Access Bank ranked as Nigeria’s ‘Most Valuable Brand’ by Brand Finance

Admin I Sunday, May 26, 2024

 

LAGOS, Nigeria – Access Bank has once again been recognised as Nigeria’s most valuable brand, according to the latest data from Brand Finance.

The 2024 report reveals a remarkable 73% increase in Access Bank’s brand value, solidifying its position as the most valuable banking brand in Nigeria. This 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% 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 200 2024. This impressive growth is primarily driven by significant increases in interest-based income, reflecting improved revenues and robust financial performance.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, stated: “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.”

Toyin Henry-Ajayi, Group Head, Group Marketing & Retail Analytics at Access Bank, 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.”

Access Bank also distinguished itself as the top brand in terms of Sustainability perceptions value, surpassing Flour Mills of Nigeria which ranked second. This underscores the Bank’s dedication to sustainable practices and its leadership in corporate responsibility.

Babatunde Odumeru, Managing Director of Brand Finance Nigeria, commented on the resilience of Nigeria’s leading brands: “Despite a tumultuous financial year marked by the Naira plummeting over 30% 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.