Hubtel, a leading technology company involved in a commercial agreement with the Electricity Company of Ghana (ECG), has strongly denied allegations that it was paid $25 million for its work on the PowerApp software.

In response to what it called “false claims” by certain Civil Society Organisations (CSOs) and media commentators, Hubtel clarified that it has not received the alleged amount.

The company explained that the $25 million figure was only a projected cost limit set by ECG’s Board of Directors at the start of the project. To date, approximately $12 million of the projected $25 million has been spent on modernising outdated systems and enhancing ECG’s operations, including the development of the new PowerApp.

Hubtel also addressed claims that it receives 3% of the value of electricity purchased by ECG customers.

It clarified that it charges a fee of 1.95% on all transactions processed through its payment platform for merchants and retailers using its service, with Hubtel’s actual share being 0.95%.

Additionally, Hubtel responded to reports claiming there has been no improvement in ECG’s revenues since the company’s involvement.

It argued that as of the time of the statement, ECG has seen an average monthly revenue growth of over 210% compared to August 2022, attributed to Hubtel’s work and the new commercial system providers.

This, the company stated, marks the longest-sustained period of monthly revenue growth in ECG’s history.