Africa’s average annual GDP growth has continuously outperformed the global average in recent years and is anticipated to continue at least 6% until 2023. Six of the world’s ten fastest-growing economies are in Africa, and PwC predicts that Nigeria, South Africa, and Egypt will remain in the top ten from 2014 through 2050.
Africans have worked to recapture the narrative in recent years, emphasizing their countries’ tremendous development and the continent’s immense potential in order to attract investment and enhance regional and global engagement. Part of this continued economic development has been the establishment of African brands, allowing Africans to move away from reliance on imported goods and services. In addition, it allows African countries to make revenue from exporting goods rather than simply exporting raw resources.
The continent, which remains one of the poorest in the world in terms of overall GDP, has a lot of potentials to develop into an economic powerhouse. Africa has recently taken a dramatic move to establish a free trade market between countries with the African Continental Free Trade Area (AfCFTA). This trade agreement is the largest of its kind anywhere in the world and was which came into effect in 2021, includes fifty-four of the continents’ fifty-five countries.
The African continent is rich in potential, and African brands range from clothing and footwear to food and beverages, banks, and telecommunications firms. But included in that potential is the increase in gambling sites. Some of the best mobile casinos are owned by African brands, which offer popular games with attractive bonuses that are regulated and licensed. The iGaming industry in Africa is developing quickly and offers a wide range of gambling platforms for players across the continent from different backgrounds. The site has compiled a list of their recommended sites that have been reviewed by professionals in the field, including information that you need to know regarding mobile gambling.
Despite a 19% reduction in brand value to $2.7 billion, South Africa’s MTN has kept the title of Africa’s most valuable African brand in 2021. According to a study of South African brands, the telecoms behemoth continues to rule on home territory, maintaining its decade-long reign as South Africa’s most valuable brand this year.
While it remains at the top of the pack, MTN has had a tumultuous couple of years, with the company facing a slew of scandals ranging from its money mobile services being hacked in Uganda to being accused of paying bribes to the Taliban. The brand has also begun to scale back its overseas operations, announcing its exit from the Middle East in order to concentrate on and expand its operations across Africa.
Vodacom Group Limited is a South African mobile communications firm that serves over 55 million subscribers with voice, message, data, and integrated services. Its majority-owned by Vodaphone but is still a brand in its own right. The company has once again found itself in second place on the list of Africa’s most valuable brands. While it’s still one of the most valuable African brands, its value has fallen 16% over the past year to $1.7 billion.
Just like its rival telecoms company MTN, Vodacom was implicated in a price discrimination scandal that has affected its integrity in the eyes of consumers. It’s unclear whether the brand’s value will recover or whether it will keep falling over the next few years as consumers switch to other alternatives.
First National Bank
Another South African brand, First National Bank, is the Rainbow Nation’s leading banking service. It’s a subsidiary of FirstRand Limited, financial services conglomerate those trades under the symbol FSR on the Johannesburg Securities Exchange. At a value of $1.3 billion, it’s currently the third most valuable brand in Africa, although it doesn’t offer services outside of South Africa.
The company was founded in 1838 and generated 15 billion ZAR in yearly revenue as of 2014. Since then, it’s continued to grow and forms part of the top five banks in South Africa alongside Old Mutual and Standard Bank.
The Standard Bank of South Africa Limited, also known simply as Standard Bank, is a large financial service and banking group in South Africa. By assets, it is Africa’s largest lender, offering loans and mortgages to consumers across eleven African countries. Standard Bank Centre, the company’s corporate headquarters, is located on Simmonds Street in Johannesburg.
The company has recently announced it will be launching a mobile money service known as Unayo. These services are incredibly popular across the continent as they provide a viable alternative to banks in remote areas. Standard Bank aims to release this service across all of its markets by the end of 2023.