New Telegraph

Report: 15 Nigerian brands listed in fresh African valuation ranking

Banking, telecoms lead pack

A new report released by Brand Finance Africa 150 on brand valuation has revealed 15 Nigerian brands making the list, which placed South Africa ahead of other countries with its total brand value increasing by 30 per cent to $36.9 billion.

The former apartheid enclave was followed by Nigeria with its brand value increasing by 35 per cent to $3.2 billion. According to the details, South African brands (value up by 30% to $36.9 billion) are leading the African continent, followed by Nigerian brands (value up by 35% to $3.2 billion), Egyptian brands (value up by 42% to $3.1 billion), Moroccan brands (value up by 14% to $2.6 billion) and Kenyan brands (value up by 69% to $2.1 billion).

From the report, MTN alone gained more prominence than Nigeria’s entire brandvaluationcombinedas it increased by 49 per cent to $4.0 billion, thereby retaining the number one place on the ranking of the most valuable African brands in the world. The2022reportbyleading brandvaluationconsultancy, Brand Finance, said apart from telecommunications, the leading brand had diversified its services into fintech and mobile money across Africa.

“MTN’s Mobile Money (MoMo) application is performing exceedingly well and overtook its competition M-Pesa (brand valueup32 per cent to $246 million) by Safaricom in terms of volume of financialtransactions through the application with a loyal customer base of 57 million active users,” the report said. According to the report, Access Bank Plc retained the topspotinthecaseof Nigeria, followed by Dangote Cement Plc.T hese were closely followed by Zenith Bank Plc, 33 Export Lager, Flour Mills Nigetia Plc, United Bank for Africa, GTCO, First Bank, Hero Lager, Life Lager and Honeywell Plc.

Others are Glo, Seplat, BUA and Fidelity Bank. Every year, Brand Financeputs5,000of theworld’s biggestbrandstothetest, and publishesaround 100reports, rankingbrandsacrossallsectors and countries. Africa’s top 150 most valuableandstrongestbrandsare included intheannualBrand Finance Africa 150 ranking.

The report said African brands had benefited significantly from adapting to uncertain business conditions caused by COVID-19 by leveraging technological disruption to tackle supply chain issues and national lockdowns. Brands from diverse sectors including banking, telecommunications and food & beverage found innovative ways to connect with the customers online. This digitaltransformationhelped the top brands in Africa achieve a 28 per cent increase in aggregate brand value to $50.1 billion. Building strong brands across Africa fuels growth in the economy which is creating more dynamic jobs in the long-term.

JeremySampson, Managing Director, Brand Finance Africa, commented: “African brands have achieved strong performances by being agile amid change in the business environment. “Whilst South African brands will continue to dominate the ranking for some time, there are encouraging signsof strong brandsemerging around the continent, especiallyamongstthe banking and telecommunication sectors.” Kenyanbeerbrand, Tusker, achievedanimpressive132 per cent brand value growth this year, more than doubling to $50 million in brand value.

This brand value growth was noteworthy as it was achieved amidst uncertain business conditions, including globalsupplychain crisis, andtheclosureof restaurants and bars due to pandemic induced restrictions. The brand overcame this challenge by employing social media marketing and influencer marketing as its primary method of promotion throughout the lockdown. By partnering with athletes and social media influencers, Tusker created engaging online content to increase demand, sales and brand recall. In addition to brand value, Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in more than 35 countries and across nearly 30 sectors.

Capitec Bank (brand value up 41 per cent to $625 million) is the strongest brand in the ranking with a Brand Strength Index (BSI) score of 92.4 out of 100 and a corresponding brand rating of AAA+. The South African bank is forming strategic partnerships to keep up with market and sector-wide trends in online banking and digital transformation. Most recently, Capitec Bank partnered with IT consulting firm Entersekt to leverage behaviouralanalytics and to enable a higher number of online transactions usinge-commerceplatforms.

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