•Equity CEO Mwangi said the ranking of Equity is a strong validation of their twin-engine business model that has positioned Equity as a social banking brand.
•“The commitment to the digitisation of our services continues to drive the Group’s growth in both customer satisfaction and as the leader in Kenya’s global financial sector," he said.
Image: MERCY MUMO
Equity Group, East and Central Africa’s largest financial services Group, has been named the 5th strongest banking brand in the world.
The Group is the only new entrant among the top ten leading banking brands and has a Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand that scored a BSI index of 94.
The Group is tied with the top four banking brands with a similar brand ranking score of AAA+.
Brand Strength Index is calculated by assessing a brand’s marketing investment, Stakeholder Equity and Business Performance. Based on the BSI, a brand is assigned a corresponding Brand Rating of up to AAA+, similar to a credit rating.
According to the Brand Finance Banking 500 2022 Annual Report that was released this week, Equity Group is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands.
While Equity was ranked position 338 overall among the top 500 banking brands, the report shows that it is not only a new entrant but also the leading bank in Sub-Saharan Africa.
Chairman and CEO of Brand Finance David Haigh said banking products are becoming commoditised and banks will need to continue differentiating themselves from other competitors in the market.
"...through the use of their brand, particularly in the face of an emerging threat from challenger brands and decentralised finance in the future," he said.
Equity CEO James Mwangi said the ranking of Equity is a strong validation of their twin-engine business model that has positioned Equity as a social banking brand.
“The commitment to the digitisation of our services continues to drive the Group’s growth in both customer satisfaction and as the leader in Kenya’s global financial sector," he said.
The Bank’s investment in digital banking has resulted in the digital bank handling 97% of all transactions, with mobile channels processing 90% of digital transactions.
"This approach has given our customers the freedom, choice and control to access banking services anytime anywhere and has taken convenience and customer experience to a different level," he said.
Equity Group was the most valuable bank in the Nairobi Securities Exchange, with a market capitalisation of Sh 199.9 billion as of December 31.
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.
Equity Group ranked in the position of 39 globally on return on assets, position 71 on return on capital, and position 149 on soundness (Capital Assets to Assets ratio), in the Top 1,000 World Banks 2021 report.