United Bank for Africa (UBA) Plc has hosted another impactful 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. The event was held at the Bank’s corporate headquarters in Lagos under the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions.”
Key Sectors for Africa’s Next Billion-Dollar Companies
A major highlight of the discussion was the consensus among panellists that financial inclusion, the creative economy, sports, and small and medium enterprises (SMEs) represent the sectors most likely to produce Africa’s next billion-dollar companies. They agreed that the businesses most likely to succeed will be those that remain deeply connected to the needs and behaviours of their customers.
Panel of Experts Share Insights
Moderated by media entrepreneur and founder, Adaora Mbelu, the conversation featured an accomplished panel comprising Co-founder and Chief Executive Officer of Chowdeck, Femi Aluko; acclaimed rapper and entrepreneur, M I Abaga; and Venture Capitalist/Co-founder of Octerra Capital, Ashim Egunjobi.
Opening the conversation, Mbelu challenged entrepreneurs to pay closer attention to the realities around them. “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.
Chowdeck’s Growth Story: Data-Driven Innovation
Sharing the Chowdeck growth story, Aluko explained that some of the company’s biggest innovations emerged directly from analysing customer behaviour. He revealed that purchasing patterns within the platform inspired the creation of Chowstore, demonstrating how 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 stated.
AI as a Transformative Opportunity for Africa’s Creative Industry
Speaking on artificial intelligence, M I Abaga described AI as a transformative opportunity for Africa’s creative industry rather than a threat. He noted that emerging technologies would enable African creators to participate more competitively in the rapidly expanding 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 said. He also observed that the digital era has fundamentally changed how audiences are reached, enabling creators to build direct relationships with their communities while creating demand for stronger financial and business support systems.
Investor Perspective: Backing Resilient Founders
Offering an investor’s perspective, Egunjobi emphasised that successful investing begins with backing resilient founders rather than impressive presentations. He highlighted the importance of founders who can adapt and persevere through challenges, noting that this quality is often more critical than a polished pitch deck.
The UBA Business Series continues to serve as a platform for fostering dialogue and collaboration among key stakeholders in Africa’s business ecosystem, driving innovation and growth across the continent.
