The list, published by the UK-based newspaper recognizes businesses across the African continent that are achieving remarkable revenue growth.

The FT ranking evaluated several companies based on their compound annual growth rate (CAGR) in revenues between 2019 and 2022. Hubtel’s impressive revenue growth performance during the 2022 financial year positioned it among the top companies on the continent.

As the growing demand for payment services continues to heat up, the intersection of e-commerce and fintech is also driving Africa’s economic growth. This is evident in the number of fintechs named among the list of companies on the rankings.

Hubtel was ranked 30th out of 125 companies in Africa, and follows on heels the achievements IT Consortium, another Ghanaian payment service provider that was ranked 17th in the rankings for the 2020 financial year. Other Ghanaian companies that made the list for the 2022 financial year are KudiGo and Zen Petroleum. In the rankings for the 2021 financial year, Enterprise Insurance and Zen Petroleum were also listed.

According to the newspaper, “Economic growth in Africa, overall, in 2023 was 3.2%, accoording to the IMF – lower than in Asia, which grew at nearly 5%. And, given the African continent’s fast population expansion, this underperformance is even starker in per capita terms. Rather than closing the gap with wealthier regions, on aggregate, Africa is falling further behind.”

Despite the harsh economic challenges, the continent is experiencing, its companies continue to thrive and attract investments. South Africa has the most number of companies listed in the rankings with Nigeria also dominating. Companies from Morocco, Mauritius, Kenya and Egypt also featured strongly.

Hubtel’s history of being recognized in such continental rankings dates back to 2012 when Forbes Africa Magazine listed the company, then operating as SMSGH, among the Top 20 Technology Start-Ups in Africa.