MTN, the pan-African telecom group, has maintained its position as the most valued brand in South Africa, according to the latest report by Brand Finance, a global brand valuation consultancy.
MTN Retains Position as South Africa’s Most Valuable Brand Despite Market Volatility
Despite market volatility, MTN retained its top ranking, followed by Vodacom and Standard Bank in the list of the most valuable South African brands.
MTN’s brand value saw an eight percent decline to $3.4 billion (R68.2 billion), attributed to currency fluctuations in Nigeria, its largest market. This reduction in earnings was reflected in MTN Group’s 2023 financial results, citing Nigerian currency volatility as a factor impacting profitability.
The report highlights MTN’s ongoing transformation efforts over the past 18 months, including operational restructuring, diversification of revenue sources beyond traditional voice communications, expansion into digital services, and embracing fintech.
Brand Finance emphasized MTN’s resilience and robust market presence, particularly its international footprint across 21 markets worldwide.
Despite challenges, MTN demonstrated strong brand strength, maintaining an impressive Brand Strength Index of 87 out of 100.
Second Most Valuable South African Brand
Vodacom, the second most valuable South African brand, saw a 10% increase in brand value to $2.3 billion (R43.9 billion) this year, narrowing the gap with MTN.
The report attributes Vodacom’s brand perception and market performance to its association with majority shareholder Vodafone.
Jeremy Sampson, Chairman of Brand Finance Africa, highlighted external factors impacting African brands but noted that declines in brand value have not affected the strength of South Africa’s major brands.
Market Leadership Despite Challenging an Economic
MTN Group President and CEO Ralph Mupita expressed gratitude for retaining the top spot and emphasized the brand’s association with sustainability perceptions.
Additionally, Mupita was recognized as the top-ranked ‘Brand Guardian’ among South African CEOs in the report.
The recognition underscores MTN’s resilience and market leadership despite challenging economic conditions, positioning it as a stalwart in the African telecom industry.
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