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Pick n Pay is the strongest brand in South African, according to the Brand Finance South Africa 100 2023 Report.
Brand Finance determines the relative strength of brands by measuring several metrics, including evaluable marketing investment, stakeholder equity, and business performance. The report includes data from over 100,000 respondents in 38 countries and 31 sectors.
Along with the Brand Strength Index (BSI) score out of 100, brands are also rated on similar levels to those used by ratings agencies.
Pick n Pay is the strongest brand in the country, with a BSI score of 93.9 out of 100. The retailer also received a corresponding AAA+ rating. The group saw a major 14-point increase year-on-year to claim the top spot on the list.
Woolworths was in second place with a BSI of 93.4 and a AAA+ rating.
Other retailers, Clicks (92.4 BSI), Checkers (92.2 BSI), and Dischem (90.3 BSI), also scored AAA+ ratings.
Retail banks, FNB and Capitec (both with a 93.0 BSI) also received a AAA+ brand rating.
Brand Finance noted that seven South African brands achieved the elite AAA+ rating, saying this is “astonishing”.
For context, only 12 brands across Brand Finance’s ranking of the world’s top 500 most valuable and strongest brands – the Global 500 2023 – received a AAA+ rating.
This means that South Africa had more than half of all brands with a AAA+ rating, globally.
Best banks in the world
Although FNB and Capitec are behind Pick n Pay and Woolworths in the overall South African rankings, they are the top two banking brands worldwide.
In a previous Brand Finance report, FNB was named as the strongest banking brand in the world, with its BSI of 93.0 and AAA+ rating.
Brand Finance said that the FNB’s online and mobile banking services made it straightforward for customers to manage their finances, with the group also recognised for its sustainable practices and environmental, social and governance (ESG) performance.
FNB was also seen as one of the best banks in the world for its customer service.
Capitec Bank was only narrowly behind FNB and was edged out by decimal rounding.
Capitec’s affordable prices for online banking services made it stand out amongst competitors, Brand Finance said.
Moreover, the bank’s partnerships with established brands, including Samsung Pay, strengthened its position.
Capitec was second in the rankings for the second year in a row – with Indonesian bank BCA coming first in 2022.
Standard Bank, South Africa’s most valuable bank, was the third-strongest banking brand in South Africa, climbing from 63 in 2022’s BSI rankings to 21 in 2023’s BSI rankings
Nedbank (25) and Absa (65) were also in the top 100 for BSI rank.
Standard Bank saw the biggest change in its BSI score out of all South African banks included in the study, increasing by 6%.
FNB (+1%), Capitec (+1%), Nedbank (+5%) and Absa (+4%) also saw growth in their BSI scores.
However, Rand Merchant Bank (-2%) and Investec (-2%) saw decreases in their BSI scores, with the former dropping out of the top 100 BSI rankings.
The BSI scores and rankings of South Africa’s banks are listed below:
| Brand name | 2022 BSI rank | 2023 BSI Rank | 2022 BSI | 2023 BSI | Change |
|---|---|---|---|---|---|
| FNB | 4 | 1 | 92 | 93 | +1% |
| Capitec | 2 | 2 | 92 | 93 | +1% |
| Standard Bank | 63 | 21 | 81 | 86 | +6% |
| Nedbank | 61 | 25 | 81 | 85 | +5% |
| Absa | 122 | 65 | 77 | 80 | +4% |
| Rand Merchant Bank | 95 | 115 | 78 | 76 | -2% |
| Investec | 128 | 132 | 76 | 75 | -2% |
Read: These are South Africa’s favourite banks
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