Kenya’s Tusker beer is Africa’s fastest-growing brand, study finds
By our News Team | 2022
Cellular giant MTN is still the continent’s most valuable brand, while Capitec bank is the strongest brand.
Kenya’s Tusker beer has more than doubled in brand value to become Africa’s fastest-growing brand, while cellular technology company MTN retains its position as the most valuable brand on the continent. Overall, the banking sector has the most valuable brands in Africa, followed by the telecom and retail sectors.
These are among the highlights of the annual Brand Finance Africa 150 ranking released yesterday (25 May). The continent’s top 150 most valuable and strongest brands are included in the study.
MTN (brand value up 49% to US$4-billion) has retained the number one place on the ranking. Apart from telecommunications, the brand has 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 value up 32% to US$246-million) in terms of volume of financial transactions through the application, which has a loyal customer base of 57-million active users.
“African brands have benefited significantly from adapting to uncertain business conditions caused by Covid-19 by leveraging technological disruption to tackle supply chain issues and national lockdowns,” the Brand Finance report says.
“Brands from diverse sectors including banking, telecommunications and food & beverage found innovative ways to connect with the customers online. This digital transformation helped the top brands in Africa achieve a 28% increase in aggregate brand value to US$50.1-billion. Building strong brands across Africa fuels growth in the economy which is creating more dynamic jobs in the long-term.”
SA at number one and Nigeria at number two
South African brands (value up by 30% to US$36.9-billion) are leading the African continent, followed by Nigerian brands (value up by 35% to US$3.2-billion), Egyptian brands (value up by 42% to US$3.1-billion), Moroccan brands (value up by 14% to US$2.6-billion) and Kenyan brands (value up by 69% to US$2.1-billion).
Kenyan beer brand Tusker achieved an impressive 132% brand value growth this year, more than doubling to US$50-million in brand value.
This brand value growth was noteworthy as it was achieved amidst uncertain business conditions, including a global supply chain crisis and the closure of 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,” the researchers noted.
While MTN is the most valuable brand on the continent, SA-based Capitec Bank is the strongest brand in Africa with AAA+ brand rating.
“The bank is forming strategic partnerships to keep up with market and sector-wide trends in online banking and digital transformation, Brand Finance said.
“Most recently, Capitec Bank partnered with IT consulting firm Entersekt to leverage behavioural analytics and to enable a higher number of online transactions using e-commerce platforms. The bank also works alongside US-based software brand nCino to provide more efficient and more effective banking services to consumers with the help of cloud banking and digital automation.”