May 25, 2021
By Evans CHARLES InvestAdvocate
Lagos (INVESTADVOCATE)-Four Nigeria’s top tier lenders, Guaranty Trust Bank Plc (GTBank), First Bank of Nigeria Limited (FirstBank), United Bank for Africa Plc (UBA) and Zenith International Bank Plc (ZENITHBANK) on Tuesday were amongst the top 10 Most Admired Financial Services Brands in Africa, according to African Business June cover story featuring its exclusive ranking of Africa’s Best Brands.
GTBank retained the number one spot for the second consecutive year followed by FirstBank, ABSA Group, South Africa’s largest financial services organisation came third on the list, Africa’s global bank, UBA emerged fourth; while ZENITHBANK retained the 10th position for the second straight year from 2020 to 2021.
Equity Bank of Kenya, Ecobank Togo and Bank of Africa (BOA) Mali emerged fifth, sixth and seventh respectively, while Standard Bank/ Stanbic and Capitec both of South Africa took the eight and ninth positions apiece.
According to African Business, this year’s ranking was released during a virtual event from Uganda organised by Brand Africa, founders of the Brand Africa 100: Africa’s Best Brands. A full schedule of events is taking place during Africa Day to release not only the continental ranking but country and regional rankings.
The report says during a year defined by the pandemic which brought the world to a halt, as markets having to adapt to a new reality, African brands retained their 13 percent share of the Top 100 most admired brands in Africa.
African Business says despite an increase in sample size and countries, the Top 10 Most Admired Brands show little change from previous years. MTN, consistently the only African brand among the Top 10 brands overall, dropped to #11 for the first time in a decade. American sports and fitness giant, Nike retains the top spot for the fourth year in a row. MTN and Dangote retain their status as the most admired African brands recalled spontaneously and when prompted, respectively. Nigeria’s GTBank retains its position as the most admired financial services brand in Africa.
The report affirmed that the Top 100 brands in Africa continue to be dominated by European brands which have held their share at 41 percent (-1), North America (+1), Asia (no change), and Africa retaining its 13 percent share of the most admired brands in the world. Similarly, the leading African countries that dominate the rankings largely retained their positions with Nigeria (-1) and South Africa (-) with 5 brands each, Ethiopia (+1) and Kenya (-) accounting for the13 brands among the Top 100 most admired brands in Africa.
Out of all the 28 countries surveyed, only 5 (18 percent) have an African as the #1 most admired brand in the country.
“There is no doubt the pandemic, that continues to cost lives and livelihoods, and coincided with the launch of the implementation phase of the AfCFTA which aims to accelerate intra-Africa trade from 18% to 50% in 2030, is becoming a catalyst for loconomies with nations having to look internally for sustainability. The internal shifts in the rankings in particular the African brands, Africa can and will need to grow its own brands to meet the needs of its growing consumer market,” says Thebe Ikalafeng, Founder and Chairman of Brand Africa and Brand Leadership. “African brands will continue to play a dual role of being globally competitive but most importantly of transforming the continent’s promise into a real change.”
“While mobile has always been an expedient and effective tool to provide us reach and accessibility across the continent, it became more important during the pandemic as virtually the only way to reach respondents across the continent, providing us vital and timeous results at a critical time,” said Caitlin van Niekerk, Global Client Development Manager, GeoPoll.
Karin Du Chenne, Chief Growth Officer Africa Middle East for Kantar, which has been the insight lead for Brand Africa since inception in 2010 says, “Despite the increase in the sample size and countries surveyed – and more than 80,000 in brand mentions, the survey continues to yield a very consistent picture of a steadily transforming continental brand landscape and the brands that will drive the African transformation.”
Now in its 11th year, every year on or around Africa Day, 25 May, Brand Africa releases the results of the survey on the most admired brands in Africa.
The 2021 survey was conducted between March and April 2021 and yielded over 80,000 brand mentions and over 3,500 unique brands.
