MTN, Vodacom and Standard Bank are the most valuable brands in South Africa, according to new research from Brand Finance, a brand valuation consultancy.

MTN retained its top position from last year despite seeing an 8% decline in its brand value to R68.2-billion, Brand Finance said.

Vodacom’s brand value increased by 10%, but at R43.9-billion in 2024, this was not enough to displace top-placed MTN.

“Brand Finance research indicates that the influence of majority shareholder Vodafone bolsters Vodacom’s brand and market standing,” the research firm said in a statement.

“Although Vodacom operates autonomously and is listed on the JSE, Brand Finance data reveals that Vodacom’s association with Vodafone enhances brand equity, cultivating recognition and trust.”

Brand Finance calculates the values of brands in its rankings using the “Royalty Relief” approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a “brand value” understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

MTN, Vodacom, Nando’s

Some of South Africa’s largest companies are included in the top 10 of 2024’s list, including – surprisingly given its relatively small size – fast-food chain Nando’s, which debuted in the top 10 at position 4, with a brand value of R28.2-billion.

Positions 5 to 10 are held by FNB, Absa, Spar, Investec, Shoprite and MultiChoice.

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Brand Finance Africa chairman Jeremy Sampson said that for the past 15 years, MTN and Vodacom have consistently maintained their positions as the top two most valuable brands, while six of the top 10 brands have stayed in the top 10.

“Leading brands like MTN, Vodacom, Standard Bank and Absa have nearly doubled their brand values since 2016,” he said.

Source: Brand Finance

“Consumer acceptance of FNB’s 2022 brand update appears to have enhanced its brand equity and appeal, as it becomes South Africa’s strongest brand in 2024. FNB boasts a Brand Strength Index score of 92 out of 100 and elite AAA+ brand rating. This success is attributed to the bank’s strategic shift towards positioning itself as more advisory-focused, rather than merely product-orientated. Brand Finance’s research also found FNB had high levels of familiarity and consideration among consumers in South Africa,” Sampson added.

Nando’s is included in the South Africa 100 ranking for the first time. Nando’s was previously excluded from the ranking due to data limitations. However, Brand Finance is now able to leverage new data sources and value the brand, it said.