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Kenya’s Safaricom is the most valuable non-SA brand, study finds
By our News Team | 2023
South African brands again dominate the latest Brand Finance Africa-wide study, but several Kenyan brands put in a strong showing.
While South African brands continue to dominate the continent in terms of brand value – they occupy all top 10 spots in the latest Brand Finance Africa 200 report released last week – Kenya’s Safaricom (brand value up 14% to US$710-million) is the most valuable brand from outside South Africa listed in the ranking.
Over the past year, Safaricom has achieved revenue growth, while also growing its Ethiopian operation, a market it hopes it can expand to reach the level of its Kenya operation within 10 years.
Illustration courtesy of Safaricom
Safaricom Ethiopia has already penetrated approximately 10% of the population, a positive sign of the uptake for its services from customers in the region.
Safaricom also has the highest Sustainability Perceptions Score, at 6.46 out of 10.
“The brand has particularly focused on leveraging its connectivity, platforms, and technology to partner with others and realise its strategy of transforming Safaricom into a purpose-led organisation by 2025,” Brand Finance says in its analysis.
Fastest-growing African brand
Egyptian brand Aman is the fastest growing African brand, up 244% year-on-year to $54-million.
The Fintech brand has diversified its offering to include micro-finance, consumer finance, small and medium-sized enterprises finance, e-payments and a new saving service; ‘Aman Day-by-Day’.
This improved line-up has contributed to the brand’s increased revenue forecast and 17-point Brand Strength Index score increase, both contributing to its exponential brand value growth.
Strongest African brands in 2023
South African brands also don’t have it all their own way when it comes to the Strongest African Brands in 2023.
Kenyan-based Equity Bank is ranked fourth in this category. Apart from being prominent in Kenya, it has operations in Tanzania, Uganda, Rwanda, DRC and South Sudan.
KCB Bank, also operating out of Kenya, is eighth in this category. Its pan-African presence includes Burundi, Rwanda, South Sudan, Tanzania, Congo and Uganda.
The Top 10 Most Valuable African Brands, according to the Brand Finance Africa 200 study are (all from South Africa):
- MTN (telecoms).
- Vodacom (telecoms).
- Standard Bank (banking).
- First National Bank (banking).
- Absa Bank (banking).
- Woolworths (retailing).
- Spar (retailing).
- Nedbank (banking).
- Investec (financial services).
- Mondi (packaging and paper).
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