UBA Business Series Spotlights Africa’s Next Growth Sectors

United Bank for Africa (UBA) Plc has highlighted the growing role of customer insight and technology-driven solutions in shaping Africa’s future businesses.

The latest UBA Business Series, held at the bank’s headquarters in Lagos, brought together entrepreneurs, investors, innovators and business leaders. The event focused on the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions”. Speakers explored how African businesses can use customer behaviour, data and innovation to create solutions that match the continent’s unique needs.

During the discussion, panellists agreed that financial inclusion, the creative economy, sports and small and medium enterprises (SMEs) offer the strongest potential to produce Africa’s next billion-dollar companies. They also agreed that lasting success depends on understanding customers and responding to their changing needs. Customer insight remains central to building businesses that can grow across Africa.

Media entrepreneur Adaora Mbelu moderated the session, which featured Femi Aluko, Co-founder and Chief Executive Officer of Chowdeck, rapper and entrepreneur M.I. Abaga, and venture capitalist Ashim Egunjobi, Co-founder of Octerra Capital.

Opening the discussion, Mbelu encouraged entrepreneurs to observe people and everyday situations more carefully. He said, “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 explained that Chowdeck developed some of its biggest innovations after studying customer behaviour. He said buying patterns on the platform inspired the launch of Chowstore and revealed fresh business opportunities. He added, “Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.” His experience reinforced the value of customer insight in business growth.

Speaking about artificial intelligence, M.I. Abaga described AI as a major opportunity for Africa’s creative industry. He said, “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,” while noting that digital platforms also help creators build stronger relationships with their audiences.

From an investor’s viewpoint, Egunjobi said successful investments begin with resilient founders rather than polished presentations. She stated, “We invest in founders before we invest in ideas. Grit, adaptability, conviction and the willingness to solve real problems matter far more than a polished pitch deck.” She also warned that many startups fail because they focus too much on their products instead of solving real customer challenges. She identified financial inclusion, the creative economy, sports and SMEs as attractive investment sectors as access to funding continues to improve.

Speaking for UBA, Head of Digital Banking Olukayode Olubiyi reaffirmed the bank’s commitment to supporting entrepreneurs through knowledge-sharing and collaboration. He said, “Every successful business begins with understanding its customer. At UBA, data and customer insight inform every decision we make, and through the UBA Business Series, we remain committed to equipping entrepreneurs with the requisite knowledge, networks and inspiration needed to build businesses that transform Africa.”

The UBA Business Series continues to connect entrepreneurs, investors and industry leaders through meaningful discussions that encourage innovation and enterprise development. With more than 45 million customers, operations across 20 African countries, and a presence in the United Kingdom, United States, France and the United Arab Emirates, UBA continues to expand technology-driven solutions and strengthen financial inclusion across Africa and beyond.

How important do you think customer insight will be in shaping Africa’s next generation of successful businesses?