MTN is still the most valuable brand in Africa, according to Brand Finance’s Africa 150 report for 2022.
The report revealed that the mobile network operator’s brand value had reached $4 billion (R63 billion), and its Mobile Money application has overtaken its competition with a client base of 57 million users.
Notably, MTN still holds the title, even though Brand Finance Africa’s report revealed that Africa’s banking sector has more valuable brands than any other industry.
However, none have reached a similar brand value to MTN.
The most valuable banks in Africa, Standard Bank and First National Bank, have brand values of $1.6 billion (R25 billion) — less than half that of MTN.
Overall, South African brands are the most valuable on the continent at $36.9 billion (R580 billion).
This is more than ten times the value of Nigeria’s brands — the second most valuable on the continent — which are worth $3.2 billion (R50 billion).
Brand Finance Africa’s managing director Jeremy Sampson said that he expects South Africa to continue to dominate the rankings.
“African brands have achieved strong performances by being agile amid change in the business environment,” he said.
“Whilst South African brands will continue to dominate the ranking for some time, there are encouraging signs of strong brands emerging around the continent, especially amongst the banking and telecommunication sectors.”
Brand Finance Africa determines the relative strength of brands through evaluations of marketing investment, stakeholder equity, and business performance.
Its report revealed that Capitec is the strongest brand in Africa, with an AAA+ rating.
Brand Finance Africa explained that brands originating from the content have benefitted from adapting to the uncertain operating environment caused by the Covid-19 pandemic.
Brands from diverse sectors, including banking, telecommunications and food and beverage, found innovative ways to connect with the customers online.
The shift to digital helped the continent’s top brands achieve a 28% increase in aggregate brand value to US$50.1 billion (R786 billion).