeria Nigeria Nominating fi rm: Self nominated Nominating fi rm: Asoko Insight Country of primary operations: Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Asharami Synergy Plc Nigeria Clinique Procréa pg 82 Esoko Networks Ltd International Community L.A.T Cleveson Ltd www.sahara-group.com Nominating fi rm: Asoko Insight www.clinique-procrea.com www.esoko.com Frontline Capital Advisors Ltd Guscorp Integrated Services School Ltd pg 80 Sector: Financial Services Sector: Industry Sector: Healthcare & Education Sector: Technology & Telecoms pg 67 Ltd www.icsghana.org Country of primary operations: Country of primary operations: Bankers Warehouse Plc Country of primary operations: Côte Country of primary operations: www.frontlineadvisors.com www.guscorp.com.ng Sector: Healthcare & Education Nigeria Nigeria www.bankerswarehouse.com d’Ivoire Ghana Sector: Financial Services Sector: Technology & Telecoms Country of primary operations: Nominating fi rm: PwC Nominating fi rm: Self nominated Sector: Financial Services Nominating fi rm: Investisseurs & Nominating fi rm: Self nominated Country of primary operations: Country of primary operations: Ghana Country of primary operations: Partenaires Ghana Nigeria Nominating fi rm: AfricInvest L’AINE Services Ltd Nominating fi rm: Self nominated Ashesi University College Nigeria Ethical Apparel Africa Ltd pg 54 Nominating fi rm: Self nominated www.laineservices.com www.ashesi.edu.gh Nominating fi rm: CDC Group Co-Creation Hub Ltd www.ethicalapparelafrica.com Internet Solutions Nigeria Ltd Sector: Consumer Services Sector: Healthcare & Education www.cchubnigeria.com Sector: Industry FSDH Merchant Bank Ltd Hi Nutrients International Ltd www.isn.ng Country of primary operations: Country of primary operations: Beloxxi Industries Ltd Sector: Technology & Telecoms Country of primary operations: www.fsdhgroup.com www.hi-nutrients.com Sector: Technology & Telecoms Ghana Ghana www.beloxxigroup.com Country of primary operations: Ghana Sector: Financial Services Sector: Agriculture Country of primary operations: Nominating fi rm: Asoko Insight Nominating fi rm: International Sector: Consumer Services Nigeria Nominating fi rm: Invest Africa Country of primary operations: Country of primary operations: Nigeria Finance Corporation Country of primary operations: Nominating fi rm: Self nominated Nigeria Nigeria Nominating fi rm: Self nominated LADOL Integrated Logistics Nominating fi rm: Asoko Insight Nigeria Farmcrowdy Ltd Nominating fi rm: Asoko Insight Free Zone Enterprise pg 52 Avon Healthcare Ltd Nominating fi rm: Asoko Insight Comptoir 2000 SA www.farmcrowdy.com Interswitch Ltd www.ladol.com Sector: Agriculture www.avonhealthcare.com Sector: Agriculture Gas Terminalling www.interswitchgroup.com Sector: Industry Country of primary operations: Sector: Healthcare & Education Black Pelican Ltd Country of primary operations: Mali www.gasterminalling.com Sector: Financial Services Country of primary operations: Nigeria Country of primary operations: www.ilbagnonigeria.com Nominating fi rm: Injaro Investments Sector: Industry Country of primary operations: Nigeria Nominating fi rm: Self nominated Nigeria Sector: Industry Ltd Country of primary operations: Nigeria Nominating fi rm: Hawthorn Nominating fi rm: Asoko Insight Country of primary operations: Nigeria Nominating fi rm: CDC Group Nigeria De Flight Medics Ltd Farmerline Ltd Nominating fi rm: Self nominated Lagoon Hospitals Group Axiom Learning Solutions Ltd Nominating fi rm: PwC www.fl yingdoctorsnigeria.com www.farmerline.org iSON GROUP www.lagoonhospitals.com www.axiomlearn.com Sector: Healthcare & Education Sector: Agriculture Gras Savoye Côte d’Ivoire www.isongrp.com Sector: Healthcare & Education Sector: Technology & Telecoms Blink Studios Ltd Country of primary operations: Country of primary operations: www.grassavoye.com Sector: Technology & Telecoms Country of primary operations: Country of primary operations: www.chukaejorh.com Nigeria Ghana Sector: Financial Services Country of primary operations: Nigeria Nigeria Sector: Consumer Services Nominating fi rm: Asoko Insight Nominating fi rm: Self nominated Country of primary operations: Côte Nigeria Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Country of primary operations: d’Ivoire Nominating fi rm: Asoko Insight Nigeria EAEH Investment Ltd Fibre Lifestyle Technologies Nominating fi rm: Asoko Insight Lagos Business School, Pan- Ltd Azalai Hotel Abidjan Nominating fi rm: Self nominated Sector: Agriculture Japan Motors Trading Atlantic University www.fi bre.com www.azalaihotels.com Country of primary operations: Company Ltd www.lbs.edu.ng Sector: Industry Sector: Consumer Services Blue Skies Holdings Nigeria www.japanmotors.com Sector: Healthcare & Education Country of primary operations: Country of primary operations: Côte www.blueskies.com Nominating fi rm: Asoko Insight Sector: Industry Country of primary operations: Nigeria d’Ivoire Sector: Agriculture Country of primary operations: Nigeria Nominating fi rm: PwC Nominating fi rm: Asoko Insight Country of primary operations: Eat‘N’Go Ltd pg 40 Ghana Nominating fi rm: West Africa Ghana Nominating fi rm: Asoko Insight Business School www.eatngo-africa.com Filmhouse Ltd B-BOVID Ltd Nominating fi rm: CDC Group Sector: Consumer Services www.fi lmhouseng.com www.bbovid.org Country of primary operations: Jumia Lakeshore Cancer Clinic Ltd Sector: Consumer Services Sector: Agriculture BlueSPACE Africa Nigeria www.group.jumia.com www.lakeshorecancercenter.org Country of primary operations: Country of primary operations: Technologies pg 74 Nominating fi rm: PwC Sector: Consumer Services Sector: Healthcare & Education Nigeria Ghana www.bluespaceafrica.com Country of primary operations: Country of primary operations: Nominating fi rm: CDC Group Nominating fi rm: Asoko Insight Sector: Financial Services Eden Tree Ltd Nigeria Nigeria Nominating fi rm: Lakeshore Cancer Country of primary operations: www.edentreegh.com Nominating fi rm: Self nominated Food Concepts Plc Center B&Q Dredging And Marine Ghana Sector: Agriculture www.foodconceptsPlc.com Logistics Ltd Nominating fi rm: Asoko Insight Country of primary operations: JustFood Ltd Sector: Consumer Services www.bqdredging.com Ghana www.justfoodwestafrica.com Country of primary operations: Sector: Industry Nominating fi rm: International Sector: Consumer Services Nigeria Country of primary operations: Finance Corporation Country of primary operations: Nominating fi rm: DPI Nigeria Nigeria Nominating fi rm: PwC Nominating fi rm: Asoko Insight 140 141

LSEG CTIA.indb 140-141 10/01/2019 11:31 DIRECTORY

Landmark Africa Group Mojec International Ltd pg 55 Olori Cosmetics Proshare Nigeria Ltd Seamfi x Nigeria Ltd Springfi eld Group pg 91 Techadvance Ltd pg 71 Vatebra Ltd www.landmarkafrica.com www.mojec.com Sector: Healthcare & Education www.proshareng.com www.seamfi x.com www.springfi eldgroup.com www.techadvance.ng www.vatebra.com Sector: Industry Sector: Industry Country of primary operations: Sector: Financial Services Sector: Technology & Telecoms Sector: Industry Sector: Financial Services Sector: Technology & Telecoms Country of primary operations: Country of primary operations: Nigeria Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Nigeria Nigeria Nominating fi rm: PwC Nigeria Nigeria Ghana Nigeria Nigeria Nominating fi rm: Asoko Insight Nominating fi rm: PwC Nominating fi rm: Self nominated Nominating fi rm: Asoko Insight Nominating fi rm: PwC Nominating fi rm: PwC Nominating fi rm: Asoko Insight OneFi Ltd Layer3 Mouka Ltd www.onefi .co Proveto S.A SecureID Nigeria Ltd pg 56 St. Nicholas Hospital Ltd Techblow Nigeria Ltd Venia Group pg 72 www.layer3.ng www.mouka.com Sector: Financial Services Sector: Agriculture www.secureidltd.com www.saintnicholashospital.com www.techblow.com.ng www.venia-group.com Sector: Technology & Telecoms Sector: Consumer Services Country of primary operations: Country of primary operations: Côte Sector: Technology & Telecoms Sector: Healthcare & Education Sector: Industry Sector: Financial Services Country of primary operations: Country of primary operations: Nigeria d’Ivoire Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Nigeria Nigeria Nominating fi rm: Google Nominating fi rm: Injaro Investments Nigeria Nigeria Nigeria Nigeria Nominating fi rm: Self nominated Nominating fi rm: NACCIMA Ltd Nominating fi rm: Lionesses of Africa Nominating fi rm: PwC Nominating fi rm: Asoko Insight Nominating fi rm: Department of Opportunity International International Trade Nigeria Leadway Assurance Company NAFASO SA Savings and Loans Ltd PZ Cussons Nigeria Plc Sekaf Ghana Ltd Swift Networks Ltd Terragon Ltd Ltd www.nafaso-burkina.com www.opportunityghana.com www.pzcussons.com.ng www.sekafghana.com www.swiftng.com www.terragongroup.com Venture Garden Group www.leadway.com Sector: Agriculture Sector: Financial Services Sector: Consumer Services Sector: Consumer Services Sector: Technology & Telecoms Sector: Technology & Telecoms www.venturegardengroup.com Sector: Financial Services Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Sector: Technology & Telecoms Country of primary operations: Burkina Faso Ghana Nigeria Ghana Nigeria Nigeria Country of primary operations: Nigeria Nominating fi rm: Injaro Investments Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nominating fi rm: Injaro Investments Nominating fi rm: Asoko Insight Nominating fi rm: Asoko Insight Nigeria Nominating fi rm: Asoko Insight Ltd Ltd Nominating fi rm: Africa Expert Oragroup Quantum Terminals Ltd SystemSpecs Ltd Tizeti Network Ltd pg 129 Network MainOne Cable Company Nagode Group Sector: Financial Services www.quantumterminals.com Seven-Up Bottling Company www.systemspecs.com.ng www.tizeti.com Nigeria Ltd www.nagode.com Country of primary operations: Togo Sector: Industry Plc Sector: Technology & Telecoms Sector: Technology & Telecoms Wakanow.com Ltd www.mainone.net Sector: Industry Nominating fi rm: CDC Group Country of primary operations: www.sevenup.org Country of primary operations: Country of primary operations: www.wakanow.com Sector: Technology & Telecoms Country of primary operations: Ghana Sector: Consumer Services Nigeria Nigeria Sector: Consumer Services Country of primary operations: Nigeria Pagatech Nominating fi rm: Guarantco Country of primary operations: Nominating fi rm: Asoko Insight Nominating fi rm: PwC Country of primary operations: Nigeria Nominating fi rm: Asoko Insight Sector: Financial Services Nigeria Nigeria Nominating fi rm: Asoko Insight Country of primary operations: REDAVIA GmbH Nominating fi rm: Asoko Insight Urban Shelter Ltd Nominating fi rm: CDC Group Neurotech Senegal Nigeria www.redaviasolar.com www.urbanshelternigeria.com MAX.ng www.neurotech.sn Nominating fi rm: CDC Group Sector: Industry Social Lender Sector: Industry Wari SA www.max.ng Sector: Technology & Telecoms Country of primary operations: www.sociallenderng.com Country of primary operations: www.wari.com Sector: Industry Country of primary operations: Parthian Partners Ltd Nigeria Sector: Financial Services Nigeria Sector: Financial Services Country of primary operations: Senegal www.parthianpartnersng.com Nominating fi rm: Asoko Insight Country of primary operations: Nominating fi rm: Self nominated Country of primary operations: Nigeria Nominating fi rm: Investisseurs & Sector: Financial Services Nigeria Senegal Nominating fi rm: Shell Foundation Partenaires Country of primary operations: RenMoney MFB Ltd pg 69 Nominating fi rm: Asoko Insight Value Seeds Ltd Nominating fi rm: British Embassy Nigeria www.renmoneyng.com www.valueseedsltd.com Senegal Mayor Farms & Agro Services Niger Delta Exploration and Nominating fi rm: Asoko Insight Sector: Financial Services Sector: Agriculture Ltd Production Plc Country of primary operations: Country of primary operations: Waterhealth Ghana Ltd www.mayorfarms.com www.ngdelta.com Paystack Payments Ltd pg 64 Nigeria Nigeria www.waterhealth.com Sector: Agriculture Sector: Industry Sector: Financial Services Nominating fi rm: PwC Nominating fi rm: Self nominated Sector: Industry Country of primary operations: Country of primary operations: Country of primary operations: Country of primary operations: Nigeria Nigeria Nigeria Rensource Distributed Energy Ghana Nominating fi rm: Asoko Insight Nominating fi rm: CDC Group Nominating fi rm: PwC Ltd Nominating fi rm: Vital Capital www.rensource.energy McOttley Capital Ltd North South Power Company Petrogap Oil and Gas Ltd Sector: Renewable Energy Whogohost Ltd Sector: Financial Services Ltd pg 110 www.petrogap.com Country of primary operations: www.whogohost.com Country of primary operations: www.northsouthpower.com Sector: Industry Nigeria Sector: Technology & Telecoms Ghana Sector: Renewable Energy Country of primary operations: Nominating fi rm: Asoko Insight Country of primary operations: Nominating fi rm: Asoko Insight Country of primary operations: Nigeria Nigeria Nigeria Nominating fi rm: Asoko Insight Royal Power And Energy Ltd Nominating fi rm: Self nominated Nominating fi rm: PwC Me Cure Industries Ltd www.rpeltd.com www.mecure.com Phase 3 Telecom Ltd Sector: Industry WorldWide Commercial Sector: Healthcare & Education Northwest Petroleum and Gas www.phase3telecom.com Country of primary operations: Ventures Ltd Country of primary operations: Company Ltd Sector: Technology & Telecoms Nigeria www.wwcvl.com Nigeria www.northwestpetroleum-ng.com Country of primary operations: Nominating fi rm: Asoko Insight Sector: Healthcare & Education Nominating fi rm: Self nominated Sector: Industry Nigeria Country of primary operations: Country of primary operations: Nominating fi rm: Self nominated Sapient Vendors Ltd pg 94 Nigeria Nigeria www.sapientvendors.com.ng Nominating fi rm: Asoko Insight Nominating fi rm: PwC Printivo Ltd Sector: Industry www.printivo.com Country of primary operations: Sector: Consumer Services Nigeria Country of primary operations: Nominating fi rm: Asoko Insight Nigeria 142 Nominating fi rm: Asoko Insight 143

LSEG CTIA.indb 142-143 10/01/2019 11:31 About London Stock Exchange Group London Stock Exchange Group (LSEG) is an international markets infrastructure business. Its diversifi ed global business focuses on capital formation, intellectual property and risk and balance sheet management. LSEG operates an open access model, offering choice and partnership to customers across all of its businesses. The Group can trace its history back to 1698. The Group operates a broad range of international equity, ETF, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS (a European fi xed income market); and Turquoise (a pan-European equities MTF). Through its platforms, LSEG offers market participants, unrivalled access to Europe’s capital markets. The Group also plays a vital economic and social role, enabling companies, including SMEs, to access funds for growth and development. Through FTSE Russell, the Group is a global leader in fi nancial indexing, benchmarking and analytic services with approximately $16trn benchmarked to its indexes. The Group also provides customers with an extensive range of data services, research and analytics through The Yield Book, Mergent, SEDOL, UnaVista, XTF and RNS. Post trade and risk management services are a signifi cant part of the Group’s business operations. In addition to majority ownership of LCH, a multi-asset global CCP operator, LSEG owns CC&G, the Italian clearing house and Monte Titoli, a leading European custody and settlement business. LSEG Technology develops and operates high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations and exchanges, including the Group’s own markets. Headquartered in the United Kingdom, with signifi cant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,500 people. The Group’s ticker symbol is LSE.L Further information on London Stock Exchange Group can be found at www.lseg.com

Contact details Primary markets – Africa companies Tel: +44 (0) 20 7797 3429 Email: [email protected] Media enquiries Tel: +44 (0) 20 7797 1222 Email: [email protected]

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