Latest news with #NigerianBanks
Zawya
27-05-2025
- Business
- Zawya
Nigeria's banking brands dominate
For the fourth year running, Access Bank is Nigeria's most valuable brand. Accounting for 59% of ranking's total brand value, banks dominate the Nigeria's brand value growth in 2025 Accounting for 59% of the ranking's total brand value, banks dominate Nigeria's brand value growth in 2025. Pictured: Lagos, Nigeria. The top four strongest Nigerian brands are banks, led by United Bank for Africa and First Bank of Nigeria, while Fidelity Bank Nigeria has more than tripled its brand value to become fastest-growing Nigerian brand. Most valuable brands In 2025, Access Bank retains its position as the most valuable Nigerian brand for the fourth consecutive year, having more than doubled its brand value to NGN893.3bn. Dangote Cement (brand value up 74% to NGN562.5bn) holds second place, supported by robust profits and a commanding market presence, while GTCO (Guaranty Trust Holding Company) rises to third, nearly tripling its brand value to NGN524.7bn. Other top banks show solid performances. Zenith Bank (brand value up 80% to NGN 454.8bn) retains fourth, United Bank for Africa (UBA) (brand value up 58% to NGN341bn) drops to sixth, and First Bank of Nigeria (brand value up 168% to NGN289bn) remains in seventh position, all demonstrating resilience despite inflation and currency volatility. Strongest brands Notably, UBA and First Bank of Nigeria are the top two strongest Nigerian brands in 2025, while UBA also ranks as the 13th strongest banking brand globally among the top 500 banking brands. Food brand Flour Mills Nigeria drops to fifth place, despite a 40% increase in brand value to NGN452.9bn. The brand reported strong revenue growth for 2024, driven by higher sales across its food, agro-allied, and sugar businesses, even in the face of Nigeria's tough macroeconomic environment. Further down the top 10, BUA Cement (brand value up 63% to NGN138.7bn) rises to ninth place, while banking brand Stanbic IBTC (brand value up 206% to 229.5bn) climbs from 13th to eighth position. GLO Mobile (brand value up 138% to NGN130.4bn) rises five places to enter the top 10. Meanwhile, beer brand Hero Lager (brand value down 51% to NGN42.1bn ) has dropped from ninth rank to 20th in 2025, reflecting a decline in the Nigerian alcoholic drinks market. Brand strength analysis The Nigeria 25 2025 ranking highlights considerable shifts in the country's strongest brands, with banking brands rising through the ranks to dominate the top 10. This demonstrates a growing recognition of the sector's resilience and adaptability, particularly as financial services play an increasingly crucial role in driving Nigeria's economy forward. United Bank for Africa has risen from ninth position in 2024 to become the strongest Nigerian brand in 2025, with a BSI score of 92.4/100 and a corresponding AAA+ rating, the highest accolade for brand strength awarded by Brand Finance. UBA performs strongly across all key research metrics, earning notably high scores in brand familiarity, preference, and consideration, indicating strong consumer trust and loyalty. Notably, the bank scores exceptionally well on price acceptance, outperforming other leading African peers - such as Capitec in South Africa and Equity Bank in Kenya - on this metric. During this past year, UBA has prioritised digital banking, innovation, and technology investments, which are crucial drivers of brand strength in Africa's banking sector. The focus is aimed at improving the customer experience and deepening engagement with consumers going forward. First Bank of Nigeria has risen from 11th position to second for brand strength, noting a BSI score of 92.1/100 and a corresponding AAA+ rating. The bank excels across key metrics, including familiarity, reputation, consideration, and preference. This improvement reflects its strong focus on innovation, digital transformation, and delivering exceptional customer experiences. First Bank's strategic initiatives have significantly enhanced its market position and brand perception, reinforcing its leadership in the sector. GTCO has fallen from first to third place in brand strength, despite a slight increase in its BSI score to 89.5/100. Meanwhile, Access Bank has moved up to fourth place, rising from 12th in 2024, driven predominantly by improved performance across key research metrics. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Zawya
09-05-2025
- Business
- Zawya
Nigeria Unlocks Intra-African Trade with New Pan-African Payment & Settlement System (PAPSS) Policy Boost
The Pan-African Payment&Settlement System (PAPSS) warmly welcomes the new circular from the Central Bank of Nigeria (CBN), announcing a significant streamlining of documentation requirements for PAPSS transactions in Nigeria. This progressive policy, announced on 28 April 2025, sets the stage for faster, more cost-effective, and more inclusive participation by Nigerians and Nigerian businesses, especially Small and Medium Enterprises (SMEs), involved in intra-African commerce under the African Continental Free Trade Area (AfCFTA). With the new announcement, individuals and businesses in Nigeria will now be able to make PAPSS transactions efficiently; with less delays occasioned by paperwork. Only basic KYC (Know Your Customer) and AML (Anti-Money Laundering) documents are required for clearance of payments under US$2,000 (for individuals) and US$5,000 (for corporates) per month. This makes it easier for Nigerian SMEs to trade across Africa under the AfCFTA, with fewer heavy documentation barriers than ever before. The announcement also empowers commercial banks to source foreign exchange for PAPSS through Nigeria's Foreign Exchange market. As PAPSS continues to expand across Africa — with 16 countries, 14 payment switches, and more than 150 commercial banks now connected, including 22 banks in Nigeria — the streamlined requirements will eliminate barriers and encourage broader use of our secure, instant, local currency-based platform. Mike Ogbalu III, CEO of PAPSS, commented: 'Today marks a transformational milestone for Nigerian commerce and for the larger vision of African economic integration. We are grateful to the Central Bank of Nigeria for its unwavering support and vision in propelling Nigeria towards seamless intra-African payments under the AfCFTA. 'This bold policy move by the CBN will empower banks, businesses, and entrepreneurs to connect, trade, and pay more easily than ever before. The directive removes excess paperwork from a large number of transfers, empowering Nigerian businesses to participate more freely in the African Continental Free Trade Area by utilising our secure, local currency-based platform. 'We also expect Nigerian banks to begin integrating PAPSS into their digital platforms such as mobile apps and online banking in the near future, promoting even wider adoption. 'PAPSS is at the forefront of the African advancement towards a truly borderless African economy and achieving the ultimate goal of economic self-determination. We encourage all stakeholders across the continent to follow in Nigeria's footsteps, embrace PAPSS, and become part of the transformation that will define the way Africa does payments and accelerate the realisation of the African Continental Free Trade Area goals.' Distributed by APO Group on behalf of Afreximbank. Contact person: Papa Thiongane communications@ Follow us on: LinkedIn: Twitter: Facebook: YouTube: About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa's central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as 'Participants'. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. For more information, visit:
