Investors at UBA Business Series Identify Africa’s Next Billion-Dollar Opportunities
Africa’s Global Bank, 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 is shaping Africa’s next generation of high-growth businesses.
Held at the Bank’s corporate headquarters in Lagos under the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” the event examined how African entrepreneurs are leveraging data, consumer behaviour and innovation to build scalable businesses tailored to the continent’s unique realities.
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.
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.”
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.”
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 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.”
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.
Offering an investor’s perspective, Egunjobi emphasised that successful investing begins with backing resilient founders rather than impressive 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.”
She stressed that many startups fail because they become emotionally attached to their solutions instead of remaining focused on solving genuine customer problems.
According to her, financial inclusion, the creative economy, sports and SMEs remain among Africa’s most promising investment opportunities, particularly as access to financing continues to improve across the continent.
Speaking at the event, UBA’s Head, 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. UBA Foundation Partners Slum2School to Equip Pupils with Financial Literacy Skills
