As Africa’s startup ecosystem continues to evolve, industry leaders have stressed that impressive fundraising announcements alone are no longer enough to win over increasingly cautious investors. Instead, the focus has shifted to developing products that address real consumer challenges.
This formed the central theme of the latest quarterly UBA Business Series titled, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions.”
The event, held in Lagos yesterday and streamed to thousands of virtual participants, brought together leading innovators, startup founders, and industry executives to examine how businesses can leverage technology and customer feedback to build scalable and sustainable business models.
Participants emphasized that the success of technology in Nigeria and across Africa depends largely on its ability to align with the realities of consumers’ daily lives and spending patterns, rather than founders’ assumptions about user behavior. From cross-border payment solutions to localized logistics platforms, speakers noted that long-term success belongs to companies that actively listen to their customers.
Opening the event, UBA’s Head of Remittances, Uzoamaka Oyeka, reiterated that the bank’s guiding principle remains **Customer First**, noting that meaningful technological innovation starts with a deep understanding of local consumer needs.
According to Oyeka, consumer insights remain the foundation of transformative innovation.
“Africa’s greatest opportunities for innovation are always based on the realities of its people. The most effective solutions are built not on assumptions, but on addressing and listening to our customers and providing responses to their needs,” she said.
During the panel discussion, Managing Partner at Octerra Capital, Ashim Egunjobi, observed that traditional customer relationship strategies centred solely on pricing are becoming less effective. She noted that today’s consumers, particularly digital natives, increasingly seek more meaningful and value-driven relationships with brands.
Egunjobi further explained that businesses historically found it difficult to accurately measure the effectiveness of loyalty campaigns, often concentrating on “what we gave away” instead of “what behavior we created.”
Also speaking during the panel session, which was moderated by media entrepreneur Adaora Mbelu, Chowdeck co-founder and Chief Executive Officer, Femi Aluko, shared insights into the early mistakes made by the company and how customer data significantly influenced a shift in its business strategy.
Aluko revealed that one of Chowdeck’s initial assumptions was viewing Nigeria’s delivery market as a single, homogeneous market, an approach that later proved inaccurate.
Meanwhile, rapper and entrepreneur M.I. Abaga broadened the discussion beyond fintech and logistics, placing emphasis on the creator economy. He highlighted the importance of community building and real-time feedback mechanisms in developing technology-driven platforms targeted at African youth.
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