Quick reads for this week

PF highlights the quick reads for this week. File photo.

PF highlights the quick reads for this week. File photo.

Published Jun 2, 2024


Brand Finance says MTN retains top spot as Africa’s Most Valuable Brand

MTN, the telecommunications giant, has maintained its position as the African continent's most valuable brand. This is despite an 18% decline in brand value to $3.6 billion (R67bn), according to a new report from Brand Finance, a brand valuation consultancy.

According to Brand Finance, this valuation underscores MTN's robust market presence and sustained brand equity, bolstered by a significant user base and revenue growth in Nigeria, which is now its largest market after surpassing South Africa.

MTN’s extensive global footprint, now spanning over 21 markets, highlights the advantages and challenges of operating in diverse environments.

Brand Finance Africa chairperson Jeremy Sampson said: “This new report shows that South Africa remains the powerhouse of brand dominance in Africa, showcasing its unrivalled market influence, while Kenya’s banks are setting new benchmarks with their robust performance and strategic growth.”

Vodacom takes second place on Brand Finance’s Africa’s Most Valuable Brand

Brand Finance has announced that Vodacom has solidified its position as Africa's second-most valuable brand with a valuation of $2.3 billion. Despite a 2% decline in USD terms, the brand's value increased in ZAR.

This information is contained in the latest report of the Top 200 2024 Index from Brand Finance.

“Vodacom’s affiliation with its majority shareholder, UK-based Vodafone, positively impacts its brand equity, creating a halo effect that enhances recognisability and trust among expatriates and tourists,” it said.

Meanwhile, Brand Finance said Standard Bank has achieved a 12% increase in brand value, reaching $2.0 billion, securing its place as Africa’s third most valuable brand.

“This growth is driven by the bank’s strong market presence and strategic initiatives enhancing brand equity and customer engagement,” it said.

Godongwana approves the publication of 2024 annual Policy Benefit Escalations with regards to Demarcation Regulations

The Financial Sector Conduct Authority (FSCA) has announced that the Minister of Finance, Enoch Godongwana, has approved the publication of the 2024 annual Policy Benefit Escalations with regards to Demarcation Regulations (Regulations) regulated under Section 72 of the Long-term Insurance Act No 52 of 1998 (LTIA) and Section 70 of the Short-term Insurance Act No 53 of 1998 (STIA).

According to the FSCA, the regulations specify which types of contracts are regulated under the LTIA and the STIA as health policies, and accident and health policies, respectively, and accordingly are excluded from the Medical Schemes Act No 131 of 1998. Regulation 7.2(2) of the Regulations provides that all amounts referred to in sub-regulation (1) escalate annually, from the effective date, by the Consumer Price Index (CPI) annual inflation rate (6.0 percent) published by Statistics SA.

“The escalation of the aforementioned policy benefits will take place each year for as long as Regulation 7.2(2) provides for automatic escalation. National Treasury annually publishes these amounts in order to maintain clarity on the escalated policy benefits,” it said.