Not all businesses fail due to bad ideas—some collapse under poor financial decisions or weak leadership, while others fade away simply because they resist change. As Robin Crow puts it in his book Evolve or Die, “Your future success will be in direct proportion to how you adapt to and anticipate change.”
I understood this more deeply while recently producing a Founders Connect documentary about Sterling Bank’s transformation. When we set out to document the bank’s story, I wasn’t sure what to expect, as Nigerian traditional banks are not exactly known for radical change. However, from our first conversation, it was evident that Sterling wasn’t just experimenting or adopting technology because it was required to; the bank was deliberately undergoing a complete transformation.
Their constant evolution went beyond launching a new app or product or rebranding. It required tough decisions: restructuring their core banking model, shifting focus to key sectors, and embedding more technology into their core operations. This was a deliberate strategy to stay ahead in an industry transformed by fintech startups and shifting consumer expectations.
Why Most Companies Get Reinvention Wrong
Reinvention is anything but a walk in the park. It is difficult and uncomfortable, and there are a myriad of reasons why some businesses resist reinvention. For some, it is due to a fear of the unknown and for others, it is a faux sense of security in current short-term success, even when the long-term outlook is bleak. Some stick to tradition, resisting change altogether—after all, if it isn’t broken, why fix it? We’ve seen once-dominant mobile phone brands like Blackberry and Nokia, and many more that had opportunities to evolve and reinvent themselves ultimately fade away because they held on to outdated business models.
Also, many businesses attempt to reinvent themselves but often fail because they take the wrong approach. Some mistake rebranding for reinvention, but let’s be real—you can’t put lipstick on a pig. Don’t get me wrong, rebranding has its place, and sometimes a business truly needs it. But a fresh logo won’t save a broken business model.
Reinventing the Right Way
While filming the documentary, Obinna Ukachukwu, Sterling Bank’s growth executive, said something that stuck with me: “Sterling Bank has killed itself and was changing its skin, beak, and claws.” It was a striking way to describe what true reinvention looks like: not just a refresh, but a complete transformation from the inside out.
For years, Sterling operated as a traditional merchant bank. However, as internet access expanded and smartphones changed the way people managed money in the 2010s, the bank had a decision to make—evolve or risk being left behind. In 2019, it embraced a digital-first approach, rebranding and integrating fintech solutions alongside modern indigenous banking platforms to stay ahead of the curve.
So, what can businesses learn from this? Reinvention isn’t just about looking different—it’s about operating differently. First, fix internal inefficiencies before chasing trends; new tech won’t save a broken system. Second, listen to customers; transformation should improve their experience, not complicate it. Third, stay ahead of market shifts—what worked five years ago may be outdated today. Most importantly, reinvention isn’t an event; it’s a mindset. Finally, take bold steps, embrace risk, and think long-term because let’s face it, reinvention is hard but obsolescence is worse.
Read also: Sterling pilots 500-50-5 initiative to make indigenous businesses globally competitive
Beyond Sterling Bank, I admire companies like Interswitch, Lemfi, and Moniepoint for the same reason. Interswitch evolved from a payments processor into a fintech powerhouse, driving Africa’s digital payments revolution. Lemfi transformed into a global neobank for immigrants, simplifying cross-border transactions. Moniepoint, once an agency banking provider, is now a full-scale digital bank, leading in SME financing and digital payments. These companies have consistently redefined their business models, adapting to the much more flexible fintech sector. They understand that innovation isn’t just about creating new products; it’s about creating new ways of doing business.
Adapt or Get Left Behind
The question isn’t if your business will need to reinvent itself, but whether you’ll lead the change or be forced into it when it’s too late. As leaders and business owners, we must continuously evaluate whether our companies are due for a transformation.
At the end of the day, the businesses that thrive are the ones that adapt—the ones willing to take risks, challenge the norm, and rewrite their story before the market does it for them. That’s the real takeaway from Sterling Bank’s transformation: if you’re not evolving, you’re already falling behind.
The Founders Connect documentary on Sterling Bank’s journey is now streaming on YouTube, click this link to watch it.
Peace Itimi is a storyteller, documentary filmmaker, and growth marketing expert passionate about entrepreneurship and innovation in Africa. As the host of Founders Connect, she has interviewed over 100 entrepreneurs, uncovering the stories behind their successes and challenges.
