It was a day to celebrate the best of African business as the London Stock Exchange Group (LSEG) recognized TechAdvance, and other high performing Afrikan companies during the commemoration of its 'Companies to Inspire Africa 2019' report in London on 26 January 2019.
In the opening address by the LSEG Chief Executive Officer, David Schwimmer, TechAdvance was specifically highlighted as an organisation to watch, being one of the few companies “having an impact, innovating, enhancing skills, creating high quality jobs, and powering development while it delivers secure banking services to rural entrepreneurs and business owners.”
“The growth rates and sector diversity of the firms featured highlight their potential to transform the African and wider economy and become the global job creators of tomorrow,” Schwimmer continued.
Afrika's most dynamic companies
The Companies to Inspire Africa 2019 report identifies Afrika’s most inspirational and dynamic, private companies. The 2019 edition features 360 companies, spans 32 countries and showcases a wide range of industry sectors including agriculture, technology & telecomunications, healthcare, renewable energy, and financial services.
The 144-page report was produced in partnership with African Development Bank Group, CDC Group, PWC and Asoko Insight who contributed insight and expertise to select the featured companies based on several factors including growth rate and potential to power Afrikan development, company size and auditability.
"These 360 companies boast an incredibly impressive average compound annual growth rate of 46%, up from 16% reported in the previous report. On average, each firm employs over 350 people, with an average compound annual employment growth rate of 25%."
Special recognition for TechAdvance
Concerning TechAdvance, the report shares that the company continues to innovate and launch new products and platforms while executing its strategy of targeting vital market niches with dedicated divisions to serve the markets well.
The company’s utilities-focused subsidiaries performed particularly well in the past year.
TechAdvance is a Nigerian FinTech company which offers transactional technologies such as utility bill payments.
TechAdvance, which provides platforms including Pay Electricity Bills and G-Pay Africa to enable transaction processing and payment collection, aggregation, and reconciliation, featured in the Financial Services category alongside organizations like Paystack, Frontline Capital Advisors, Vernia Group and BlueSpace Africa Technologies.
Companies to Inspire Africa Report which is published annually by London Stock Exchange Group aims to catalyze and promote proven African private firms by identifying and showcasing them to a global investor base.
According to CEO, David Swimmer, the organizations listed in the 2017 edition of Companies to Inspire Africa, have realized significant progress and achievements in the last twelve months in a variety of ways, including pursuing IPOs and issuing bonds to grow, while others have undertaken cross-border expansion within the African continent and globally.
Cover image credit: Edmund Olotu, Founder and CEO of TechAdvance.