By: Amadi Vincent Uzoma
According to the latest report by Brand Finance, Access Bank has once again been named the most valuable brand in Nigeria.
2024 analysis shows a significant 73% increase in Access Bank brand value, cementing its position as Nigeria’s top banking brand for the third consecutive year in Brand Finance’s annual ranking of the 500 brands world leading bank.
Access Bank’s brand value reached NGN355.3 billion, ranking it 31st among the most valuable brands in Africa, according to Brand Finance’s Africa 200 2024 report.
This notable growth was mainly due to a significant increase in interest income, reflecting improved revenues and strong financial performance. Roosevelt Ogbonna, Managing Director and CEO of Access Bank said: “We are honored to once again be recognized as the Most Valuable Brand in Nigeria.
This distinction demonstrates our commitment to excellence, innovation, and sustainable growth. We will continue to deliver exceptional value to our customers and stakeholders, driving a positive impact in the communities we serve. Speaking at the Brand Finance Nigeria Forum 2024, Toyin Henry-Ajayi, Head of Group Marketing and Retail Analytics at Access Bank, added: “Consistent performance and growth in brand value Access Bank’s brand reflects our adherence to our core principles of excellence in each 5-year strategic cycle.
Our journey has been one of continuous improvement and adaptation, and we remain committed to setting new standards in banking while playing our part in growth Africa’s economy. Access Bank also topped the rankings for the perceived value of sustainability, surpassing Nigeria’s Flour Mills, which ranked second.
This highlights the bank’s commitment to sustainable operations and its leadership in corporate responsibility. Babatunde Odumeru, CEO of Brand Finance Nigeria, commented on the resilience of Nigeria’s biggest brands, saying: “Despite a challenging financial year marked by devaluation of the Naira and high inflation, the leading brand among Nigerian brands has shown remarkable resilience.
Many top brands continue to grow and 23 of Nigeria’s 25 most valuable brands have seen growth in value. We also see these brands expanding their influence across the continent. The brand value in the rankings is calculated using the Royalty Reduction method, in accordance with ISO 10668.
This method estimates the future revenue that can be attributed to the brand by calculating the royalty rate for the use of that trademark, resulting in a “valuable trademark” that reflects the brand value. The net economic benefit that can be achieved by licensing the trademark in the open market.
