Africa’s Global Bank, United Bank for Africa (UBA) Plc, convened another edition of its quarterly UBA Business Series in Lagos, bringing together entrepreneurs, investors, innovators and business executives to examine how customer intelligence and technology are influencing the next wave of fast-growing companies across the continent.
Key takeaways
- The Lagos event focused on turning consumer feedback into technology-led products and services.
- Panellists pointed to financial inclusion, the creative economy, sports and small and medium enterprises as the most likely sources of Africa’s next billion-dollar businesses.
- Speakers said the strongest prospects will be those that stay closely aligned with how customers behave and what they need.
- The discussion was moderated by media entrepreneur and founder Adaora Mbelu.
- Panelists highlighted examples ranging from data-driven business expansion to artificial intelligence’s role in boosting African creative output.
Technology and customer insight at the centre of the debate
Held at the bank’s corporate headquarters in Lagos, the UBA Business Series took place under the theme “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions.” The session explored how African founders are using information from real-world consumer behaviour, along with innovation and data, to design scalable ventures that reflect the continent’s distinct market conditions.
A central point of agreement among the panellists was that several sectors stand out for high-potential growth: financial inclusion, the creative economy, sports and small and medium enterprises (SMEs). The group also converged on a common strategy for success—businesses are more likely to scale when they remain deeply connected to the needs, preferences and everyday behaviours of their customers.
Panel discussion: from customer behaviour to AI and investing fundamentals
The conversation was moderated by media entrepreneur and founder Adaora Mbelu, who opened by urging entrepreneurs to look more closely at the environment around them. She argued that progress is not limited to the “most brilliant” people in any room, but instead depends on the ability to observe human behaviour and context. In her view, the largest opportunities often arise from paying attention to details that others overlook.
Sharing lessons from the growth of Chowdeck, Femi Aluko—co-founder and chief executive officer of the company—said several of the firm’s biggest innovations were identified through analysis of customer actions on its platform. He explained that purchasing patterns helped spark the creation of Chowstore, illustrating how data can reveal new business opportunities that may not be obvious at first glance. Aluko added that customers often signal what they want; the key is listening carefully enough to translate those signals into what the business should build next.
On artificial intelligence, M.I Abaga, an acclaimed rapper and entrepreneur, framed AI as a meaningful opportunity for Africa’s creative sector rather than a direct threat. He said advances in technology would allow African creators to compete more effectively in a global creative economy that is expanding quickly. In his assessment, AI has a natural fit with creativity and can help creators tackle larger challenges while building companies positioned to serve international markets.
He also noted that the digital shift has changed how audiences discover and engage with creative work. That transformation, he said, allows creators to build direct relationships with their communities and, at the same time, increases the need for stronger financial and business support systems to help creators sustain growth.
From an investor’s perspective, Ashim Egunjobi, venture capitalist and co-founder of Octerra Capital, emphasized that effective investing starts with backing founders who can endure and adapt, rather than focusing solely on polished pitches or presentation quality.
