Hubtel hits GHS 160 billion transaction value milestone in 2023.

Ghana’s supper app Hubtel hit a GHS 160 billion (~$13.2 billion) in transactions in 2023, as revealed by CEO Alex Bram in a New Year message to the public.

In addition to the impressive total processed value, Bram said the company also nearly tripled staff strength, growing from about 200 at the beginning of the year to a vibrant team of almost 600. For 2024, the CEO asserts, “We will continue to invest in ourselves, empowering each other to learn, grow, and lead. We will also unleash the power of emerging technologies such as AI, ML, and big data systems to create even more impactful services that can improve lifestyles and drive Ghana forward. ”

Founded in 2005 by Alex Bram and Ernest Apenteng as SMSGH, the company has evolved from a business short messaging service provider to a fully licensed payment service provider and recently expanded into the quick commerce industry. Hubtel processes payments and makes it easier for banks, telecommunications companies, utility companies, and retailers to process sales and connect with customers. Users can purchase essential items and access financial services on the mobile app. Over the years, the company has deepened its presence in Ghana by having satellite offices in Accra,  Kumasi, Cape Coast, Tamale, Ho, Koforidua and Takoradi. Hubtel was part of the consortium that designed and managed the Ghana.gov platform to stop revenue leakage in state institutions.

In 20222, Hubtel received a full and final license from the Bank of Ghana to operate as a Payment Service Provider (Enhanced). In addition to the Bank of Ghana, Hubtel is notably licensed by the National Communications Authority, certified by the Data Protection Authority, and registered with the Financial Intelligence Centre. 

The company is also certified as compliant with Payment Card Industry Data Security Standards and ISO 27001 Information Security Management Standards.

Source: Hubtel