UBA Business Series highlights how customer insights, AI and innovation can help build Africa’s next billion-dollar businesses
Africa’s Global Bank, United Bank for Africa (UBA) Plc, convened entrepreneurs, investors, innovators and business leaders in Lagos on Thursday for another edition of the UBA Business Series, where speakers agreed that Africa’s next generation of billion-dollar companies will emerge from businesses that combine customer insight with technology-driven innovation.
Also read: UBA Business Series hosts M.I Abaga, Chowdeck CEO, Egunjobi on innovation
Held at the bank’s corporate headquarters under the theme, “Building for Africa’s Realities:
Turning Consumer Feedback into Technology-Driven Solutions,” the event explored how entrepreneurs across the continent are transforming consumer behaviour, data and emerging technologies into scalable businesses capable of addressing Africa’s unique economic realities.
The discussion brought together a diverse panel comprising media entrepreneur and founder Adaora Mbelu, who moderated the session; Co-founder and Chief Executive Officer of Chowdeck, Femi Aluko; acclaimed rapper and entrepreneur M.I Abaga; and Venture Capitalist and Co-founder of Octerra Capital, Ashim Egunjobi.
A recurring message throughout the event was that Africa’s strongest growth opportunities lie in solving local problems with globally competitive solutions.
Panellists identified financial inclusion, the creative economy, sports and small and medium enterprises as sectors with the greatest potential to produce the continent’s next billion-dollar companies, noting that sustained growth would depend on how closely businesses remain connected to the evolving needs of their customers.
Opening the conversation, Mbelu encouraged entrepreneurs to cultivate curiosity and pay closer attention to everyday challenges that often present the biggest commercial opportunities.
“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.”
Drawing from Chowdeck’s rapid expansion, Aluko explained that some of the company’s most successful innovations were driven directly by customer behaviour rather than internal assumptions.
He revealed that purchasing patterns observed on the food delivery platform inspired the development of Chowstore, illustrating how businesses can unlock new revenue streams by listening carefully to their users.
“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.”
Artificial intelligence also featured prominently during the discussion, with M.I Abaga describing the technology as a powerful opportunity for African creators to expand their influence beyond the continent.
Rather than viewing AI as a disruption, the award-winning musician argued that it should be embraced as a tool capable of strengthening Africa’s position in the rapidly evolving 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.”
M.I Abaga added that digital platforms have fundamentally reshaped audience engagement, allowing creators to build direct relationships with consumers while increasing demand for stronger financial infrastructure and business support.
Providing the investment perspective, Egunjobi stressed that successful venture capital decisions are driven less by polished presentations and more by the quality, resilience and adaptability of founders navigating uncertain markets.
The latest UBA Business Series reflects the bank’s continued efforts to promote entrepreneurship, innovation and knowledge sharing across Africa.
Over the years, the platform has featured business executives, policymakers, innovators and industry leaders discussing practical strategies for building sustainable enterprises, improving financial inclusion and accelerating economic development across the continent.
Also read: UBA Foundation partners Slum2School on financial education for underserved pupils
As African startups continue attracting growing investor interest despite global economic uncertainty, participants agreed that the businesses most likely to thrive will be those capable of combining technology with a deep understanding of local consumer needs, transforming everyday challenges into scalable and lasting commercial opportunities.
Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
