Emerging Nigerian continental banking brand, Access Bank (brand value up 22% to US$462.5 million) is the most valuable brand in Nigeria. Access Holdings is making strides into the global market with plans to expand in international markets including France, Hong Kong, India, China, and UAE among others. In the African continent, the brand is expanding its cross-border banking capabilities to cater to the broader East African market.
This revelation formed key part of the annual Brand Finance Banking 500 2023 ranking report recently published in South Africa.
Every year, leading brand valuation consultancy Brand Finance puts thousands of the world’s biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest brands in the banking industry are included in the annual Brand Finance Banking 500 2023 ranking.
The Brand Finance Banking 2023 report finds several key trends in the banking industry. Rising interest rates in many markets have led to short term increases in net revenues and profitability and in addition to this, brand equity research metrics have improved, with the average reputation for the sector increasing by 0.1 points year-on-year.
Another important trend in the sector is that neo/digital banks, such as Revolut (brand value up 57% to US$194 million), have made a significant impact in the industry, entering the top 500 most valuable banking brands for the first time, with a brand value increase of 57% year-on-year.
According to Declan Ahern, Director of Brand Finance, “Banking brands across the globe have continued to recover significantly post COVID-19. There has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sectors positive performance. Accelerated by the strict global lockdowns, banking and fintech brands have innovated to create user friendly mobile application-based banking services that have led to an increase in customer satisfaction and acquisition.”
Elsewhere in Africa, the report said Kenyan banks Equity Bank and Kenya Commercial Bank among the top 10 strongest brands.
Kenyan banking brands in the ranking Equity Bank (brand value up 37% to US$531.7 million) and Kenya Commercial Bank (brand value up 13% to US$380 million) perform well in the Brand Strength Index scores, ranking in 4th and 6th position respectively. Both banking brands have achieved growth in their brand value in 2022 and continue to grow their customer base nationally and internationally by offering new mobile banking services.
ICBC remains most valuable banking brand despite value falling 7% to US$69.5 billion
South African banking brands First National Bank and Capitec Bank are the strongest banking brands, earning AAA+ rating.
