Equity Group has been ranked the second strongest banking brand globally and the strongest bank in Africa in the Brand Finance’s Brand Strength and Brand Value 2024 rankings.
Equity scored highly in the Brand Finance Banking 500 rankings and fortified its position as one of the strongest banking brands globally.
The bank climbed from 4th position in 2023 to 2nd position in the World’s Top 10 strongest banking brands.
“The ranking as the 2nd strongest banking brand globally is a testament that our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to our customers, industry, and stakeholders. It is a reminder of the aspirations we have committed ourselves to achieving,” Equity Group Managing Director and CEO, Dr. James Mwangi said.
The top tier lender recorded a brand strength index score of 92.5 out of 100 and an elite AAA+ brand strength rating.
This marks a 0.1 points BSI improvement on its 2023 ranking.
Equity Bank Brands Value Increase
Besides, Equity also saw its brand value rise by $22 million (Ksh279 million) from last year’s brand value of $428 million (Ksh59 billion) to $450 million (Ksh64 billion).
This earned the bank the tenth position in the most valuable banking brands in Africa.
“We are delighted to see that once again we have made a step towards being recognized as the strongest financial brand in the world,” Dr. Mwangi added.
“Our strong governance structures, practices, core values, commitment to customer centricity, performance focus, organizational culture of excellence and execution continues to be the foundation on which the brand is sustainably evolving, building and developing.”
Also Read: Equity Bank Increases Interest on Loans After CBK Move
Details of Brand Finance Banking 500 rankings
Brand Finance puts 5,000 of the biggest brands to the test yearly, and publishes nearly 100 reports, ranking brands across all sectors and countries.
The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
Brand Finance’s research found that articulating a sense of purpose, as well as delivering products and services when, where and how the customer wants to access them is important in the banking sector.
However, the research emphasized that trust still remains a dominant driver of customer choice when it comes to banking services.
The Brand Finance Banking 500 report gauges the brand value of the world’s financial institutions through quantitative and qualitative metrics, including brand strength, brand loyalty rate and revenue forecasts.
How Equity Featured Among the Best Banks Worldwide
Equity has set itself apart in the banking industry as a purpose-driven organization aiming to transform lives, give dignity and expand opportunities for wealth creation for not just its customers, but also the communities it operates within.
“It is clear from our learnings that businesses anchored on purpose and values will benefit from inbuilt long-term sustainability, enabling them to thrive even in the most challenging context,” Dr Mwangi added.
Equity’s legacy of resilience, agility and self-disruption has seen the institution thrive in different operating environments.
By providing relevant and innovative products and services, proactively engaging stakeholders, and utilizing new ways of working, the lender has continued to bolster the value it creates for its customers and stakeholders.
Also Read: Equity Bank Set to Acquire Rwandan Bank
“As we continue to anchor our business on our purpose and support the day-to-day lives of our customers, it fuels our commitment to innovation and excellence, driving us to redefine standards and pioneer transformative solutions in the financial industry,” Dr Mwangi explained.
Equity’s subsidiaries including Equity BCDC, Equity Bank Rwanda and Equity Bank Tanzania recorded improvements in performance in the 2024 report.
The Group remains committed to South Sudan as seen in its offering of new lending products while bolstering the Uganda entity which has gained strong traction in market share and significance.
Brand Finance Chairperson
David Haigh, Chairman and CEO, Brand Finance observed that local banks outdid their larger counterparts in bran strength.
Haigh stated that China’s mega-banks continue to dominate at the top of the brand value ranking even as other world’s top banking brands reach new heights.
“Dominant brands thrive in singular markets with limited competition, while banks expanding into multiple markets may successfully augment their brand value but risk diluting brand strength,” he said.
Brand Value and Brand Strength
Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
This is however different from the valuation of a company’s assets.
They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.
This was Equity’s third consecutive appearance in the Brand Finance Banking 500 rankings.
