MTN has maintained its position as the most valuable South African brand, despite experiencing an 8% decrease in brand value to R68.2 billion.
A new report from brand valuation consultancy, Brand Finance, has reported that the telecommunications brand 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.
MTN not only leads in brand value but also boasts the highest sustainability perceptions value. This does not gauge MTN’s overall sustainability endeavours; rather, it reflects the extent to which the brand’s value is associated with perceptions of its sustainability.
Meanwhile, Vodacom’s brand value increased 10% to R43.9 billion in 2024. This secures its second place in the ranking, while also narrowing the gap with leading competitor MTN.
Shareholder boosts brand
Brand Finance research indicated 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, Brand Finance data reveals that Vodacom’s association with Vodafone enhances brand equity, cultivating recognition and trust.
“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,” said 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 ten brands have stayed in the top ten. Leading brands like MTN, Vodacom, Standard Bank, and Absa 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.”
Banks hold firm
With a 27% increase in brand value, Standard Bank holds strong in third place, supported by its expansive operations in Africa.
Nando’s debuts as the fourth most valuable brand, showcasing its global success and innovative approach to customer experience. Nando’s was included in the South Africa 100 ranking for the first time with a brand value of R28 billion. Previously, Nando’s was excluded from the ranking due to data limitations, however, Brand Finance is now able to leverage new data sources and value the brand.
The brand’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. Although rooted in South Africa, Nando’s generates most of its revenue from international markets, notably the UK and Australia.
Consumer acceptance of First National Bank’s (FNB) 2022 brand update appears to have enhanced its brand equity and appeal, as it becomes South Africa’s strongest brand in 2024. FNB boasts a Brand Strength Index (BSI) score of 92 out of 100 and elite AAA+ brand rating.
Woolies tops retail brands
This success is attributed to the bank’s strategic shift towards positioning itself as more advisory-focused, rather than merely product-oriented. Brand Finance’s research also found FNB had high levels of familiarity and consideration among consumers in South Africa.
South African retailers remain amongst South Africa’s strongest brands, despite mixed brand value fortunes. There were six retailers in the top ten strongest brands in South Africa, indicating the sectors’ overall strength.
Woolworths remains the strongest retail brand for the second year in a row. But brands within the Shoprite Group demonstrate exceptional growth, positioning the group as a key player in South Africa’s retail landscape.
