Ghana’s Hubtel and Verifibuy (formerly Kudigo) have been named among the top 50 fastest growing companies in Africa in 2024 by the Financial Times.
Among the top 50, leading Ghanaian Fintech, Hubtel came in at number 30, while another Fintech, Kudigo came in at number 48.
The top 50 are among a list of 125, which also included Zen Petroleum from Ghana, at number 54.
According to researchers, many of the businesses which made the cut, have overcome the Covid-19 pandemic and the many other challenges facing African economies, particularly a 3.2% overall economic growth in Africa, compared to 5% in Asia.
In the current edition, which is the third in the role, Financial Times noted that these companies recorded growth in an environment where population is fast expanding, reflecting an even worse per capita income, as the continent fell further behind wealthier countries.
Hubtel
Before and particularly during Covid-19, Hubtel evolved as a major ecommerce players, standing tall in the food delivery space in particular. It has since rolled out several other services, leading to its exponential growth post Covid-19.
Since rebranding in 2017, Hubtel has experienced phenomenal growth, attaining a full license as an Enhanced Payment Services Provider in 2022 and becoming Ghana’s largest fintech by the end of that year. The company takes pride in its workforce, which has expanded significantly over the past 2 years to 650+ employees across Ghana, reflecting the company’s impact and success.
The Hubtel mobile application taps into a vast market, with 4300+ restaurants and eateries, 632 pharmacies and shops, and 382 active riders in 8 cities across the country. This extensive network facilitates an average of 42,000+ orders monthly, serving a customer base of 10,500+ monthly.
Over the past years, Hubtel has had a significant impact on various industries in Ghana, including telecom, entertainment, banking, education, retail, healthcare, and utilities.
In the utilities sector, Hubtel worked with the Electricity Company of Ghana (ECG) from July 2022 to plug payment processing leakages and grow monthly revenues by nearly 100% to GHS1.2 billion.  Due to this significant feat, in March 2024, the company signed a commercial agreement with the nation’s largest distributor of power, Electricity Company of Ghana (ECG)
In the education sector, Hubtel provides a mobile application that helps schools manage school fee payments. This has streamlined payment processes and improved the financial management of early childhood schools across Ghana.
In the healthcare sector, Hubtel has played a key role in the digital transformation of hospitals. This has increased efficiency and transparency, benefiting both patients and staff.
Hubtel’s story embodies the power of innovation, adaptability, and unwavering dedication in a competitive tech landscape. The company transitioned from a focused SMS provider to a leading fin offering a ‘super-app’ that facilitates everyday transactions. Hubtel’s emphasis on pivoting to meet market needs and overcoming obstacles serves as an inspiration for businesses in Ghana and beyond.
Verifibuy (Kudigo)
Verifibuy is a trailblazer in omnichannel retail for small and micro-businesses across Africa with the backing of Google Black Founders Fund, Catalyst Fund, and Founders Factory.
Under the visionary stewardship of outgoing CEO Kingsley Abrokwah, Kudigo (now Verifibuy) forged its identity by delivering scalable technology solutions tailored to the distinctive needs of African enterprises. The company had maintained a steadfast dedication to digitizing informal retail, empowering countless businesses with tools to excel in an increasingly digital economy.
At its core, Verifibuy is committed to empowering businesses and fueling economic advancement. Through its innovative technology solutions, the startup has spurred job creation, facilitated commerce digitization, and amassed a wealth of verifiable data on African markets.
The essence of Kudigo rebranding to Verifibuy lies in its dedication to pushing the boundaries of social commerce, data analytics, and AI-driven commerce tools on the continent. Last year, the company introduced its social commerce escrow solution, demonstrating its commitment to fostering trust in social commerce transactions.
Social commerce has emerged as the preferred mode of commerce in Sub-Saharan Africa, buoyed by the region’s dynamic social networks and burgeoning digital landscape. Verifibuy’s social commerce escrow solution resonates with consumers, offering a secure and transparent transaction platform while nurturing community engagement.
By harnessing data and AI, Verifibuy aims to equip businesses with actionable insights, empowering them to make informed decisions and remain ahead in a swiftly evolving market. The rebranding underscores the company’s renewed focus on innovation and its dedication to driving positive change in the African retail sector.
Out of the other top 50, South Africa topped with 16 companies, followed by Nigeria with 11 companies. But the overall fasted growing company in Africa is Nigeria’s OmniRetail.
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