First National Bank has taken over the title as Africa’s most valuable banking brand for the second year in a row, according to the latest Brand Finance Africa Annual Survey.
The report notes that FNB, at US$1.7 billion, is the most valuable banking brand from Africa, growing 20% from 2018 on the back of its reputation for innovation.
“We are honoured to once again receive this accolade as it reaffirms the strategic direction of our business and the value of our money management relationships with customers. This year, FNB celebrates 180-years of existence and as we reflect on our journey, we believe that our core brand promise of helpfulness has allowed the brand to evolve into one that is customer-centric and uniquely innovative,” says Faye Mfikwe, FNB Chief Marketing Officer.
According to Brand Finance®, the combined value of South African banking brands in the rankings exceeds US$8 billion, almost eight times the total of the next country from the continent, Nigeria. South Africa contributes eight of the 18 banking brands in the Brand Finance Banking 500, followed by four from Nigeria, three from Egypt, and three from Morocco.
“The success of any brand is dependent on its ability to meet customer needs. Over the years, customers’ needs and expectations towards banking have shifted significantly and this continues to shape the distribution of our financial solutions through an enabling platform. We are acutely aware that customer centricity is the heart of innovation, hence we are actively partnering with our individual and business clients to ensure mutual and meaningful value,” says Mfikwe.
“Recognising our customer needs through deep-rooted insights helps us create integrated, helpful and digitally customised financial solutions that has positioned us as market leader within the industry. Through a combination of business strategies and financial performance, we have been able to maintain our market position which has helped future proof our offerings for our customers in the future,” concludes Mfikwe.