UBA Business Series Spotlights Customer Insights
….Technology as Drivers of Africa’s Next Billion-Dollar Businesses
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 discuss how customer insights and technology are shaping the future of high-growth businesses across Africa.
The event, held at the bank’s corporate headquarters in Lagos, was themed “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions.” Discussions centred on how African entrepreneurs are using consumer behaviour, data and innovation to develop scalable businesses tailored to the continent’s unique needs.
A key takeaway from the session was the agreement among panelists that sectors such as financial inclusion, the creative industry, sports and small and medium-sized enterprises (SMEs) hold the greatest potential to produce Africa’s next generation of billion-dollar companies.
They stressed that businesses with the strongest prospects for long-term success would be those that consistently respond to the evolving needs of their customers.
The discussion was moderated by media entrepreneur and founder, Adaora Mbelu, and featured Chief Executive Officer and Co-founder of Chowdeck, Femi Aluko; rapper and entrepreneur, M.I Abaga; and Co-founder of Octerra Capital, Ashim Egunjobi.
Speaking during the session, Mbelu encouraged entrepreneurs to remain attentive to the realities around them, noting that successful businesses often emerge from identifying overlooked opportunities.
According to her, building a successful enterprise is less about being the smartest person in the room and more about understanding people, behaviour and context.
Sharing Chowdeck’s growth journey, Aluko explained that the company’s expansion has been largely driven by insights gathered from customer behaviour. He cited the launch of Chowstore as an innovation inspired by purchasing trends observed on the platform.
He said businesses that pay close attention to customer feedback are better positioned to identify new opportunities and create products that meet market demands.
On the role of artificial intelligence, M.I Abaga described AI as a major opportunity for Africa’s creative economy rather than a disruption. He said emerging technologies would enable African creatives to compete more effectively on the global stage while expanding business opportunities beyond local markets.
The musician also observed that the digital era has transformed audience engagement, allowing creators to build direct relationships with their communities while increasing the need for stronger financial and business support structures.
Providing an investor’s perspective, Egunjobi noted that venture capitalists ultimately invest in resilient founders with the ability to solve real problems, rather than businesses with only impressive presentations.
