Published: November 14, 2026
Key Facts
- South Africa holds all ten places in the ranking. No brand from any other African country makes the top ten.
- The ten most valuable African brands are worth $19.0 billion combined. That is 30.4% of the $62.6 billion value of Africa's top 200 brands.
- MTN leads for the 13th year in a row at $2.9 billion. Its lead over Vodacom has shrunk to 6%. In 2022, MTN was worth twice as much as Vodacom.
- Banks take six of the ten places and $10.4 billion of the $19.0 billion total. Telecoms take the top two places.
- MTN alone, at $2.9 billion, is worth more than all 15 Kenyan brands in the top 200 combined, at $2.6 billion. It is worth 21.5 times Nigeria's top brand, Seplat Energy, at $135 million.
| Rank | Brand | Country | Sector | Brand value | Change on 2025 |
|---|---|---|---|---|---|
| 1 | MTN | South Africa | Telecoms | $2.9bn | Steady |
| 2 | Vodacom | South Africa | Telecoms | $2.8bn | +9% |
| 3 | Standard Bank | South Africa | Banking | $2.6bn | +19% |
| 4 | First National Bank | South Africa | Banking | $2.0bn | +19% |
| 5 | Absa | South Africa | Banking | $1.8bn | +11% |
| 6 | Checkers | South Africa | Retail | $1.5bn | +8% |
| 7 | Shoprite | South Africa | Retail | $1.4bn | +24% |
| 8 | Nedbank | South Africa | Banking | $1.4bn | +16% |
| 9 | Capitec Bank | South Africa | Banking | $1.3bn | +25% |
| 10 | Investec | South Africa | Banking | $1.3bn | +14% |
Source: Brand Finance Africa 200 2026, published 25 May 2026. Brand values are rounded to the nearest $0.1 billion in the published ranking. Change is on the 2025 ranking.
Six banks, two telecoms and two retailers make up the top ten. The strongest brand in Africa is not in the top ten by value at all. Kenya's Tusker beer tops the brand strength ranking with a Brand Strength Index of 97.9 out of 100.
1. MTN, $2.9 billion
MTN keeps the top spot for the 13th year in a row. Its brand value held steady at $2.9 billion. The group has about 301 million subscribers across 16 markets. Its 5G network now reaches 44% of the population in its markets. But the lead is shrinking fast. In 2022, MTN was worth twice as much as Vodacom. The gap is now just 6%. MTN is also Africa's biggest telecom operator by subscribers, a story we covered in our ranking of African telecom operators.
2. Vodacom, $2.8 billion
Vodacom rose 9% to $2.8 billion. Growth came from expansion into Egypt and Ethiopia. Digital platforms such as VodaPay, M-Pesa and Vodafone Cash added to the gain. Brand Finance credits steady investment in networks and marketing. Vodacom is now only 6% behind MTN, the closest it has ever been.
3. Standard Bank, $2.6 billion
Standard Bank rose 19% to $2.6 billion, the biggest rise among the top three. Corporate and investment banking drove the gain. Fee and trading income rose too. The bank also kept investing in technology and customer experience. Its lead over the banks below it is still wide. It sits $0.6 billion ahead of First National Bank.
4. First National Bank, $2.0 billion
First National Bank rose 19% to $2.0 billion. Deposits passed R1 trillion. Customer numbers kept growing. Transaction volumes rose across FNB Connect, eBucks and its nav platform. FNB is the retail banking arm of FirstRand, one of the biggest banks in Africa by total assets, as our ranking of African banks showed.
5. Absa, $1.8 billion
Absa rose 11% to $1.8 billion. The bank pushed deeper into markets outside South Africa. New leadership under chief executive Kenny Fihla backed the expansion. Investment in sustainable finance also helped. Brand Finance's South Africa 100 release rounds the rise at 12%, a one point rounding difference we note in the Methodology below.
6. Checkers, $1.5 billion
Checkers rose 8% to $1.5 billion. It is also South Africa's strongest brand, with a Brand Strength Index of 97.0 out of 100. Sales grew 13.8% to R95.7 billion in 2025. Bigger baskets, more shoppers and its FreshX stores drove the growth. Checkers is part of the Shoprite Group, so two brands from one group sit in the top ten.
7. Shoprite, $1.4 billion
Shoprite climbed three places to seventh. Its brand value rose 24% to $1.4 billion. Scale and a focus on value prices drove the rise. Shoprite is the biggest supermarket chain in Africa by sales, as our ranking of African retail chains showed. Together, Checkers and Shoprite are worth $2.9 billion, exactly the same as MTN at number one.
8. Nedbank, $1.4 billion
Nedbank held eighth place with a 16% rise to $1.4 billion. Steady scale and strong results across its main measures kept it in the top ten. It sits just behind Shoprite on Brand Finance's exact values. Both round to $1.4 billion in the published table.
9. Capitec Bank, $1.3 billion
Capitec enters the top ten for the first time. Its brand value rose 25% to $1.3 billion, the fastest growth in the top ten. The bank built its name on simple, low cost banking. It keeps taking customers from the older big banks. Its rise is the clearest sign of change in the ranking.
10. Investec, $1.3 billion
Investec rounds out the top ten with a 14% rise to $1.3 billion. It is a specialist bank and wealth manager, not a mass market lender. Its model is different from every other bank in the top ten. It still grew fast enough to hold its place. Capitec and Investec both round to $1.3 billion, with Capitec ahead on Brand Finance's exact values.
The rest of Africa: shut out of the top ten
South Africa has 104 of the top 200 brands and 71% of their value, at $44.6 billion. That is 2.48 times the value of all the other African countries in the ranking combined, at $18.0 billion. Morocco is next with 13 brands worth $4.5 billion. Egypt has 25 brands worth $4.1 billion. Nigeria's brands are worth $3.4 billion in total. Kenya's 15 brands are worth $2.6 billion.
The best brand outside South Africa is Morocco's Attijariwafa Bank, at $1.3 billion. It still misses the top ten. Egypt's leading brand, the National Bank of Egypt, is worth $788 million. Nigeria's top brand is Seplat Energy, worth $135 million and ranked 91st. Seplat is Africa's fastest growing brand, up 119%, but it is still only 4.7% of MTN's value. Kenya's best placed brand is Equity Bank at 31st. Kenya does own the continent's strongest brand, Tusker, but strength is not the same as value.
Frequently Asked Questions
What is the most valuable brand in Africa in 2026?
MTN, at $2.9 billion. The South African telecoms group has held the top spot for 13 years in a row in Brand Finance's Africa 200 ranking.
Why are all of Africa's top ten brands South African?
South Africa has the continent's deepest banking, telecoms and retail sectors. Its 104 brands in the top 200 are worth $44.6 billion, or 71% of the total. No other country has the same scale of listed banks, telecoms groups and retail chains.
What is the most valuable Nigerian brand in 2026?
Seplat Energy, at $135 million. It ranks 91st in Africa and is the continent's fastest growing brand, up 119% on 2025. It is still only 4.7% of MTN's $2.9 billion value.
What is the strongest brand in Africa in 2026?
Tusker, the Kenyan beer brand, with a Brand Strength Index of 97.9 out of 100 and a AAA+ rating. Strength measures trust and loyalty. Value measures money. Tusker leads on strength but does not make the top ten by value.
How does Brand Finance value a brand?
It uses the Royalty Relief method, which meets the ISO 10668 standard. It works out the royalty a company would pay to license its brand, then turns that into a present value. Brand value is not the same as market value or sales. A brand can be very strong but small, like Tusker, or very valuable but less loved, like a big bank.
Data Sources
- Brand Finance, Africa 200 2026 press release, 25 May 2026: MTN retains most valuable brand title as pressure from Vodacom and Standard Bank intensifies
- Engineering News, 19 June 2026: As MTN retains the most valuable African brand title, pressure intensifies from Vodacom, Standard Bank
- EWN, 27 May 2026: Battle of the Brands: MTN retains most valuable African brand ranking, but SA rivals closing in
- BusinessDay Nigeria: South Africa tightens grip on Africa's corporate elite as banks close in on telecoms
- Brand Finance South Africa 100 2026 (rand values), via Engineering News, 2 April 2026: MTN ranked South Africa's most valuable brand for thirteenth year
Methodology
This ranking uses Brand Finance's Africa 200 2026 report, published 25 May 2026. It ranks the 200 most valuable brands in Africa. Brand value is the net economic benefit a brand owner would gain by licensing the brand in the open market. Brand Finance works it out with the Royalty Relief method, which meets the ISO 10668 standard. It is not market capitalisation and it is not revenue. All values in this article are as published in the Africa 200 2026 ranking. They are not updated for market moves after 25 May 2026. This article was published 14 November 2026.
Brand Finance publishes brand values rounded to the nearest $0.1 billion. Ties in the table, such as Shoprite and Nedbank at $1.4 billion and Capitec and Investec at $1.3 billion, follow Brand Finance's order, which rests on exact values it does not publish. The same rounding explains why the gap Brand Finance states between MTN and Vodacom, 6%, differs from the 3.6% the rounded table gives. The 6% figure reproduces from Brand Finance's exact rand values: MTN R50.9 billion against Vodacom R47.9 billion is 6.3%. The gap to Standard Bank, 13%, reproduces the same way: R50.9 billion against R45 billion is 13.1%.
Year on year changes are as published for the Africa 200 ranking. Brand Finance's South Africa 100 release rounds four of them one point higher: Absa 12%, Checkers 9%, Shoprite 25% and Investec 15%. The difference is rounding, not a different result.
Morocco's Attijariwafa Bank, at $1.3 billion, is the leading brand outside South Africa. It does not make the top ten. Its exact rank is not stated in any source used, so this article does not give one. Every derived claim in this article, including totals, shares, averages and multiples, was recomputed by script from the table values above and matches.
