Equity bank cements its influence in Africa

The Equity Group, East and Central Africa’s largest financial institution, has fortified its position as one of the strongest banking brands the world over.

The bank has scored highly, in the 2024 Brand Finance’s Brand Strength and Brand Value rankings.

The bank has for the third time consecutively appeared in the Brand Finance Banking 500 rankings.

It has climbed from 4th position in 2023 to 2nd 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.

The bank 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.

Speaking on the ranking, Equity Group Managing Director and CEO, Dr. James Mwangi said “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.”

Dr Mwangi also noted that the ranking as the 2nd strongest banking brand globally is a testament that its purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to their customers, industry and stakeholders.

He said it is a reminder of the aspirations that the banks are committed to achieving.

‘’We are further excited to see that 4 of the top strongest 10 banks in the ranking are also from Africa. 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.”

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 Group Managing Director and CEO, Dr. James Mwangi said the bank 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.

About the Author

Peter Kombe
Peter Kombe is a Mombasa based Journalist with an eye for the unique untold human interest stories. Hobbies Reading, travelling and meeting new friends.

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