Telecommunications groups MTN Group and Vodacom Group have secured the top two spots in the latest Brand Finance survey.

Despite an 8% decrease in brand value to R68.2-billion, MTN Group maintained its position as South Africa’s most valuable brand, while Vodacom, increasing its brand by 10% to R43.9-billion, narrowed the gap between the two operators as it maintained the number-two spot.

According to a new report from brand valuation consultancy Brand Finance, MTN 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, while research indicates that Vodacom’s association with Vodafone enhances its brand equity, cultivating recognition and trust.

“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 10 brands have stayed in the top 10. Leading brands like MTN, Vodacom, Standard Bank, and Absa have also nearly doubled their brand values since 2016,” said Brand Finance Africa chairperson Jeremy Sampson.

“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. 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,” he continued.

Standard Bank registered a 27% increase in brand value, ranking at number three, supported by its expansive operations in Africa, while Nando’s, which is included in the South Africa 100 ranking for the first time with a brand value of R28-billion, ranked at number four, reflecting 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.”

Previously, Nando’s was excluded from the ranking owing to data limitations, however, Brand Finance is now able to leverage new data sources and value the brand.

First National Bank (FNB), meanwhile, emerged as South Africa’s strongest brand in 2024, with a Brand Strength Index score of 92 out of 100 and elite AAA+ brand rating.

“Consumer acceptance of FNB’s 2022 brand update appears to have enhanced its brand equity and appeal. 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 among South Africa’s strongest brands, despite mixed brand value fortunes.

According to Brand Finance, 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.