Sparkle CEO on how technology can drive growth for small businesses

The CEO of Sparkle, Uzoma Dozie, recently sat down with CNBC Africa to discuss the crucial role of technology in driving growth for small businesses in Lagos. Dozie emphasized that beyond capital, advisory services are key for startups to thrive in the competitive market. The discussion took place on the sidelines of the Art of Technology 2.0 event in Lagos, where industry leaders gathered to explore the transformative power of technology in shaping the future of businesses. Dozie highlighted the importance of building infrastructure and leveraging technology to enhance the quality of life in Lagos. He commended the efforts of the local government in improving infrastructure and emphasized the need to harness data to support small businesses in the region. Dozie pointed out that the COVID-19 pandemic has underscored the importance of digital solutions, with cashless transactions becoming increasingly vital during lockdowns. He expressed optimism about Lagos becoming a hub for mobile data-driven businesses, offering cost-effective and efficient payment solutions. In addition to fintech, Dozie highlighted the significance of sectors such as Edutech, HealthTech, and FoodTech in driving innovation and economic growth in Lagos. The event showcased the diversity and potential of startups in the region, attracting venture capital investments and fostering a conducive environment for entrepreneurial success. Dozie emphasized the need for startups to focus on customer education and data analytics to gain a competitive edge in the evolving marketplace. He emphasized the critical role of understanding consumer behavior and leveraging data insights to make informed business decisions. Dozie urged startups to adapt to the changing business landscape where technology has lowered barriers to entry, resulting in increased competition and shorter business lifecycles. Looking ahead, Dozie emphasized the importance of a data-driven Lagos, where decision-making is based on accurate data and insights. He emphasized the significance of identity data in resource allocation and revenue generation, envisioning an inclusive and efficient system where citizens contribute through taxes. Overall, Dozie's insights shed light on the transformative potential of technology in driving growth and innovation for small businesses in Lagos, laying the foundation for a vibrant entrepreneurial ecosystem.