Equity Group has fortified its position as one of the strongest banking brands globally by scoring highly, in the 2024 Brand Finance’s Brand Strength and Brand Value rankings.
In its third consecutive appearance in the Brand Finance Banking 500 rankings, Equity climbed from fourth position in 2023 to second position in the World’s Top 10 Strongest Banking Brands with 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 2022 debut ranking.
Equity also saw its brand value rise by USD 22 million from last year’s brand value of USD 428 million to USD 450 million (Kes. 64 billion), earning it the tenth position in the most valuable banking brand 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. 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,” said the banks Managing Director James Mwangi.
“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,” he said.
Every year, leading brand valuation consultancy, Brand Finance, puts 5,000 of the biggest brands to the test, 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.
While trust remains a dominant driver of customer choice when it comes to banking services, 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 equally important.
Regarded as the industry’s most authoritative report of its kind, 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.
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,” added Dr. James Mwangi.
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 utilising new ways of working, the lender has continued to bolster the value it creates for its customers and stakeholders.
2023 saw improvements in performance across Equity’s subsidiaries with Equity BCDC, Equity Bank Rwanda and Equity Bank Tanzania making strong strides. 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.
