Month: May 2024

Golden Crystal Experience is a hotel located in Adiriganor, East Legon, offering a variety of accommodations for short-term stays. Clients can choose from standard hotel rooms, as well as studio, one-bedroom, and two-bedroom apartments. The Hotel is constantly being rated number one for customer service. However, despite its commitment to excellence, the hotel faced significant challenges with payment processing. 

Challenge  

Originally, Golden Crystal processed payments with handheld POS devices provided by its former service provider, which could not adequately meet their needs. “The challenge we encountered was that processing payments and the speed at which money was received were both slow,” says Mr. Ben Nortey, the CEO of Golden Crystal Experience. This issue of tied-up finances affected their cash flow because, in the hospitality industry, the timing of expenses and income needs to align to ensure smooth operations. He stated, “Previously, payments would take anywhere from one to two weeks or longer to be credited to our account. For a business such as a hotel, any delay has significant repercussions on operations.” 

With this challenge, the hotel wanted a solution that would streamline its payment processing to keep its overall operations more efficient. That is when they turned to Hubtel. 

Solution

With the switch to Hubtel’s POS, the hotel processed payments three times faster than before, and the turnaround time for payments to reflect in their account significantly reduced. “Hubtel came into the picture and provided us with the freedom to receive a variety of payments much faster,” Mr. Nortey says. “While not instant, payments settle within an hour, which for us, is a massive improvement compared to the two to three weeks we previously had to wait for payments to reflect in our account.” 

In the hospitality industry, the time value of money is a critical factor. “The significance and value of the hourly reimbursement by Hubtel for us is substantial,” he added. “We don’t have the luxury of readily available finances, so being able to access our money quickly and use it without delays is amazing.” 

Secondly, the customer service provided by Hubtel is what keeps the relationship. “I have witnessed Hubtel’s growth over the years, and through it all, they never lost their personal touch. Whenever we had an issue, someone was readily available to assist,’ Nortey added. “Despite their immense growth, we haven’t encountered any issue that took Hubtel more than an hour or two to fix.” 

Another benefit for Golden Crystal is the commission price charged. “Previously, amidst the delay with reimbursement, our service provider charged a higher commission. Switching to Hubtel not only grants us faster access to our money but also proves to be more affordable,” he added.  

Results  

Considering what makes a business in the hospitality industry thrive—excellent customer service—Golden Crystal has always been mindful of elevating their clients’ overall experience. From the reception to the restaurant and gym, all touchpoints, including the flexibility of payment, whether by cash, card, or mobile money, must operate smoothly throughout a client’s stay to enrich the entire experience.  

With Hubtel’s POS, Golden Crystal Experience efficiently processes a variety of payment methods. Additionally, the POS integrates seamlessly with Golden Crystal’s existing operations. The web management dashboard allows for real-time tracking of transactions and inventory management. This level of efficiency not only enhances the guest experience but also optimizes the hotel’s operations, contributing to its overall success in the competitive hospitality industry. 

“Hubtel has always been personable and made us feel important. So even if another company could process payments faster, we would still choose Hubtel because of that personal element.” He further stated, “I don’t know how Hubtel manages to offer such speed of service, excellent customer support, and affordability, but they do it somehow, someway, and it’s superb.” 

Hubtel, Ghana’s leading payment services provider, has been ranked as the Fastest Growing Company in Ghana for the 2022 financial year in the latest Financial Times’ Africa’s Fastest Growing Companies ranking.  

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%, according 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. 

“Never be afraid to jump at the sun, you will never reach it, but your feet will leave the ground.” (Bram, 2017) 

And jump we did. The Hubtel story, often told, is a testament to the power of ambition and the lessons learned along the path of embracing failure.  

Origins and Early Wins: 

Founded in 2005 as SMSGH by Alex Bram, Ernest Apenteng,  and Leslie Gyimah, three ambitious undergraduates, the company started as SMSGH with a mission to simplify business to customer communication via SMS. The founders’ entrepreneurial spirit, honed through various earlier ventures, proved crucial in navigating early challenges. SMSGH saw quick success, making its first sale after five months and securing significant contracts within its first year. By 2007, the company was a pioneer, launching Africa’s first online SMS portals and alert systems for banks, reaching an impressive $1 million in revenue that year. 

Pivotal Transformation: 

Despite initial success, the company recorded slowing growth rates around 2013-2014, which prompted the need for a strategic shift. The company leaders participated in the Stanford Seed Business Transformation program in 2016 which led to the birth of the Hubtel brand with a new emphasis on payments and customer services. The Hubtel mobile app launched in 2017, aiming to be a “super-app” connecting users and businesses. Hubtel obtained approval from the Bank of Ghana to operate as an Enhanced Payment Services Provider in 2019, solidifying its position in the fintech space. 

Growth and Recognition: 

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.  

The Hubtel Legacy 

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. 

Discover more of the Hubtel story here: hubtel.com/19-years 

Great news! There’s a new way to pay on the Hubtel app. 

It’s simple! Now, when you place an order, we only charge you once we’ve confirmed that your order is available and ready for delivery. This means you won’t be charged until we confirm your order.  

Previously, order confirmation required upfront payment, with reimbursements issued when an item is unavailable. For a smoother experience, we now confirm the availability of your order with the restaurant before charging your account. 

How does it work? 

1. Open the Hubtel app.  

2. Tap on ‘Food’ or ‘Everyday Essentials’ and select the meal or items you want to be delivered.  

3. Add to your order and confirm.  

4. Select your delivery time. 

5. Confirm delivery. 

6. Tap on “Mobile Money” and select your preferred mobile wallet 

7. Tap on “Place Order” 

After tapping on ‘Place Order,’ your order will be confirmed with the retailer or restaurant to ensure food or item availability. Once confirmation is done, your account will be debited. 

It’s important to note that this feature is currently only available on the Hubtel mobile app and supported only through MTN Mobile Money and Telecel Cash. 

Whether you’re at home, at work, or out and about, order your everyday essentials and favorite meals and have them delivered in no time. Download the Hubtel app and enjoy a new level of convenience. 

We are deeply saddened to announce the passing of Leslie Kwabena Gyimah, our co-founder and dear friend. We pay tribute to Leslie’s invaluable contributions to Hubtel and reflect on the profound impact he had on our company and its journey. 

In a heartfelt announcement, Chief Executive Officer, Alex Bram, honors the memory of his dear friend, Leslie, by recounting the company’s founding story and highlighting Leslie’s immense contributions to its foundation. 

From the early days of SMSGH to the establishment of Hubtel, Leslie was a driving force behind our company’s growth and success. His dedication, creativity, and unwavering commitment laid the foundation for our journey. 

As friends and classmates since secondary school, Leslie, Ernest, and Alex, set out to revolutionize how businesses connect with their customers through SMS messaging, after their last day in university. Leslie’s passion for innovation and his belief in our vision were unwavering, serving as a source of inspiration for us all. 

Leslie Kwabena Gyimah played a pivotal role in shaping Hubtel’s initial business model and strategy. His tireless efforts and personal sacrifices were instrumental in securing the company’s first sales and profits, setting the stage for our future growth. 

Beyond his professional achievements, Leslie’s pride in Ghana and his creative energy left an indelible mark on our company’s culture. His spirit of innovation and his belief in what we could achieve continue to resonate within our team. 

During this difficult time, our thoughts and prayers are with Leslie’s wife, Lady Pearl, his daughters, and his family.  

As we mourn the loss of our dear friend and co-founder, we also celebrate Leslie’s remarkable life and legacy. His vision, passion, and dedication will continue to inspire us as we honor his memory and carry forward his legacy at Hubtel. 

Leslie will forever be in Hubtel hearts.