United Bank for Africa (UBA) Plc has hosted another edition of its quarterly UBA Business Series, bringing together entrepreneurs, investors, innovators and business leaders to explore how customer insights and technology are shaping Africa’s next generation of high-growth businesses.
Held at the bank’s corporate headquarters in Lagos under the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” the event examined how African entrepreneurs are leveraging data, consumer behaviour and innovation to build scalable businesses tailored to the continent’s unique realities.
A major highlight of the event was the consensus among panellists that financial inclusion, the creative economy, sports and small and medium-sized enterprises (SMEs) are the sectors most likely to produce Africa’s next billion-dollar companies.
The speakers agreed that businesses with the greatest potential for success will be those that remain closely connected to the needs and behaviours of their customers.
Moderated by media entrepreneur and founder, Adaora Mbelu, the discussion featured the Co-founder and Chief Executive Officer of Chowdeck, Femi Aluko; rapper and entrepreneur, M.I Abaga; and Venture Capitalist and Co-founder of Octerra Capital, Ashim Egunjobi.
Opening the discussion, Mbelu urged entrepreneurs to pay closer attention to the realities around them, stressing that successful businesses are built by understanding people, behaviour and context.
“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,” she said.
Sharing Chowdeck’s growth story, Aluko explained that some of the company’s biggest innovations emerged directly from analysing customer behaviour. He noted that purchasing patterns on the platform inspired the creation of Chowstore, demonstrating how customer data can uncover entirely new business opportunities.
“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next,” Aluko said.
Speaking on artificial intelligence, M.I Abaga described AI as a transformative opportunity for Africa’s creative industry rather than a threat, saying emerging technologies would enable African creators to compete more effectively in the 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,” he said.
He added that the digital era has fundamentally changed how creators engage with audiences, enabling them to build direct relationships with their communities while creating greater demand for stronger financial and business support systems.
Offering an investor’s perspective, Egunjobi emphasised that successful investing begins with backing resilient founders rather than impressive presentations, noting that adaptability, execution and a deep understanding of customers are essential for building sustainable, high-growth businesses.
