Africa is often overlooked by global investors, yet it offers a fertile ground for those seeking long-term growth and consistent income. With a growing middle class, expanding infrastructure, and resource-rich economies, several African companies are not only growing earnings but also rewarding shareholders with increasing dividends.
If you’re looking to diversify your income portfolio and tap into emerging markets, here’s a watchlist of dividend growth stocks across Africa that deserve your attention.
📈 What Are Dividend Growth Stocks?
Dividend growth stocks are companies that consistently increase their dividend payouts year after year. These companies typically have strong cash flows, stable earnings, and a track record of rewarding shareholders — making them ideal for long-term, income-focused investors.
🌍 Africa’s Dividend Growth Champions – 2025 Watchlist
Here are some of the most promising dividend growth stocks from across the African continent:
🇿🇦 1. Naspers Limited (JSE: NPN)
Sector: Technology & Media
Why Watch: While not traditionally seen as a dividend play, Naspers has begun returning capital to shareholders more actively in recent years. As its tech holdings mature, dividend growth potential is rising.
🇳🇬 2. Zenith Bank Plc (NGX: ZENITHBANK)
Sector: Banking
Why Watch: Known for consistent dividend increases, Zenith is one of Nigeria’s most profitable banks, with strong ROE and a conservative payout ratio. A solid pick for high yield and growth.
🇪🇬 3. Eastern Company SAE (EGX: EAST)
Sector: Consumer Goods (Tobacco)
Why Watch: A consistent performer in Egypt, Eastern Company has steadily increased dividends, benefiting from a strong domestic market and pricing power.
🇿🇦 4. MTN Group Ltd (JSE: MTN)
Sector: Telecommunications
Why Watch: Africa’s telecom giant, MTN is streamlining operations, paying down debt, and ramping up dividend payments after years of reinvestment. Strong potential for dividend growth as it expands mobile money and data services.
🇲🇦 5. Attijariwafa Bank (CSE: ATW)
Sector: Banking
Why Watch: Morocco’s largest bank with operations in over 20 African countries. Solid fundamentals, regional expansion, and a steady dividend make it a pan-African income play.
🇰🇪 6. Safaricom Plc (NSE: SCOM)
Sector: Telecommunications
Why Watch: The crown jewel of Kenya’s stock market, Safaricom has grown dividends consistently thanks to its mobile money dominance (M-Pesa) and data growth.
🇬🇭 7. Ghana Commercial Bank (GSE: GCB)
Sector: Banking
Why Watch: With economic reforms stabilizing Ghana’s macroeconomic outlook, GCB stands out for its conservative management and potential for steady dividend growth.
📌 Tips for Investing in African Dividend Stocks
Currency Risk: Consider the impact of FX fluctuations on returns.
Liquidity: Some African markets can be thinly traded. Use limit orders and do due diligence.
Regulatory Environment: Political and regulatory risk varies by country — diversify across regions.
📊 Final Thoughts
Dividend growth investing isn’t just for developed markets. Africa is home to a rising class of companies that combine growth, resilience, and shareholder returns. By adding a few of these names to your watchlist, you’re not only building a more diversified portfolio — you’re also participating in the continent’s long-term transformation.
