Equity Group, the largest financial institution in East and Central Africa, has solidified its global standing as one of the most robust banking brands, achieving impressive rankings in Brand Finance’s 2024 assessments of Brand Strength and Brand Value.
In its third consecutive inclusion in the Brand Finance Banking 500 rankings, Equity has ascended from the 4th position in 2023 to the 2nd position among the World’s Top 10 Strongest Banking Brands. This significant advancement is underscored by Equity’s remarkable Brand Strength Index (BSI) score of 92.5 out of 100, meriting an elite AAA+ brand strength rating. Notably, this represents a 0.1 point enhancement over its 2022 debut ranking.
Equity has also witnessed a notable increase in its brand value, with a rise of USD 22 million from last year’s valuation of USD 428 million to USD 450 million (equivalent to Kes. 64 billion). This places Equity at the tenth position for the most valuable banking brand in Africa.
Commenting on this achievement, Dr. James Mwangi, Managing Director and CEO of Equity Group, expressed his satisfaction, stating, “We are pleased to observe our consistent progression towards being acknowledged as one of the most robust financial brands globally. Our emphasis on robust governance structures, adherence to core values, dedication to customer-centricity, performance-driven approach, culture of excellence, and effective execution continues to underpin the sustainable evolution and enhancement of our brand. This recognition as the 2nd strongest banking brand globally reaffirms the relevance of our mission to transform lives, uphold dignity, and broaden opportunities for wealth creation for our customers, industry, and stakeholders. It serves as a testament to the aspirations we are steadfastly committed to realizing. Furthermore, we are gratified to note that four of the top ten strongest banks in the ranking hail from Africa. As we persist in aligning our business with our purpose and supporting the daily needs of our customers, our dedication to innovation and excellence propels us to redefine benchmarks and spearhead transformative solutions in the financial sector.”
Each year, Brand Finance, a leading brand valuation consultancy, subjects 5,000 of the most prominent brands to rigorous assessment and publishes nearly 100 reports, ranking brands across various sectors and regions. The annual Brand Finance Banking 500 ranking encompasses the World’s Top 500 most valuable and strongest banking brands.
While trust remains a pivotal factor influencing customer preferences in banking services, Brand Finance’s research emphasizes the significance of articulating a clear sense of purpose and delivering products and services in accordance with customers’ preferences regarding accessibility.
Regarded as the industry’s foremost authoritative report, the Brand Finance Banking 500 report evaluates the brand value of global financial institutions through a comprehensive analysis of quantitative and qualitative metrics, including brand strength, brand loyalty rates, and revenue forecasts.
Equity has distinguished itself in the banking sector as a purpose-driven entity committed to uplifting lives, fostering dignity, and expanding avenues for wealth creation not only for its clientele but also for the communities it serves.
Dr. James Mwangi further remarked, “Our insights underscore that businesses guided by purpose and values are poised for sustained long-term viability, enabling them to thrive even amid challenging circumstances.”
Equity’s enduring resilience, adaptability, and propensity for self-disruption have propelled its success across diverse operating landscapes. Through the provision of pertinent and innovative products and services, proactive stakeholder engagement, and adoption of progressive operational methodologies, the institution consistently enhances the value it delivers to its customers and stakeholders.
In 2023, Equity’s subsidiaries, including Equity BCDC, Equity Bank Rwanda, and Equity Bank Tanzania, exhibited commendable performance improvements. The Group remains steadfast in its commitment to South Sudan, evidenced by the introduction of new lending products, while concurrently strengthening its presence in Uganda, where it has garnered significant market share and relevance.
Reflecting on the 2024 rankings, David Haigh, Chairman & CEO of Brand Finance, remarked, “As the world’s leading banking brands achieve new heights, China’s mega-banks continue to dominate the top echelons of the brand value ranking. Another noteworthy observation from our 2024 data is the increasing prominence of local banks in terms of brand strength, surpassing their larger counterparts. While dominant brands thrive in singular markets with limited competition, banks expanding into multiple markets may enhance their brand value but risk diluting brand strength.”
Brand Finance defines brand value as the net economic advantage that a brand owner could derive by licensing the brand in the open market. It’s important to note that this differs from the valuation of a company’s assets. Brand strength, on the other hand, is defined as the effectiveness of a brand’s performance on intangible measures relative to its competitors
