BRAND MEASUREMENT

Telecoms giant MTN retains top spot as Africa’s most valuable brand

By our African Marketing Confederation News Team | 2024

Annual Africa-wide study by Brand Finance finds that MTN’s ‘robust market presence and sustained brand equity’ are among key factors.

MTN, the telecommunications giant, has maintained its position as Africa’s most valuable brand despite an 18% decline in brand value to US$3.6-billion, according to the newly released Brand Finance ‘Africa 200 2024’ report. 

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. 

Photo: MTN

 

Brand Finance is an international brand consultancy. It compiles a variety of studies that measure brand value, brand strength and other brand metrics in countries and regions around the world. 

MTN’s extensive global footprint, now spanning over 20 markets, highlights the advantages and challenges of operating in diverse environments, Brand Finance says. 

While international expansion enhances visibility and financial performance, it introduces complexities that can impact brand performance, including navigating varying regulatory landscapes and cultural nuances, the consultancy adds. 

But MTN has weathered these challenges. “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,” Brand Finance states. 

Another telecoms giant is in second place 

Vodacom, another major telecoms player, has solidified its position as Africa’s second most valuable brand with a valuation of US$2.3-billion, a 2% decline. 

Its 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. 

Securing its place as Africa’s third most valuable brand is Standard Bank, which has achieved a 12% increase in brand value, reaching US$2.0-billion. 

This growth is driven by the bank’s strong market presence and strategic initiatives enhancing brand equity and customer engagement. 

“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,” comments Jeremy Sampson, Chairman of Brand Finance Africa. 

Kenyan bank is Africa’s strongest brand 

Meanwhile, Kenyan-based Equity Bank is Africa’s strongest brand (‘brand strength’ is a different metric to ‘brand value’). 

“Equity Bank’s high customer familiarity, consideration, and recommendation reflect its exceptional brand performance and loyalty,” explains Brand Finance. 

Earlier this year, the Brand Finance ‘Banking 2024’ report named Equity Bank is second in the world for brand strength, behind Indonesia’s BCA bank. 

You can find out more about ‘Africa 200 2024’, an annual report on the most valuable and strongest African brands, here.

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Rozanne