One of Ghana’s leading digital payments and e-commerce platforms, Hubtel, has been ranked 48th on the Financial Times’ 2026 list of Africa’s fastest-growing companies — a reflection of steady revenue expansion rather than rapid scaling from a low base.

The company posted 63.68 million in revenue for 2024, nearly quadrupling its 2021 figure of 17.91 million. That performance represents a compound annual growth rate (CAGR) of 52.63% over the three-year period measured by the FT.

Unlike younger fintechs whose high growth rates often stem from a small starting point, Hubtel’s trajectory stands out as being achieved on a substantial revenue scale, making it the most operationally established Ghanaian firm on this year’s ranking.

From messaging to payments

Hubtel began two decades ago as a messaging company. It has since evolved into an e-payments and commerce platform with 23 offices across Ghana. The company’s strategic shift came around 2015, when mobile money began gaining traction, prompting a move away from micro-billing toward digital payments infrastructure.

In an interview with CNN’s Marketplace Africa last year, Hubtel’s Chief Executive, Alex Bram, said the domestic market still offered considerable room for growth.

“We think that Ghana still gives us a lot of room to grow. Even as the number one fintech here, we still process just about 12% of the volume of transactions… This economy has over 800,000 such businesses. There is still a lot of room to grow,” he said.

Industry recognition

Hubtel was recently named Overall Best Fintech Partner at the MobileMoney Fintech Stakeholder Dinner and Awards, organised by MTN Ghana’s mobile financial services subsidiary.

Ghana placed three companies in the FT’s top 50 this year, including Regulus Investment and Financial Services and manufacturer Interplast.