The quarterly event, hosted by United Bank for Africa (UBA) Plc at its corporate headquarters in Lagos, brought together entrepreneurs, investors, innovators and business leaders to discuss how customer insights and technology are shaping Africa's future high-growth businesses.
Held under the theme, "Building for Africa's Realities: Turning Consumer Feedback into Technology-Driven Solutions," the discussion explored how startups can use data, consumer behaviour and innovation to build scalable businesses tailored to the continent's unique realities.
Beyond Copying Global Models
A major takeaway from the event was that Africa's next billion-dollar opportunities are shifting beyond traditional fintech into sectors that directly address everyday challenges facing millions of people across the continent. The panellists agreed that financial inclusion remains one of Africa's biggest untapped opportunities, as millions of people still lack access to affordable banking, credit and digital financial services.
The creative economy, sports industry and SME ecosystem were also identified as sectors capable of producing globally competitive companies. According to the panellists, the businesses most likely to succeed will be those that remain deeply connected to the needs and behaviours of their customers.
Listening to Customers: The Chowdeck Story
Moderated by media entrepreneur Adaora Mbelu, the panel featured Femi Aluko, co-founder and CEO of Chowdeck; M.I Abaga, rapper and entrepreneur; and Ashim Egunjobi, venture capitalist and co-founder of Octerra Capital.
Opening the discussion, Mbelu urged entrepreneurs to become more observant of the realities around them rather than chasing trends:
"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".
Femi Aluko explained that some of Chowdeck's biggest product innovations came directly from analysing customer behaviour rather than relying on assumptions. He revealed that the company's decision to launch Chowstore was inspired by purchasing patterns observed on its platform, demonstrating how customer data can reveal entirely new business opportunities:
"Customers constantly tell you what they need. If you listen carefully, they will show you what to build next".
His remarks underscored a growing shift among successful African startups towards building products based on consumer feedback instead of importing business models that may not reflect local realities.
AI as an Opportunity, Not a Threat
Speaking on artificial intelligence, M.I Abaga described the technology as one of Africa's greatest opportunities rather than a threat to creative professionals. According to him, AI has the potential to help African creators compete more effectively in the global digital economy by expanding their reach, improving productivity and enabling them to develop products and services for international markets:
"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 added that digital platforms have fundamentally changed how artists engage with audiences, allowing creators to build direct relationships with their communities while increasing the need for stronger financial and business support systems.
Investor Perspective: Backing Resilient Founders
Offering an investor's perspective, Ashim Egunjobi said successful investing is driven more by the quality and resilience of founders than by polished presentations:
"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".
Egunjobi noted that investors increasingly look for entrepreneurs who deeply understand customer problems and can adapt quickly to changing market conditions. She stressed that many startups fail because they become emotionally attached to their solutions instead of remaining focused on solving genuine customer problems.
A Broader Shift in Africa's Startup Ecosystem
The discussion reflects a broader trend across Africa's startup ecosystem, where investors are placing greater emphasis on businesses that solve local challenges with scalable technology. As venture funding becomes more selective, startups demonstrating strong customer engagement, clear market demand and sustainable business models are expected to attract the greatest investor interest.
According to the panelists, financial inclusion remains one of Africa's largest untapped investment opportunities because of the continent's sizeable unbanked and underbanked population. The rapid expansion of the creative economy, growing commercial opportunities in sports, and the critical role of SMEs—which account for the vast majority of businesses and jobs across Africa—make these sectors attractive destinations for long-term investment.
UBA's Commitment to Entrepreneurship
Speaking at the event, UBA's Head of Digital Banking, Olukayode Olubiyi, reaffirmed the bank's commitment to supporting entrepreneurs by creating platforms that facilitate learning, collaboration and innovation:
"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 is one of the bank's flagship knowledge-sharing platforms, designed to connect entrepreneurs, investors and industry leaders through meaningful conversations that inspire innovation, promote enterprise development and contribute to Africa's economic transformation .
With over 45 million customers, operations in 20 African countries and a presence in the United Kingdom, the United States, France and the United Arab Emirates, UBA continues to leverage innovation, technology and strategic partnerships to advance financial inclusion and deliver world-class banking solutions across Africa and beyond.
With reporting from BusinessDay, Vanguard, Nairametrics, Tribune Online, Leadership, TheCable, New Telegraph, Techeconomy, and Prime Business Africa
