DURBAN – For the second year in a row, First National Bank (FNB) was named Africa’s most valuable banking brand in the latest Brand Finance® Africa Annual Survey.
The report notes that FNB, at $1.7 billion (approx R23 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," said Faye Mfikwe, FNB Chief Marketing Officer.
Mfikwe added that 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.
According to Brand Finance®, the combined value of South African banking brands in the rankings exceeds $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.
According to Mfikwe, 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," said Mfikwe.