MTN is South Africa’s most valuable brand, says Brand Finance

South Africa’s top 100 brands increased their collective value by 3%, reaching R688.6bn in 2025, says Brand Finance in its annual ranking of the most valuable and strongest local brands.

MTN retains its position as South Africa’s most valuable brand, with a brand value of R50.7bn, despite a decline in its brand value for the second consecutive year. In 2024, its brand value dropped 8% to R68.2bn. Economic volatility and inflationary and regulatory challenges in the Nigerian market resulted in its brand value declining by a further 26% in 2025. 

Brand Finance says MTN’s brand value decline is due to challenging business conditions, revenue losses and increased risks in Nigeria, which used to be its largest source of revenue, and weakened brand strength. Despite these challenges, its high brand strength scores in both South Africa and Nigeria indicate potential for future growth if conditions improve.

Vodacom is in second place with a brand value of R43.9bn.

The banking sector claims five of the top 10 positions with Standard Bank (third), FNB (fourth), Absa (fifth), Nedbank (eighth) and Investec (ninth).

Other brands making up the top 10 include Checkers (sixth), Woolworths (seventh) and Shoprite (10th). The brand values of both Checkers and Woolworths grew: Checkers is up 23% to R23.5bn and Woolworths is up 17% to R22.2bn. Growth in brand value at both is underpinned by increasing brand strength, resulting in higher brand revenues, demonstrating the recovery of domestic brands due to improved consumer power and increased spending, says Brand Finance.

Woolworths and Checkers topped the sustainability perceptions score across sectors in the ESG categories.

The top 10 South African brands collectively boast a value of R295.2bn, contributing more than 40% of the total top 100 brands’ ranking value. The banking industry accounts for 24.5% of the total, followed by retail (17.2%), telecoms (14.6%) and insurance (8.6%).

Brand Finance defines brand value as the net economic benefit a brand owner would achieve by licensing the brand in the open market. Brand strength, on the other hand, is the efficacy of a brand’s performance on intangible measures relative to its competitors.

Checkers is the strongest South African brand in 2025 with a brand strength index score of 97.7. Clicks is second with a score of 97.

Capitec is the fastest-growing South African brand in 2025, growing its brand value 81% to R18.6bn; it moves into 14th place in 2025, up from 23rd in 2024. Brand Finance says this increase reflects Capitec’s ability to innovate with digital, AI and enabling technologies to accommodate an increasingly tech-savvy audience among its client base. Capitec also improved its brand strength index score and is the highest-scoring South African bank.

Brand Finance’s research shows that South African consumers rate some local brands, particularly retail brands, higher than international ones. All of South Africa’s top retail 10 brands earned AAA+ ratings, the highest awarded by Brand Finance, outperforming global counterparts such as Walmart (US), Marks & Spencer (UK) and Coles (Australia).

“Arguably the main drivers of growth of a country are its top brands, invariably owned by the private sector,” says Jeremy Sampson, chair of Brand Finance Africa. “Brands that are sought after create jobs, make a profit, pay taxes, create demand, become valuable assets and act as ambassadors for the nation.”

Read the full Brand Finance South Africa 100 2025 report here.

The big take-out: The top 10 South African brands collectively boast a value of R295.2bn, contributing more than 40% of the total top 100 brands’ ranking value