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Also tops in sustainability perceptions value
Business a.m.
Access Bank has been recognised as the most valuable banking brand in Nigeria for the third consecutive year, with the latest Brand Finance report ranking the full-service commercial bank as number one in the country.
The report, which measures the strength and value of global brands, revealed a 73 percent increase in Access Bank’s brand value, compared to the previous year, further cementing its position as the leading banking brand in Nigeria and earning top spot in Brand Finance’s annual ranking of the world’s top 500 banking brands.
Brand Finance, the world’s leading brand valuation consultancy, reported that banking brands emerged as the dominant force among Nigeria’s top 25 brands, contributing 50 percent of the total brand value within the Nigeria 25 ranking for 2024. Not only were banking brands the most valuable in the list, but they also outperformed other sectors in terms of brand strength and growth rates.
The Brand Finance Africa 200 ranking for 2024 showed that Access Bank’s brand value surged to N355.3 billion, propelling it to the 31st most valuable brand in the continent.
According to the report, the significant growth in brand value is primarily attributable to the bank’s improved revenues, driven by substantial increases in interest-based income, which reflects robust financial performance.
The values of brands in the rankings are calculated using the Royalty Relief approach, a method compliant with ISO 10668 standards. This approach estimates future revenues attributable to a brand by calculating a royalty rate that would be charged for its use, arriving at a brand value that reflects the net economic benefit achievable by licensing the brand in the open market.
In another achievement, Access Bank distinguished itself as the top brand in terms of sustainability perceptions value, surpassing Flour Mills of Nigeria which ranked second, a testament to the bank’s dedication to sustainable practices and its leadership in corporate responsibility.
Roosevelt Ogbonna, managing director and chief executive officer of Access Bank, expressed pride in the bank’s achievement of being recognised once again as the most valuable brand in Nigeria. He noted that the accolade is a testament to the bank’s unwavering dedication to excellence, innovation, and sustainable growth.
“We will continue to focus on delivering exceptional value to our customers and stakeholders, driving positive impact across the communities we serve,” he pledged.
Toyin Henry-Ajayi, group head, group marketing and retail analytics at Access Bank, who spoke on the brand’s journey at the announcement event, stated that Access Bank’s consistent performance and brand value growth reflects its ability to stay true to its DNA of excellence through every strategic 5-year cycle.
“Our journey has been one of continuous improvement and adaptation, and we remain dedicated to setting new standards in the banking industry and contributing to the economic development of Africa,” said Henry-Ajayi.
Babatunde Odumeru, managing director of Brand Finance Nigeria, commented on the resilience of Nigeria’s leading brands. He stated, “Despite a tumultuous financial year marked by the naira plummeting over 30 percent against the US dollar and soaring inflation, Nigeria’s leading brands have displayed remarkable resilience. These top-tier brands have not only withstood economic pressures, but many have continued to flourish, with 23 of Nigeria’s top 25 most valuable brands achieving brand value growth. We are also increasingly seeing top brands continuing to expand beyond their domestic borders and grow their influence across the continent.”
