MTN is still the most valuable South African brand, report finds

This is according to the newly released Brand Finance South Africa 100 2024 report, which shows the pan-African telecoms giant has a brand value of US$3.64-billion (R68.2-billion). 

The company has significantly expanded outside of its home market and has a stronghold in Nigeria, which is now MTN’s largest market in terms of both user base and revenue, Brand Finance says. 

Competitor telecommunications brand Vodacom is in second place with a brand value that increased by 10% to US$2.34-billion (R43.9-billion) in 2024. 

Brand Finance research indicates that the influence of majority shareholder Vodafone bolsters Vodacom’s brand and market standing. Although Vodacom operates autonomously and is listed on the Johannesburg Stock Exchange, research data reveals that Vodacom’s association with Vodafone enhances brand equity, cultivating recognition and trust. 

The brands rounding out the top five in value are Standard Bank in third, quick-service restaurant business Nando’s in fourth, and First National Bank (FNB) in fifth.  

Brand consistency is crucial in driving growth 

“Amid the myriad of challenges that South African businesses are facing, our research highlights that now, more than ever, brand consistency is crucial in driving growth,” comments Jeremy Sampson, Chairman of Brand Finance Africa. 

“For the past 15 years, MTN and Vodacom have consistently maintained their positions as the top two most valuable brands, and six of the top 10 brands have stayed in the top 10. Leading brands like MTN, Vodacom, Standard Bank, and Absa (another banking brand) have also nearly doubled their brand values since 2016.  

“Time and time again, our findings underscore the critical need to prioritise brand investment as a strategic imperative, safeguarding companies’ brand as a valuable asset for the future.” 

Nando’s is included in the South Africa 100 ranking for the first time. Previously it was excluded from the ranking due to data limitations. However, Brand Finance is now able to leverage new data sources and value the brand.  

“Nando’s entry at fourth position for brand value reflects its status as a global restaurant powerhouse and one of South Africa’s most iconic brands,” the researchers say.  

“Although rooted in South Africa, Nando’s generates most of its revenue from international markets, notably the UK and Australia.” 

Retailers remain amongst South Africa’s strongest brands, despite mixed brand value fortunes. There are six retailers in the top 10 strongest brands, indicating the sector’s overall strength. Woolworths is the strongest retail brand for the second year in a row. 

The study also measures Brand Strength, which uses a different set of metrics. Here, the top five brands are: First National Bank (FNB), Old Mutual (insurance), Woolworths, Checkers (retail), and Capitec (banking). 

You can find out more about the report here.