Africa's Top-10: Leading Companies by Market Capitalisation (2025)

In this article, we will be looking at the largest companies in Africa, ranked by market capitalisation. African economies are smaller than most leading countries, but they are growing at a record pace. A good knowledge of Africa’s largest companies can be vital for traders to gain an edge in the market.

South Africa continues to dominate the list — eight of the ten companies are South African, with Morocco providing the remaining two. This reflects South Africa’s deeper capital markets, better-developed corporate governance, and the presence of large domestic pension and investment funds. Other regions, such as West Africa and North Africa beyond Morocco, remain under-represented due to smaller and less liquid exchanges, frequent currency devaluations that reduce USD-based valuations, and the dominance of state-owned or offshore-listed enterprises that do not appear in local rankings.

From a sector perspective, banks dominate the list, with wireless telecoms forming the second-largest sector. The strength of financial and telecom institutions shows where Africa’s scalable private-sector growth has concentrated — in finance and connectivity. Meanwhile, gold miners have risen sharply in the rankings as the gold price surged to record highs in 2024–25. Gold Fields and AngloGold Ashanti were the biggest movers, with AngloGold rising from outside the top ten in 2023 to a top-three position in 2025 as investor appetite for gold assets and strong cash flow lifted valuations.

To put things into perspective, the total market value of the Top 10 African companies is roughly $265–270 billion. In comparison, the Top 10 companies in the United States exceed $20 trillion, while China’s Top 10 stand around $6–7 trillion, highlighting the vast room for growth in African equity markets as economies expand and corporate governance deepens.

How do we define the largest?

It is important for us to establish how we are ranking these companies. Yes, we are ranking the largest companies, but what does this mean, and how can we measure this? We will use market capitalisation as our measure, which is the market value of a company’s outstanding shares. This is effectively the equity value of a company and can show the public’s opinion on a company’s overall value. Market capitalisation is calculated simply by multiplying the price of the company’s shares by the number of outstanding shares there are of that company. This market capitalisation value is important for investors to have knowledge of to make sound decisions when investing and trading.

10 Largest African Companies

Data from Datawrapper and CompaniesMarketCap.com as of October 2025.

These companies may not be as recognisable to the average person as the largest companies in other continents or countries. This can make it even more important for traders to gain background knowledge of them and establish an advantage over the competition.

1. Naspers (Internet / Media / Technology)

The largest company in Africa and a diversified internet, technology, and multimedia holding company that operates globally. Founded in 1915, Naspers dominated the South African market throughout the 20th century, being the largest holding company with major stakes in books, newspapers, and magazines. Through the 1980s and 1990s, it began to globalise and diversify its assets, helping it become the multinational holdings company it is today.

It now holds a majority stake in its investment subsidiary Prosus, which manages Naspers’ global internet interests, including payments, food delivery, and social-media platforms. Through Prosus, Naspers is one of the largest shareholders in Chinese tech giant Tencent but has been gradually reducing its stake to fund share buybacks.

Naspers also owns Africa’s largest publishing company, Media24, as well as South Africa’s biggest online retailer, Takealot. The group continues to support innovation through Naspers Foundry — its venture capital arm investing in South African start-ups focused on e-commerce, logistics, and digital finance. These diversified investments have helped Naspers maintain its position as Africa’s most valuable publicly traded company and one of the world’s top-400 by market capitalisation (October 2025).

2. Gold Fields (Gold Mining)

Gold Fields Limited is one of the world’s largest gold-mining firms. Founded in 1887 by Cecil Rhodes, it became the firm it is today through its merger with Gencor. Gold Fields is listed on both the JSE and the New York Stock Exchange (NYSE) and operates mines globally, with key operations in South Africa, Ghana, Australia, and Peru.

The company has benefited significantly from the surge in gold prices in 2024–25, with bullion hitting record highs above $4,000/oz. This has strengthened profitability, cash flow, and dividend payouts. Gold Fields has also focused on sustainability and innovation in recent years, with increased investment in renewable energy and water management at its mines to reduce its environmental footprint.

3. AngloGold Ashanti (Gold Mining)

AngloGold Ashanti is one of the world’s leading gold producers, operating across South Africa, Ghana, Australia, Brazil, and Argentina. The company focuses on the exploration, extraction, and production of gold, supplying to industrial users, jewellery manufacturers, and central banks.

In 2025, AngloGold Ashanti’s market value surged as the gold price reached record levels, driving its free cash flow to multi-year highs. This performance helped the company rise sharply in Africa’s rankings between 2023 and 2025. The company remains listed on the JSE, the Ghana Stock Exchange, and the NYSE. Its disciplined capital management, operational efficiency, and reduced debt profile have made it one of the standout performers among global miners this year.

4. FirstRand (Banking & Financial Services)

FirstRand is one of Africa’s largest financial institutions, offering retail, commercial, corporate, and investment banking services. Founded in 1838 and restructured in 1998, the company is headquartered in Johannesburg and licensed by the South African Reserve Bank as a financial service provider. It operates through subsidiaries such as FNB (First National Bank), RMB (Rand Merchant Bank), and WesBank.

The group continues to deliver steady earnings growth supported by digital transformation, strong capital buffers, and expanding operations in sub-Saharan Africa. Beyond its domestic base, FirstRand also operates in India, the UK, and several offshore jurisdictions, making it one of the continent’s most internationally diversified banks.

5. Standard Bank Group (Banking)

Standard Bank Group Limited is the largest lender by assets in Africa and one of the continent’s oldest financial institutions, founded in 1862. Headquartered in Johannesburg, it operates in more than 20 African countries and is listed on both the JSE and the London Stock Exchange (LSE).

The bank provides a full suite of services across corporate, investment, retail, and wealth banking. Standard Bank continues to invest heavily in digital banking solutions and sustainable finance initiatives, aligning with global ESG trends. It remains a benchmark for financial stability and is often seen as a bellwether for the health of Africa’s banking sector.

6. Capitec Bank (Retail Banking / Consumer Finance)

Capitec Bank, founded in 2001, is South Africa’s largest retail bank by customer base, serving around 25 million clients as of mid-2025. Known for its simplified, transparent, and low-cost approach to banking, Capitec has grown rapidly by focusing on digital convenience and affordability.

Headquartered in Stellenbosch, the bank employs over 15,000 people and operates thousands of ATMs and digital service points nationwide. Capitec’s strategy centres on expanding its online and mobile banking platforms, offering personal loans, savings products, and affordable insurance. Its focus on customer experience has made it one of the most trusted consumer brands in South Africa.

7. MTN Group (Wireless Telecom / Fintech)

MTN Group Limited is the largest telecommunications company in Africa, with approximately 298 million subscribers across 20 countries in Africa and the Middle East (H1 2025). Founded in 1994 and headquartered in Johannesburg, the company provides voice, data, and digital services and is expanding rapidly in the fintech space through its MoMo (Mobile Money) platform.

Nigeria is MTN’s largest market, contributing over one-third of group revenue, followed by South Africa and Ghana. MTN continues to invest in 5G infrastructure, fibre networks, and digital financial services. The company’s growing fintech arm has become a key revenue driver, positioning MTN as a diversified communications and financial-services provider.

8. Vodacom (Wireless Telecom / Telecom Services)

Vodacom is South Africa’s leading mobile communications company and one of Africa’s largest telecom operators. Founded in 1994, it is majority-owned by Vodafone Group (65%) and listed on the Johannesburg Stock Exchange (JSE). The company provides mobile, broadband, and data services to over 210 million customers across Africa (including its stakes in Safaricom and Vodacom Egypt).

Vodacom has played a pivotal role in advancing digital connectivity, launching 5G services in Johannesburg, Pretoria, and Cape Town, and expanding into fintech solutions through mobile payment platforms. It is also recognised for its long-running sponsorship of major South African sporting leagues, strengthening its brand presence across the continent.

9. Attijariwafa Bank (Banking)

Attijariwafa Bank, headquartered in Casablanca, Morocco, is the country’s largest financial institution and a leading player in North and West Africa. The bank operates a universal banking model, offering retail, corporate, and investment services, and has subsidiaries in more than a dozen countries across Africa and Europe.

It continues to benefit from regional trade integration and the expansion of Moroccan banking influence in Francophone Africa. With a strong balance sheet and consistent profitability, Attijariwafa Bank has become one of the continent’s most stable and internationally connected banks.

10. Maroc Telecom (Telecom / Wireless & Fixed)

Maroc Telecom, also known as Itissalat Al-Maghrib, is Morocco’s incumbent telecom operator and one of North Africa’s largest publicly traded companies. The firm provides mobile, fixed-line, and broadband internet services and has operations in several African countries, including Mali, Mauritania, Burkina Faso, and Côte d’Ivoire.

Despite facing increased regulatory scrutiny and competition, Maroc Telecom has maintained strong profitability through diversified revenue streams and efficient cost management. The company continues to play a leading role in digital inclusion and the development of telecom infrastructure across Francophone Africa.

Investment Perspective: Stock Trends, Risks & Diversification

Stock performance trends:

• Gold miners (Gold Fields, AngloGold Ashanti) have led African equities in 2024–25, fuelled by record gold prices above $4,000/oz and robust cash generation. Dividend yields have surged as miners de-leveraged and prioritised shareholder returns.
• Banks (FirstRand, Standard Bank, Capitec) have shown strong resilience, supported by solid capital positions, digital banking expansion, and disciplined risk management. Rising rates have boosted margins, helping the sector deliver consistent dividend growth.
• Telecoms (MTN, Vodacom, Maroc Telecom) continue to post steady earnings through mobile money and data services. Fintech platforms such as MoMo have transformed operators into digital financial hubs, creating a durable growth engine beyond voice and data.

Risks & opportunities:

• Currency volatility remains the biggest challenge for global investors, with sharp swings in the rand, naira, and other frontier currencies often offsetting local-market gains.
• Regulatory and political risks vary widely: shifts in capital controls, spectrum licensing, and fiscal regimes can quickly alter earnings trajectories.
• Liquidity and valuation constraints persist, as African equities generally trade with smaller free floats and wider bid–ask spreads than developed markets.
• Structural opportunities remain compelling — from financial inclusion and mobile payments to renewable energy, logistics, and infrastructure projects — all underpinned by a growing urban and consumer base.

Diversification guidance:

• Blend exposure across sectors: balance the relative stability of banks and telecoms with the cyclical upside of resource names like gold miners.
• Diversify currency holdings: use ADRs or dual listings (NYSE, LSE) where possible to mitigate FX risk.
• Use ETFs or Africa-focused funds as a liquid core allocation, then add selective direct equity positions for alpha.
• Adopt a staggered entry strategy around earnings releases or macro events, and apply strict risk controls or FX hedges to manage volatility.

What next?

We hope this article has given you an insight into Africa’s and South Africa’s ten largest companies in terms of market capitalisation. This can hopefully be used as a stepping stone into new markets many traders may not have explored.

Now, you know enough to start trading African stocks. Head to the MetaTrader 4 (MT4) platform and start placing trades on your favourite stocks. The platform is easy to use, and with Hantec Markets, you can access a vast range of instruments to trade on the platform.

If you liked this post, you might also want to check out our posts on the Top Ten non‑US companies, the largest US companies, and the biggest UK‑based companies. Additionally, we invite you to explore our latest blog post that delves into the fascinating realm of trillion‑dollar companies

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Also, we recommend that you find out with our Who Tops the Global GDP Rankings.