Product is focused on building, Growth is focused on scaling and Brand is focused on perception. In theory, they should reinforce each other. In practice, they often operate in tension.

Product optimizes for functionality and delivery timelines. Growth optimizes for acquisition and conversion.

Brand attempts to create coherence across both, often after key decisions have already been made. The result is misalignment that is subtle at first but compounds over time.

The product promises one thing through design and capability; growth amplifies another through messaging and campaigns, brand tries to reconcile both into a narrative that feels consistent, and users experience the gaps. This is not a communication failure. It is a systems failure.

Alignment does not happen at the level of messaging. It happens at the level of decision-making. To understand this, it helps to reframe what each function is actually responsible for. Product is not just building features. It is defining what the system does, how it behaves, and what users can reliably expect. Growth is not just acquiring users. It is setting expectations at scale.

Every campaign, every headline, every incentive communicates a version of reality that users will later validate against their experience. Brand is not decoration. It is the governance layer that ensures what is said, what is built, and what is experienced are in sync. When these roles are not clearly understood, misalignment becomes inevitable.

A common pattern looks like this. Growth identifies a compelling angle that drives acquisition. Speed, for example. Instant payouts. Fast transactions. Seamless experience. The message performs well, acquisition increases, but the product, constrained by infrastructure or operational realities, cannot consistently deliver on that promise under all conditions.

Delays happen, edge cases emerge and exceptions increase as scale grows. Brand is then forced into a reactive position of managing perception, adjusting language and explaining gaps, and trying to maintain trust while the underlying system is still stabilizing.

This is where most companies begin to erode credibility without realizing it, not because they intended to mislead, but because their system allowed expectation to outpace reliability.

True alignment requires a different approach. It starts with a shared definition of truth within the company. What can the product consistently deliver today, not occasionally or under ideal conditions, but reliably across real use cases.

This becomes the foundation. Growth does not amplify the best-case scenario. It amplifies the most dependable reality. This may feel less exciting, but it creates a stable feedback loop where user expectations are consistently met or exceeded.

Brand then encodes this into clear, repeatable signals, language that reflects reality, positioning that users can verify through experience and a narrative that does not need to be defended because it is continuously proven.

As the product improves, the ceiling of what can be communicated expands. Growth scales what is already working and Brand evolves the narrative without breaking continuity. This creates compounding trust.

The alternative is far more common. Growth leads with aspiration. Product catches up under pressure, and Brand manages the gap.

While this can drive short-term metrics, it introduces long-term instability. Users learn to discount messaging; internal teams begin to operate with different versions of truth and decision-making becomes fragmented.

The alignment, then, is not about collaboration meetings or shared documents. It is about sequencing and discipline.

Product defines reality, Growth scales reality, and Brand ensures reality is understood the same way everywhere. Anything outside this order creates distortion.

The companies that sustain trust over time are not the ones with the most aggressive growth strategies or the most creative campaigns. They are the ones where what is promised, what is built, and what is experienced are tightly coupled. Because in the end, users do not evaluate functions. They evaluate outcomes. And alignment is what makes those outcomes feel intentional, not accidental.

About the author

Ememobong Udofot E. is a branding and communications executive specialising in strategy, systems thinking, and trust design within financial technology. She currently leads Branding and Communications at FlashChange, a digital value exchange platform focused on enabling reliable, efficient movement of digital assets.

The council, established by IMF Managing Director Kristalina Georgieva, is tasked with shaping global policies that drive innovation and economic expansion.

Elumelu’s appointment places Africa’s entrepreneurial ambitions at the centre of high-level economic discussions. 

A fierce advocate for entrepreneurship, he has long led private sector-led development across the continent. Through his Tony Elumelu Foundation, over 25,000 African entrepreneurs have received funding, mentorship, and training since 2015. 

His philosophy of Africapitalism—the belief that Africa’s private sector must spearhead the continent’s transformation—aligns closely with the council’s objectives.

The IMF Advisory Council is a heavyweight gathering of business leaders, policymakers, and academics. Members include Salesforce co-founder Marc Benioff, Vodafone Group CEO Margherita Della Valle, Tata Group chairman Natarajan Chandrasekaran, and Vista Equity Partners CEO Robert Smith. 

Others on the list are Argentine Minister of Deregulation and State Transformation Federico Sturzenegger, University of Chicago economist Ufuk Akcigit, Saudi Ambassador to the U.S. Reema Bandar Al-Saud, and Banco Santander’s executive chair Ana Botín.

Speaking at the council’s inaugural meeting on 26 March 2025, Kristalina Georgieva said: “The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth.”

For Elumelu, this will help push Africa’s business agenda globally. His influence, combined with his deep-rooted belief in sustainable investment, will ensure discussions on removing barriers to entrepreneurship. 

Funding is increasing, innovation is accelerating and the continent’s digital economy remains of global interest.

But despite this progress, a major challenge for many African startups is sustainable growth. Often the problem is not lack of innovation or ambition. It’s a misunderstanding of growth.

Too many startups still confuse marketing with growth. Both functions are related, but they are not identical. Marketing is primarily about attention and demand generation.

Growth, on the other hand, is the practice of building scalable systems that fuel acquisition, activation, retention, expansion, and long-term customer value.

This matters because startups that go after visibility and don’t fix product and retention issues often have traction that is short-lived, not sustainable scale.

Visibility Doesn’t Make Sustainable Companies

Within the startup ecosystem in Africa, there is an increasing obsession with metrics of visibility: Social media impressions, app downloads, website traffic, follower counts and PR mentions.

These metrics can create an illusion of momentum, especially in hot fundraising environments where startups feel pressure to appear to be growing quickly.

But visibility doesn’t necessarily translate to meaningful business growth.

A startup can spend a fortune on paid ads, influencer campaigns and digital acquisition, and still struggle with: Poor onboarding, low retention, weak engagement and falling customer lifetime value. This is where many startups start to burn through capital ineffectively.

Growth is not just about user acquisition. It’s about creating experiences that keep users engaged well beyond acquisition.

Product Experience Is The Real Growth Engine Now

The world’s most successful technology companies are moving away from pure marketing-led growth and towards product-led growth (PLG) strategies.

In PLG, the product itself is the primary engine for acquisition, engagement, retention, and expansion. Value is experienced quickly by users, adoption is made easier and satisfied customers naturally drive referral and advocacy.

This is a growing imperative on the African continent where customer acquisition costs are rising and competition for digital attention is increasing.

For startups this means growth can’t come only from advertising budgets. Sustainable growth will instead depend on: Simplicity of onboarding, usability of product, experience of the customer, speed of activation, quality of retention.

There’s nothing marketing can do if people sign up and then just leave.

The Importance of Retention vs Acquisition

Many startups celebrate acquisition milestones but don’t track retention performance. But retention is often the best litmus test of whether a product is delivering real value.

A startup that reaches 100,000 users but keeps only a small percentage hasn’t really achieved scalable growth. In fact, it could just be masking product weaknesses through heavy acquisition spending.

This is especially true in areas such as fintech and SaaS, where trust, reliability and user experience directly impact long-term adoption.

The best technology companies aren’t the ones with the loudest marketing. These are often the companies that consistently deliver value and build habits around their product.

Retention increases over time.

Acquisition alone is not enough.

Startups Must Build Growth Into The Product

One of the greatest benefits of product-led growth is that it builds growth engines into the user experience.

This could include: Referral systems, collaborative features, seamless onboarding, self-service adoption, user-led sharing, and tailored engagement.

These systems create scalable growth loops that reduce reliance on costly marketing campaigns. This is particularly critical for African startups operating in resource-constrained settings. Venture capital is getting more selective.

Investors want proof that startups have sustainable growth models, not unsustainable growth. The startups that are likely to thrive in the coming years will probably be those that combine: Good products, good distribution and scalable retention systems.

Growth Decisions Should Be Driven By Data

Another common mistake startups make is thinking of growth as a creative or marketing-based activity, rather than a data-driven discipline.

Growth teams should analyse continuously: Activation rates, onboarding completion, churn behaviour, feature adoption, customer engagement and conversion trends.

Without this insight, companies often optimise for surface-level metrics, and ignore deeper behavioural problems impacting long-term growth. Modern growth strategy is closely linked with product analytics and customer behaviour intelligence.

This is why the growth is increasingly at the intersection of: Product, marketing, engineering, and customer success.

The companies that nail this integration early have a huge competitive advantage.

Africa ‘s Next Wave of Growth Will Be Experience-Driven

Africa’s digital economy is moving into a competitive phase.

Today’s consumers have more options, higher expectations, and less tolerance for poor user experiences. With internet penetration and smartphone adoption still on the rise, startups can’t just be “first to market.”

Execution quality is more critical than ever.

The next generation of successful African startups is likely to be those that:

(1) understand user behaviour deeply

(2) prioritize customer experience

(3) build strong retention systems

(4) make products that users actually want to keep using.

In this environment, growth is no longer a marketing function. It is a company-wide approach.

Summary

Marketing still matters. Brand awareness, storytelling, and customer acquisition will always matter for business growth. But startups need to understand that visibility alone is not enough to build sustainable technology companies.

Growth happens when products deliver value, reduce friction, keep people engaged and build scalable engagement systems.

African startups that confuse marketing with growth are at risk of building businesses that garner attention but not long-term sustainability. The companies that tell the next African technology success stories will not be the best at acquiring users.

They will be the best at keeping them up.

About the Author
Francis Udogu is a Digital Marketing Manager, Growth Expert & Product-Led Growth Specialist with experience driving customer acquisition, market expansion and business growth across the technology ecosystem. He has a strong background in strategic marketing, growth strategy and digital transformation and has been instrumental in helping brands scale through data-driven marketing and product-led initiatives. Francis is the Head of Marketing and Strategic Growth at KWIQ Digital Company, where he is instrumental in formulating growth strategies, improving market visibility, and driving sustainable business growth. He is passionate about the changing tech landscape globally and loves to explore how innovation, distribution and growth strategy intersect to create scalable tech businesses.

During the 2023 Annual General Meeting held in Lagos, CIBN disclosed that its net assets and net operating surplus also witnessed growth, with a 7.3% and 4.9% rise to N6.66 trillion and N837.94 billion respectively in 2022.

Mr. Ken Opara, the President/Chairman of Council at CIBN, expressed his satisfaction with the modest financial progress achieved by the institute despite the challenging macroeconomic conditions in 2022.

He attributed this growth to the efficient utilization of resources and a deliberate focus on revenue generation. He commended the institute’s management for their efforts and emphasized the institute’s commitment to implementing its strategic plan.

The financial report for 2022 indicated that total revenue for the year increased to N2.06 trillion, a 16.92% rise compared to the previous year’s figure of N1.76 trillion. The improved performance was credited to the various directorates’ accomplishments.

Mr. Opara acknowledged the institute’s management for achieving 93% of the N2.22 trillion budget for 2022 and expressed determination to achieve even better results in the current year.

CIBN recorded a net operating surplus before impairment and amortization of N837.94 million in 2022, up from N799.17 million in 2021, representing a growth of 4.86%.

This increase was a result of efficient resource utilization and surpassed the budgeted amount of N711.02 billion for 2022. However, the growth percentage could have been higher if not for the high inflation rate during the review period.

Recurrent expenditure at the institute rose to N1.22 trillion, a 26.89% increase compared to N966.57 billion in the previous year.

This surge was partly due to the general challenges experienced both in Nigeria and globally. Additionally, the institute hired additional staff at strategic levels to strengthen its operations.

The virtual event is intended to provide export business owners and entrepreneurs with the knowledge, skills, and strategies they need to succeed in the export trade sector.

Stanbic IBTC Bank recognizes the enormous potential of the export sector and offers solutions to assist businesses in overcoming challenges.

This groundbreaking webinar will bring together industry experts and successful exportation business owners to share their knowledge and insights on international trade on Friday, February 24, 2023.

Market research and product development will be discussed, as well as logistics, regulatory compliance, and financing options.

“This webinar is all about enabling businesses to take advantage of the opportunities in the export trade sector and to overcome the challenges they face,” says Chigozie Onyeocha, Head, Africa China Banking, Stanbic IBTC Bank.

While crude oil accounts for the majority of Nigeria’s exports, many other resources have export value and the potential to generate additional revenue.

Unfortunately, a lack of funding and knowledge frequently stifles the growth of the exportation industry. That is why we are here: to assist businesses in succeeding by providing solutions, resources, and relationships to make the process easier.”

Chigozie urged Nigerian entrepreneurs not to pass up this opportunity to take their businesses to the next level and acquire the tools they need to succeed in the global marketplace.

Financial highlights

Financial Position

• Total assets increased by 8% to ₦2.95 trillion (December 2021: ₦2.74 trillion)

• Gross loans and advances up 23% to ₦1.17 trillion (December 2021: ₦946.25 billion)

• Non-performing loan to total loan ratio of 2.6% (December 2021: 2.1%)

• Customer deposits increased by 1% to ₦1.14 trillion (December 2021: ₦1.13 trillion)

• Deposit mix improved to 73.1% (December 2021: 66.0%) of current-and savings-accounts deposits to total deposits

Income Statement

• Gross earnings of ₦207.4 billion, representing a 41% increase (9M 2021: ₦146.6 billion)

• Net interest income of ₦79.66 billion, up 48% (9M 2021: ₦54.0 billion)

• Non-interest revenue of ₦94.40 billion, up 36% (9M 2021: ₦69.25 billion)

• Total operating income of ₦174.06 billion, up 41% (9M 2021: ₦123.25 billion)

• Profit before tax of ₦68.95 billion, up 52% (9M 2021: ₦45.31 billion)

• Profit after tax of ₦55.19 billion, up 38% (9M 2021: ₦39.95 billion)

• Cost to income ratio of 56.1% (9M 2021: 64.3%)

• Return on average equity (annualised) 19.2%

• Return on average assets (annualised) 2.5%

Capital and Liquidity

The Group continued to maintain an adequate level of capital during the period. The Group’s total capital adequacy ratio closed at 19.2% (Bank: 14.9%) which is significantly higher than the 11% minimum regulatory requirement. The Group also maintained a strong and diversified funding base during the first nine months of 2022.

The Group’s liquidity ratio was above the 30% regulatory minimum requirement, indicating the Group’s commitment to meeting its liquidity obligations in a timely manner.

The Group also maintained its Fitch AAA (nga) rating, reflecting its stable financial outlook and strong credit worthiness.

Commenting on the results, Dr Demola Sogunle, Chief Executive Stanbic IBTC, said: 

“We continue to witness growth in our client franchise and key income lines. The Group’s profitability increased by 57% QoQ, largely attributable to impressive growth in net interest income and other revenue sources. This was supported by lower credit impairment charges and operating expenses when compared with the second quarter.

The uplift in net interest income resulted from increase in the volume and yield on risk assets as we sustained our loan growth performance.

In addition, trading revenue grew by 47% QoQ following the increase in trading activities during the third quarter.

Sustained focus on cost optimisation led to 8% QoQ decline in our operating expenses. As such, our cost-to income ratio improved to 56.1% from 59.9% in the first half of the year, and 64.3% in the prior year.

“We kicked-off the third quarter with the implementation of initiatives to deliver top notch services to our customers by leveraging digital technology.

“We entered into a partnership to enhance the Stanbic IBTC SME Banking platform by providing seamless payroll and salary management services to SME Banking customers.

The digital module of the solution is now embedded on Stanbic IBTC’s SME online platform and offers value added services such as free HR services to SME customers for the first three months, salary payment of remote employees while staying compliant to local laws, provision of financial data with detailed analytics, amongst others.

“We have also seen an increase in the uptake of our customer loyalty programme, PlusRewards which provides exclusive discount offers to Stanbic IBTC card holders at select merchant stores.

“Our Business clients can also sign up for the scheme as merchants and enjoy benefits such as free Stanbic IBTC point of sale (POS) devices, free marketing opportunities as well as access to Stanbic IBTC’s client base.

“Being a client-focused organisation, this will enable us to strengthen the relationship with our customers.

“As an Environmental Social and Governance (ESG) driven organisation, we do not relent in achieving our sustainability goals. 37 of our office locations currently run on solar powered energy solutions and we have recycled 6.6 tonnes of waste papers in return for tissue papers year-to-date as we continue to support the global reduction of carbon emissions.

“During the quarter, we disbursed credit facilities of over N504mn to support educational service providers in Nigeria and disbursed about N4.73bn credit facilities to 861 SME clients.

“We have also modified three additional office locations and 10 offsite ATM locations for accessibility to the physically challenged. Hence, 134 office locations and 97 offsite ATM locations have been modified so far.

“We remain committed towards growing our key metrics over the rest of the year and achieving our FY 2022 guidance.”

Bolt, which launched two new products since the start of the pandemic, has operations in 45 countries and over 500 cities across Europe and Africa now – an increase of over 200% in the period prior to the pandemic.

Globally, Bolt has tripled its number of customers to over 100 million since the beginning of 2020, added more than 2 million new drivers to the platform, and more than doubled the size of its workforce to over 3,000 employees.

The business has also opened several new offices over the past year, including engineering hubs in Berlin and Nairobi, and continues to advertise over 350 open roles with a view to hiring 700 more employees by the end of the year.

The announcement of these new stats comes as Bolt marks its ninth anniversary since Markus Villig founded the company in Tallinn, Estonia, in 2013.

Then, as just a teenager, Markus personally recruited the first drivers to the platform on the streets of Tallinn and has since built a business valued at €7.6bn at the time of its latest funding round.

Markus Villig, CEO and Founder, said: “The pandemic was the biggest economic shock in generations, so hitting milestones like 100 million customers and operations in over 500 cities are achievements we’re really proud of.

“When Bolt was first founded, our mission was to challenge the traditional taxi industry in Tallinn through a new ride-hailing service. Now our size and the range of products we offer to put us in a unique position to revolutionize how people move around the cities. By providing an alternative to private cars, we can help create cities that are greener, safer, and more pleasant to live in.

“It’s important to stay grounded though—rising levels of inflation and interest rates mean we have to be disciplined when assessing how and in what markets we invest.

This could mean prioritising growth efforts in our existing markets instead of expanding our services into new countries. Our culture of frugality helped us come out of the pandemic in a strong position, but the challenges are not going to stop, and the team is focused on preparing for and responding to them.”

Since Bolt’s launch in Lagos in 2016, it has expanded its operation into 25 states and 33 cities since the pandemic to provide seamless mobility offerings to Nigerians.

In 2021, Bolt extended its Bolt Food service to Nigeria increasing its product offering in the country. The introduction of Bolt Food in Nigeria came after the platform accessed post-pandemic realities and decided to help provide easier access to daily essentials such as food.

Oludele Dare, Country Manager, Nigeria said: “We are happy to see the post-pandemic growths that the business has experienced. When we first launched in Nigeria, our mission was to transform the ride-hailing and mobility sector.

Scaling during the pandemic was a challenge but our focus on providing seamless mobility services to Nigerians ensured that we maintained growth. Our business in Nigeria is built on efficiency and easing mobility for riders while offering drivers a flexible opportunity to earn more income.”

The report, titled “The Inflection Point: Africa’s Digital Economy Is Poised To Take Off”, reviewed key events in Africa’s technology ecosystem from the last few years, identified patterns (especially in the context of other technology ecosystems across the world), and offers a roadmap to successfully navigate the opportunities that are emerging.

According to the report, which drew on multiple sources, including analysis from McKinsey & Company, Africa’s digital economy is approaching its S-curve, a period of rapid, significant growth that will positively impact the continent’s GDP, and job creation, and overall economic outlook.

Africa’s digital economy is large and growing, with estimated market size of $115 billion – expected to reach $712 billion by 2050. By 2050, Africa will be home to a third of the world’s young people, and the continent is urbanizing faster than other regions. Additionally, 1 in 6 of the world’s internet users will be in Africa in 2025.

The COVID-19 pandemic is also driving digitisation on the continent, encouraging more Africans to engage in digital activity. As a result of these dynamics, more investors are paying attention to the potential of African technology.

Between January 2020 and December 2021, funding for African digital startups grew 2x faster than global rates. Proven exit paths are also emerging for early investors with the increase in mega-rounds, liquidity events, and unicorns.

The combination of these events has primed Africa’s technology landscape for success. However, there remains a ‘white space’ for investors to consider.

Due to the quantum of deals in the 1-5mn USD range in the last year (600), relative to the 5-50mn USD range (~150), it is unlikely there will be sufficient supply in the market as companies from the 1-5mn USD range graduate to larger ticket sizes. 

With the right financial support, the current excess of innovation can be more effectively leveraged to drive even more development and prosperity on the continent.

Commenting on the report, Tosin Faniro-Dada, CEO and Managing Director of Endeavor Nigeria, said, “The data gathered in this report is clear – Africa is the next digital growth frontier.

The combination of our young and digitally savvy population, an emerging technology ecosystem, and the impact of the COVID-19 pandemic on behaviors is set to trigger an inflection point in our digitization journey. 

We have been excited by the increased levels of funding that our entrepreneurs are attracting but we want to make it even easier for more investors to bring out their checkbooks to catalyze the growth that we believe is pending”.

Topsy Kola-Oyeneyin, Partner at McKinsey and Company, said, “We’ve seen a few eye-catching funding rounds and acquisitions in Africa’s technology ecosystem in recent years but the findings of this report suggest that we barely scratched the surface.

A number of sectors across the continent are still underpinned by informality and fragmentation, limiting the availability and affordability of products and services.

These opportunities for disruption abound across the continent and this report will make it easier for interested investors to adjust their business models effectively to capitalize on these opportunities”.