Africa’s Global Bank, United Bank for Africa (UBA) Plc, recently held another exciting edition of its quarterly UBA Business Series. The event brought together entrepreneurs, investors, innovators, and business leaders to discuss how customer insights and technology are shaping Africa’s next wave of high-growth businesses.
The event took place at the Bank’s headquarters in Lagos. It was themed, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions.” The discussions focused on how African entrepreneurs are using data, consumer behaviour, and innovation to create businesses that fit the continent’s unique needs.
One key takeaway from the discussions was that financial inclusion, the creative economy, sports, and small and medium enterprises (SMEs) are likely to produce Africa’s next billion-dollar firms. The panel agreed that businesses most likely to thrive are those that stay connected to their customers’ needs and behaviours.
The conversation was moderated by media entrepreneur and founder, Adaora Mbelu. The panel included Femi Aluko, Co-founder and Chief Executive Officer of Chowdeck; M I Abaga, a well-known rapper and entrepreneur; and Ashim Egunjobi, a Venture Capitalist and Co-founder of Octerra Capital.
Mbelu opened the discussion by urging entrepreneurs to pay attention to their surroundings. “Building is not reserved for the smartest person in the room. It is about being observant enough to understand people, behaviour and context. The greatest opportunities often emerge from paying attention to what others overlook.”
Aluko shared the story of Chowdeck's growth. He said some of the company's biggest ideas came from studying customer behaviour. He pointed out that buying patterns on the platform led to the creation of Chowstore, showing how data can reveal new business chances.
“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.”
On the topic of artificial intelligence, M.I Abaga described AI as a chance for Africa’s creative industry instead of a threat. He mentioned that new technologies would help African creators compete better in the growing global creative economy.
“Technology has always been part of creativity. AI gives African creators the opportunity to compete globally, solve bigger problems and build businesses that serve international markets.”
Abaga also noted that the digital age has changed how audiences are reached. This change allows creators to form direct connections with their communities while creating a demand for better financial and business support systems.
From an investor's viewpoint, Egunjobi stressed that successful investing starts with supporting strong founders instead of just impressive pitches.
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