MTN, with operations in 17 countries across Africa and an estimated brand value of US$4 billion, has been ranked the Number One African Brand in the annual Brand Africa 100 survey.
Other brands in the top ten were Vodacom ($2bn), Stanbic Bank ($1.6bn), First National Bank ($1.6bn), Absa ($1.4bn), Multichoice ($1.2bn), Woolworths ($1.2bn), Shoprite ($1.1bn), Dangote ($1bn) and Sasol ($1bn) in that order.
At a ceremony in Lagos to mark Africa Day this week, Brand Africa said that MTN was the #1 African brand in both the spontaneous recall (where respondents are asked to name a brand across any category and region) and prompted recall (where respondents are guided to recall an African brand) rankings. This is the first time MTN has scooped both awards.
MTN was also named the highest-ranking telecoms brand on the continent.
“We are humbled by the recognition and remain focused on playing a leading role in building a more digitally inclusive society across Africa,” said MTN Group President and CEO Ralph Mupita. “Using our brand power, distribution footprint and best-in-class connectivity infrastructure, we are working to facilitate a real change in the continent’s digital and financial inclusion.”
“Sincere thanks to our customers, MTNers, and all other important stakeholders for your ongoing support, ” he added.
Most valuable brand
Meanwhile, the Brand Africa awards came at the same time as the release of Brand Finance’ Africa 150 2022 report, which showed that MTN had retained its position as the most valuable African brand. Assigning MTN a brand value of US$4.0 billion, up 49%, it said: “Apart from telecommunications, the leading brand has diversified its services into fintech and mobile money across Africa. MTN’s Mobile Money (MoMo) application is performing exceedingly well and overtook its competition.”
As part of MTN’s refreshed strategy – Ambition 2025: Leading digital solutions for Africa’s progress – early in 2022 MTN overhauled its brand. It has a new visual identity, which is modern, simple, bold and digitally dynamic, challenging consumers to act today to enjoy the benefits of progress tomorrow with its “what are we doing today campaign”.
MTN Group Executive for Marketing Bernice Samuels said it was pleasing to see the resurgence that African brands had made in the rankings in 2022 and called the MTN awards heartening: “They encourage us to work harder to deliver on our purpose of enabling the benefits of a modern connected life to everyone.”
Mupita concurred, thanking MTN’s many stakeholders across the continent for their support: “In particular, I would like to thank our 276 million subscribers and 16 390 employees for ensuring that MTN remains the top African brand.”