The result from Brand Finance shows a mix of scale, steady demand for digital services, and steady investment across its operations.

MTN leads with a brand value of about R50.9 billion and its uniqueness isn’t limited to its size, but how it earns across different markets and services.

The group operates in about 16 countries and serves more than 300 million users, providing a wide and stable base of revenue across Africa.

Mobile data is the main growth driver. More users now depend on data for streaming, communication, and everyday digital activity. This supports recurring income and reduces reliance on traditional voice services.

With demand for connectivity growing, MTN benefits directly from increased data usage across its markets.

Fintech services are also a big part of its growth. MTN has expanded mobile money and digital payment platforms in several countries. These services allow users to transfer funds, make payments, and access financial tools through mobile devices.

The expansion adds new revenue streams and strengthens customer engagement within its ecosystem.

Again, infrastructure investment, where MTN continues to expand and upgrade its network to improve coverage and service quality. These improvements help meet rising demand and maintain user trust in its services.

Strong network performance also helps reduce customer loss to competitors.

The group’s long-term brand visibility has long contributed to its position, with MTN maintaining consistent public presence through partnerships and sponsorships over the years, including its long-running association with national rugby. This visibility has supported brand recognition and trust among users.

Looking at the market environment which has also improved, South Africa’s top brands recorded stronger performance in 2026, supported by improved energy supply, easing inflation, and the country’s removal from the Financial Action Task Force grey list in late 2025.

Structural reforms and a sovereign credit rating upgrade by S&P Global around the same period also contributed to renewed investor confidence.

Jeremy Sampson, chairman of Brand Finance Africa, said: “As South Africa’s economic environment stabilises, the country’s leading brands are demonstrating strong resilience and growth. Sectors such as banking, retail, and telecoms continue to anchor the ranking.

“Strong gains in insurance and beers highlight how sustained brand investment and operational performance can translate into significant brand value growth. Strong brands will continue to play an important role in strengthening investor confidence and supporting South Africa’s long-term economic competitiveness.”

Other brands that joined MTN on the 2026 list included Vodacom Group, which ranks second with a brand value of about R47.9 billion, supported by expansion into markets such as Egypt and Ethiopia and increased use of digital financial services.

Standard Bank Group holds third place at roughly R45 billion, driven by strong corporate banking performance and ongoing investment in digital platforms.

First National Bank and Absa Group benefited from high customer adoption of digital banking services. In retail, Checkers was the strongest brand, supported by high consumer trust, expansion of its delivery services, and consistent customer traffic.

PEP recorded the fastest growth among the top brands, rising 76% to R5.8 billion. Its performance showed expansion across its retail network and increased use of digital payments and financial services.

Five new entrants also joined the rankings in 2026, including Savanna, SANRAL, Valterra Platinum, Oros, and the Johannesburg Stock Exchange.

Taken together, MTN’s scale, data-driven revenue, fintech expansion, and steady investment in infrastructure all support its sustained position, even as competition strengthens across telecoms, banking, and retail sectors.

By leveraging the power of the tax system, governments can implement progressive policies that promote social justice, close the gap of social marginalization, and create opportunities for all members of society.

This piece explores the potential of tax reform to combat poverty, promote inclusive growth, and drive economic prosperity, with a focus on strategies that prioritize equity, sustainability, and social impact.

Drawing from global best practices and examples across the African continent, we delve into how tax reform can be harnessed to build a more equitable and resilient society for the benefit of all.

In the rapidly evolving digital landscape, tax reforms are of utmost importance to keep pace with technological advancements and changes in the way we conduct business.

Many countries are in the process of modernizing their tax systems to adapt to the digital economy and ensure that all companies contribute their fair share of taxes.

A crucial aspect of contemporary tax reform is the efficient management and utilization of tax revenue.

This involves streamlining the tax system to minimize inefficiencies and ensure that tax revenue is allocated effectively. Simplifying the tax code can make it easier for individuals and businesses to abide by tax laws, promoting compliance and reducing waste.

Addressing tax avoidance and evasion by multinational corporations is another critical issue in tax reform in the digital age. With the proliferation of online business models, companies have exploited loopholes to shift profits to low-tax jurisdictions, undermining the fairness of the tax system. Governments are now cracking down on these practices to ensure that companies pay their dues.

One proposed solution to combat tax avoidance is the implementation of a digital services tax, which would tax revenue generated from online transactions and digital advertising. This measure aims to level the playing field between traditional and online businesses, while also generating additional revenue for governments.

Essentially, embracing tax reform in the digital age is vital to establishing fair, efficient, and effective tax systems.

By curbing tax avoidance, simplifying tax regulations, and investing tax revenue wisely, countries can create a sustainable and equitable tax framework for the future.

How can individuals effectively save and invest tax-efficiently to contribute to a true federalism model that delivers dividends of democracy in the digital age?

In the digital age, it is crucial to implement tax-saving and investment strategies that are efficient to support true federalism and ensure the effective delivery of dividends of democracy. This involves optimizing tax systems to generate revenue that can be invested back into society.

One key strategy is to focus on simplifying the tax code and making compliance easier for individuals and businesses.

By streamlining the tax process, it becomes more efficient for everyone to fulfil their tax obligations, leading to increased revenue for the government.

Additionally, it is important to address tax avoidance and evasion by implementing measures that target multinational corporations that exploit loopholes in the tax system.

This can include introducing digital services taxes on online businesses to ensure they pay their fair share of taxes, thus increasing government revenue that can be used to support federal initiatives.

Furthermore, investing tax revenue wisely is essential in delivering dividends of democracy. By allocating funds to areas that benefit the populace such as infrastructure, healthcare, education, and social welfare programs, the government can ensure that the benefits of tax revenue are distributed equitably across different regions, promoting true federalism.

Essentially, by implementing efficient tax-saving and investment strategies, addressing tax evasion, and allocating revenue in areas that benefit society, true federalism can be supported in the digital age, leading to the effective delivery of dividends of democracy.

What are the diverse ways in which efficient tax-saving and investment strategies aligned with global practices can be implemented to drive economic development through tax reform, considering examples across the African continent?

Implementing efficient tax-saving and investment strategies aligned with global practices is crucial for economic development through tax reform in various countries across the African continent. By adopting best practices from around the world and tailoring them to suit their specific needs, African nations can generate revenue, promote economic growth, and ensure equitable development.

Some examples of how countries in Africa are implementing such strategies:

1. Simplifying Tax Administration:

Many African countries are streamlining their tax systems to make them more user-friendly and efficient. For example, Rwanda has simplified its tax procedures, making it easier for businesses to comply with tax laws and reducing the compliance burden. This has led to an increase in tax compliance and revenue collection.

2. Addressing Tax Evasion:

African countries are cracking down on tax evasion, particularly by multinational corporations. For instance, Kenya has implemented a digital tax system that tracks transactions and helps prevent revenue leakage. By ensuring that all businesses pay their fair share of taxes, governments can increase revenue for economic development.

3. Digital Services Taxes:

Several African countries are considering or have implemented digital services taxes to capture revenue from the growing digital economy.

For example, Nigeria introduced a 7.5% Value Added Tax (VAT) on online transactions and services. These taxes help level the playing field between digital and traditional businesses while generating additional revenue for government programs.

4. Investment in Infrastructure:

Efficient tax-saving strategies involve allocating tax revenue to critical infrastructure projects that promote economic development. For example, Ethiopia has used tax revenue to invest in infrastructure such as roads, airports, and energy projects, driving industrialization and economic growth.

5. Public-Private Partnerships (PPPs):

African countries are increasingly turning to PPPs to finance infrastructure projects. PPPs leverage private sector resources and expertise, reducing the burden on government budgets. For instance, Ghana has utilized PPPs to fund projects like the Accra-Tema motorway and the Kumasi International Airport expansion.

By implementing efficient tax-saving and investment strategies aligned with global practices, African countries can boost economic development, reduce poverty, and promote social welfare. These examples demonstrate how tax reforms can drive sustainable growth and development across the African continent.

How can tax reform be effectively utilized to alleviate poverty, narrow the gap of social marginalization, and promote sustainability and economic prosperity?

Implementing effective tax reforms can play a significant role in reducing poverty, closing the gap of social marginalization, and fostering sustainability and economic prosperity.

By leveraging the tax system to address inequalities, support the most vulnerable populations, and promote inclusive growth, countries can create a more equitable and sustainable society. Here are some strategies for utilizing tax reform to achieve these goals:

Progressive Taxation: By implementing progressive tax systems that require higher earners to pay a larger proportion of their income in taxes, governments can redistribute wealth and reduce income inequality. This can help level the playing field, lift people out of poverty, and provide resources for social programs that support marginalized communities.

Social Spending: Investing tax revenue in social programs such as healthcare, education, social protection, and affordable housing can help reduce poverty and improve the well-being of disadvantaged groups. For example, countries like Brazil have successfully used targeted social spending programs funded by taxes to reduce poverty rates and improve social mobility.

Tax Incentives for Social Causes: Governments can use tax incentives to encourage private sector investment in initiatives that address social issues and promote sustainable development. For instance, offering tax breaks to companies that invest in renewable energy or provide job training for marginalized populations can help close social gaps while stimulating economic growth.

Combatting Tax Evasion and Corruption: Strengthening tax enforcement mechanisms, improving transparency, and combating tax evasion and corruption are essential for ensuring that tax revenue is collected and allocated effectively. By closing loopholes and promoting accountability, governments can increase public trust, generate more resources for poverty reduction, and reduce social marginalization.

Green Tax Reforms: Introducing environmentally-friendly tax policies, such as carbon taxes or renewable energy incentives, can promote sustainable development while addressing social issues. These measures can stimulate green innovation, create green jobs, and reduce carbon emissions, contributing to long-term economic prosperity.

Emphatically, by utilizing tax reform as a tool for social justice, poverty reduction, and sustainable development, countries can build more inclusive and resilient economies that benefit all members of society.

Prioritizing fairness, equity, and long-term sustainability in tax policies can help close the gap of social marginalization and pave the way for shared prosperity.

The power of tax reforms to reduce poverty, address social marginalization, and foster sustainable economic development cannot be overstated.

By implementing progressive taxation, investing in social spending, incentivizing private sector investment in social causes, combating tax evasion and corruption, and promoting green tax reforms, governments can create a more equitable and inclusive society that benefits all individuals, regardless of their background or circumstances.

Through a holistic approach to tax policy that prioritizes fairness, equity, and long-term sustainability, countries can pave the way for shared prosperity and a brighter future for generations to come.

As we navigate the challenges of the digital age and strive for true federalism in the delivery of dividends of democracy, harnessing the potential of tax reform as a catalyst for social change is paramount to building a more just, prosperous, and resilient world for all.

This is according to the Access to Financial Services (A2F) Survey conducted by Enhancing Financial Innovation and Access (EFInA). 

This resulted from initiatives to provide financial services to millions of Nigerians, nonetheless, some challenges limited certain regions and demographics.

The survey revealed commendable progress in banking penetration, mobile money usage, and credit accessibility. 

Notably, Kogi State leads with 94% of its residents having access to formal financial services, followed by Lagos (91%) and Ekiti (77%). 

In contrast, states such as Borno (13%), Yobe (22%), and Sokoto (22%) show wide differences, pointing to some impediments in underserved areas.

EFInA’s report reveals that 64% of adults now use formal financial services, an increase from 57% in 2020. Mobile money adoption surged from 2% in 2020 to 12% in 2023, accompanied by a 30% rise in financial agent usage. These digital improvements help in extending services to hard-to-reach populations.

However, while 79% of men are financially included, only 70% of women enjoy similar access. Rural exclusion is also an issue, standing at 37%, compared to 17% in urban areas. These gaps stress the need for targeted initiatives to ensure equitable progress.

Key Drivers of Financial Inclusion Growth

Several initiatives have bolstered Nigeria’s financial inclusion:

1. Digital Financial Services: The rapid expansion of mobile money platforms and financial agents has helped in reaching underserved areas.
2. Targeted Programmes: Schemes like the Anchor Borrowers’ Programme and COVID-19 relief loans encouraged account openings and enhanced banking penetration.
3. Education and Connectivity: High literacy rates in states like Kogi and mobile phone ownership (99%) have contributed significantly to financial access.

Challenges

Not overlooking the challenges, financial exclusion is still high in conflict-affected regions such as Borno (68%) and Zamfara (57%). Added to this, informal financial systems are prevalent in states like Ebonyi (37%) and Benue (24%), where formal services are less accessible.

The survey also revealed disturbing financial vulnerabilities:

• 76% of adults cannot raise ₦75,000 for emergencies within a week.
• 74% experience food insecurity, and 66% struggle with medical expenses.

Opportunities for Growth in Financial Inclusion

To increase financial inclusion, EFInA recommends:

• Expanding digital and mobile money services to remote areas.
• Enhancing financial literacy campaigns, particularly targeting women and rural dwellers.
• Developing affordable, tailored financial products for underserved groups.

Closing the Gap

The progress in states like Kogi and Lagos shows that achieving across-the-board financial inclusion is possible with strategic efforts. However, replicating this success in less-developed areas will require addressing infrastructure deficits, promoting financial literacy, and fostering public-private partnerships.

EFInA’s report calls on policymakers, financial institutions, and development stakeholders to collaborate in bridging the gaps. With collaboration, Nigeria can achieve its goal of universal financial access, ensuring economic empowerment for all citizens.