The rapid growth of mobile subscribers in Africa is also a big draw for investors. Related: World's 40 best performing stock markets in 2012 'As more of the population starts banking, we'll see a lot of growth in that sector: more deposits, more business lending, more mortgage loans. 'Nigeria has over 160 million people, but only 20 million operate bank accounts,' said Seruma. The fund, which is up more than 30% in 2012, also includes a number of financial service institutions, including First Bank of Nigeria, Zenith Bank and Guaranty Trust Bank. Two of the fund's top holdings include Guinness Nigeria, a subsidiary of the world's largest spirits maker Diageo ( DEO), as well as Nestle Nigeria, a unit of Swiss-based Nestle ( NSRGF), the world's biggest food company. One way Seruma's fund profits from Africa's rising consumer class is through food and beverage stocks. Seruma's fund is largely invested in Nigeria, Africa's second-largest economy, where economic growth has clocked in around 6% each quarter in 2012, and stocks have surged more than 30% year-to-date. In fact, the number of African households with discretionary income is expected to jump by more than 50% to almost 130 million by 2020.

According to McKinsey Global Institute, household consumption is now higher in Africa than in India or Russia, and is only expected to surge further.

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