By Olusegun Obisanya
Access Bank has been recognised as Nigeria’s most valuable brand, according to the latest data from Brand Finance. The 2024 report reveals a remarkable 73 percent increase in Access Bank’s brand value, solidifying its position as the most valuable banking brand in Nigeria.
This, according to a statement from the financial institution, marks the third consecutive year that Access Bank has held the 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 contributed a substantial 50 percent of the overall brand value among Nigeria’s top 25 brands. Within the Nigeria 25 2024 ranking, banking brands not only emerged as the most valuable but also the strongest and fastest growing.
“Access Bank’s brand value soared to NGN355.3 billion, making it the 31st most valuable brand in Africa according to the Brand Finance Africa 2024. This impressive growth is primarily driven by significant increases in interest-based income, reflecting improved revenues and robust financial performance,” the statement read.
Access Bank Managing Director/Chief Executive Officer, Roosevelt Ogbonna, said: “We are proud to once again be recognised as Nigeria’s most valuable brand. This accolade is a testament to our commitment 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.”
Group Marketing & Retail Analytics Access Bank, Toyin Henry-Ajayi, who spoke on the brand’s journey at the announcement event, added: “Access Bank’s consistent performance and brand value growth reflects our ability to stay true to our 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.”
Managing Director of Brand Finance Nigeria, Babatunde Odumeru commented on the resilience of Nigeria’s leading brands: “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.”
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.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions.
Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
