Lagos, Nigeria – May 2024: 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.
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Access
Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading
full-service commercial bank operating through a network of more than 700
branches and service outlets spanning 3 continents, 21 countries and over 60
million customers. The Bank employs over 28,000
people in its operations in Africa and Europe, with representative
offices in China, Lebanon, India, and the UAE.
Access
Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian
Stock Exchange since 1998. The Bank is a diversified financial institution
which combines a strong retail customer franchise and digital platform with
deep corporate banking expertise, proven risk management and capital management
capabilities. The Bank services its various markets through three key business
segments: Corporate and Investment Banking, Commercial Banking, and
Retail Banking. The Bank has enjoyed what is arguably Africa’s most
successful banking growth trajectory in the last 18 years, becoming one of the
continent’s largest retail banks.
As
part of its continued growth strategy, Access Bank is focused on mainstreaming
sustainable business practices into its operations. The Bank strives to deliver
sustainable economic growth that is profitable, environmentally responsible, and
socially relevant, helping customers to access more and achieve their dreams.
About Brand Finance
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.
Brand Finance also operates the Global
Brand Equity Monitor, conducting original market research annually on over
5,000 brands, surveying more than 150,000 respondents across 38 countries and
31 industry sectors. Combining perceptual data from the Global Brand Equity
Monitor with data from its valuation database enables Brand Finance to arm
brand leaders with the data and analytics they need to enhance brand and
business value.
Brand Finance is a regulated accountancy
firm, leading the standardisation of the brand valuation industry. Brand
Finance was the first to be certified by independent auditors as compliant with
both ISO 10668 and ISO 20671 and has received the official endorsement of the
Marketing Accountability Standards Board (MASB) in the United States.