Access Bank Rated ‘Most Valuable Brand’ In Nigeria

Access Bank has been named Nigeria’s most valuable brand once again, according to the latest Brand Finance report. The 2024 analysis showed a significant 73 per cent increase in Access Bank’s brand value, reinforcing its status as the leading banking brand in Nigeria for the third consecutive year in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.

Access Bank’s brand value rose to N355.3 billion, placing it as the 31st most valuable brand in Africa, according to Brand Finance’s Africa 200 2024. This remarkable growth is primarily attributed to substantial increases in interest-based income, reflecting improved revenues and strong financial performance.

Managing director/CEO of Access Bank, Roosevelt Ogbonna, stated: “We are honoured to be recognised again as Nigeria’s most valuable brand. This accolade is a testament to our commitment to excellence, innovation, and sustainable growth. We will continue to deliver exceptional value to our customers and stakeholders, driving positive impact across the communities we serve.”

Speaking at the Brand Finance Nigeria Forum 2024, group head of Group Marketing & Retail Analytics at Access Bank, Toyin Henry-Ajayi, added that: “Access Bank’s consistent performance and brand value growth reflect our adherence to our core principles of excellence throughout each strategic five-year cycle. Our journey has been one of continuous improvement and adaptation, and we remain dedicated to setting new standards in the banking industry, while contributing our quota to Africa’s economic development.”

Access Bank also led the rankings in terms of Sustainability Perceptions Value, surpassing Flour Mills of Nigeria, which ranked second. This highlights the bank’s commitment to sustainable practices and its leadership in corporate responsibility.

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Brand Finance, a global leader in brand valuation, reported that banking brands accounted for 50 per cent of the total brand value among Nigeria’s top 25 brands. Within the Nigeria 25 2024 ranking, banking brands emerged as not only the most valuable, but also the strongest and fastest growing, representing value for shareholders and investors alike.

Managing director of Brand Finance Nigeria, Babatunde Odumeru, commented on the resilience of Nigeria’s top brands, saying, “Despite a challenging financial year marked by a significant devaluation of the Naira and high inflation, Nigeria’s leading brands have shown remarkable resilience. Many top-tier brands have continued to grow, with 23 of Nigeria’s top 25 most valuable brands experiencing brand value growth. We are also seeing these brands expand their influence across the continent.”

Brand values in the rankings are calculated using the Royalty Relief approach, compliant with ISO 10668 standards. This method estimates future revenues attributable to a brand by calculating a royalty rate for its use, resulting in a ‘brand value’ that reflects the net economic benefit achievable by licensing the brand in the open market.