The brand value of Nigeria’s largest banks recorded marginal growth in 2024, largely attributed to the high interest rate environment and increased adoption of digital banking services.
According to a new report by Brand Finance — a London-based brand valuation consultancy, the total brand value of the big banks — FBN Holdings, UBA, GTCO, Access and Zenith — rose slightly in 2025 to $1.56 billion, marking a 4.85 percent increase compared to $1.49 billion recorded in 2024.
“The high-interest rate environment in many major economies has undoubtedly driven growth in banking brand values, boosting profits and share prices in 2024,” Annie Brown, valuation director at Brand Finance.
As inflation soars, Nigeria’s central bank raised benchmark key interest rates to rein prices that rose to almost three-decade high. Policymakers pushed the monetary policy rate from 18.75 percent to 27.5 percent within a year, a situation that’s benefitted the banking sector.
Brown however noted that longer-term brand value growth is being shaped by four key trends: regulation, digital innovation, a shift towards fee-based income over interest margins, and a renewed focus on brand building to sustain competitive advantage.
An analysis of the report shows that while Access, GTCO and FBN Holdings saw their brand value rise by 17.8 percent, 32.6 percent and 25.3 percent respectively, Zenith and UBA declined by 15.63 percent and 26 percent.
“A continued effort towards accessibility through digital routes which has seen the increase in the rate of digital payment continues to drive the growth in the value of banking brands,” Babatunde Odumeru, managing director at Brand Finance Nigeria said in an emailed response.
The marginal rise comes as Nigerian banks contended with a harsh economic environment with inflation soaring to record and the naira weakening by at least 41 percent in 2024.
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According to the report, African banking brands have outperformed many global counterparts, creating $15.2 billion in brand value in 2025 alone. South Africa, Kenya, and Nigeria have led this growth despite economic volatility, currency fluctuations, and geopolitical challenges.
Kenya’s banks experienced a remarkable 49 percent brand value increase, while South Africa saw a 24 percent rise. Morocco and Nigeria also posted gains of 21 percent and 16 percent, respectively.
For Jenny Moore, strategy & insight consultant at Brand Finance without effective digital banking, traditional banks will struggle to grow.
“While the big banks continue to dominate, as affordable digital access continues to expand, it is likely that many of these new-generation digital banks will start to make their presence felt in a meaningful way,” Moore said.
Weak currencies deny African banks top 100 spot
Despite creating $15.2 billion in value, no African bank made the Global Top 100 list, largely due to weak currencies and regional risks.
“Overall, African banking brands performed extremely well in 2025, with an average brand value growth of 22 percent across the markets surveyed (in common USD currency terms),” the report stated.
The highest-ranking African brands are all from South Africa, with Standard Bank at 134 (up four places since 2024), First National Bank at 158 (up 11 places since 2024), and Absa Bank at 170 (up two places since 2024).
