Africa’s next generation of billion-dollar companies is likely to emerge from financial inclusion, the creative economy, sports and small and medium-sized enterprises (SMEs), according to investors and business leaders who spoke at the latest edition of the UBA Business Series.
The speakers said entrepreneurs hoping to build Africa’s next unicorns must focus less on copying global business models and more on solving local problems by listening closely to customer needs.
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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 Africa’s unique realities.
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. They also identified the continent’s rapidly growing creative economy, sports industry and SME ecosystem as sectors capable of producing globally competitive companies.
Moderated by media entrepreneur, Adaora Mbelu, the panel featured Femi Aluko, Chowdeck co-founder and chief executive officer; 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,” she said.
Femi Aluko, Chowdeck co-founder and chief executive officer, explained that some of Chowdeck’s biggest product innovations came directly from analysing customer behaviour rather than relying on assumptions.
Aluko said 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,” he asserted.
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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.
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 said.
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.
Offering an investor’s perspective, Ashim Egunjobi, venture capitalist and co-founder of Octerra Capital, said successful investing is driven more by the quality and resilience of founders than by polished presentations.
Egunjobi noted that investors increasingly look for entrepreneurs who deeply understand customer problems and can adapt quickly to changing market conditions.
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.
For UBA, the Business Series continues to provide a platform for entrepreneurs, innovators and investors to exchange ideas on building businesses capable of transforming Africa’s economy while creating globally competitive companies.
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