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MTN Retains Top Spot as Africa’s Most Valuable Brand Amidst Global Expansion

Copyright © 2024 Brand Finance. All rights reserved.
Copyright © 2024 Brand Finance. All rights reserved.
  • Vodacom’s market presence strengthens despite 2% value decline to $2.3 billion; Standard Bank’s brand value rises to $2.0 billion
  • Nando’s breaks into top 5 African brands with culinary innovation
  • Equity Bank is Africa’s strongest brand
  • Sustainability leaders: Checkers, M-Pesa, and AXA Mansard among national leaders

MTN, the telecommunications giant, has maintained its position as the continent’s most valuable brand despite an 18% decline in brand value to USD3.6 billion, according to a new report from Brand Finance, the world’s leading brand valuation consultancy. This valuation underscores MTN’s robust market presence and sustained brand equity, bolstered by a significant user base and revenue growth in Nigeria, which is now its largest market after surpassing South Africa.

MTN’s extensive global footprint, now spanning over 21 markets, highlights the advantages and challenges of operating in diverse environments. According to Brand Finance, while international expansion enhances visibility and financial performance, it introduces complexities that can impact brand strength, including navigating varying regulatory landscapes and cultural nuances. Despite these challenges, MTN’s resilience and strategic brand management have earned it an AAA rating with a brand strength index of 88 out of 100. This success is attributed to MTN’s exceptional customer service, effective advertising, loyalty programmes, and overall reputation management, reinforcing its status as a leader in the global telecommunications industry.

Jeremy Sampson, Chairman of Brand Finance Africa, commented:

“This new report shows that South Africa remains the powerhouse of brand dominance in Africa, showcasing its unrivalled market influence, while Kenya’s banks are setting new benchmarks with their robust performance and strategic growth.”

Vodacom’s Market Presence Strengthens Despite 2% Value Decline

Vodacom has solidified its position as Africa’s second most valuable brand with a valuation of USD2.3 billion. Despite a 2% decline in USD terms, the brand’s value increased in ZAR. Vodacom’s affiliation with its majority shareholder, UK-based Vodafone, positively impacts its brand equity, creating a halo effect that enhances recognisability and trust among expatriates and tourists.

Standard Bank’s Brand Value Rises to $2 Billion

Standard Bank has achieved a 12% increase in brand value, reaching USD2.0 billion, securing its place as Africa’s third most valuable brand. This growth is driven by the bank’s strong market presence and strategic initiatives enhancing brand equity and customer engagement.

Nando’s Breaks into Top 5 African Brands with Culinary Innovation

Nando’s has entered the Brand Finance Africa 200 rankings, valued at USD1.5 billion, placing it as the fourth most valuable African brand. Celebrated for its African heritage and culinary innovation, Nando’s has expanded globally, with significant revenue contributions from the UK and Australia. The brand’s resilience and adaptability, demonstrated by its recovery from the COVID-19 pandemic, underscore its strong market position.

Equity Bank is Africa’s strongest brands

Equity Bank has maintained its brand value at USD450 million despite economic challenges. Its strong revenue-generating capability and strategic financial management have earned it an elite AAA+ rating. With a brand strength index score of 93, Equity Bank’s high customer familiarity, consideration, and recommendation reflect its exceptional brand performance and loyalty.

Egyptalum and Misr Fertilizers Production Lead as Fastest-Growing African Brands

Egyptalum’s brand value nearly doubled to USD33 million, making it the fastest-growing brand in Africa. Strong financial forecasts and strategic initiatives, including a return to gold production in Sudan and expansion plans in Senegal and Morocco, drive this growth. Similarly, Misr Fertilizers Production has almost doubled its brand value to USD 24.9 million, driven by significant revenue increases and effective market strategies.

Sustainability Leaders: Checkers, M-Pesa, and AXA Mansard Among National Leaders

Brand Finance’s Sustainability Perceptions Index highlights leading brands committed to ESG issues. Notable mentions include the National Bank of Egypt, M-Pesa in Kenya, and Checkers in South Africa, which are recognised for their environmental, social, and governance efforts. These brands exemplify a commitment to sustainability, enhancing their brand value and consumer trust.

  About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance’s proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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