Equity Group, the largest financial institution in East and Central Africa, has once again demonstrated its strength and prominence in the global banking industry. The bank achieved high rankings in Brand Finance’s 2023 Brand Strength and Brand Value assessments.
In the Brand Finance Banking 500 rankings, Equity climbed to the 4th position in the World’s Top 10 Strongest Banking Brands. The bank received an impressive Brand Strength Index score of 92.4 out of 100, earning an elite AAA+ brand strength rating. This represents a notable improvement of 1.6 points compared to its debut ranking in 2022.
Equity also excelled in brand value, climbing 47 places in the rankings to reach the 291st position. The bank’s brand value increased significantly to USD 531.7 million, a remarkable growth from USD 338 million in 2022.
Brand Finance, a leading brand valuation consultancy, conducts rigorous evaluations of the world’s biggest brands across sectors and countries. Their annual Brand Finance Banking 500 report includes the World’s Top 500 most valuable and strongest banking brands.
Dr. James Mwangi, Managing Director and CEO of Equity Group, expressed his delight at the bank’s recognition as one of the strongest banking brands globally. He highlighted that Equity’s brand value has grown by 37% in just one year, bringing the bank closer to the top position globally. Dr. Mwangi also emphasized the significance of having four African banks among the top 10.
According to Brand Finance’s research, trust plays a vital role in customer choice within the banking sector. Customers seek guarantees and reassurance, along with factors like ease of use, excellent digital platforms, and superior customer service.
The Brand Finance Banking 500 report is regarded as the industry’s most authoritative assessment of financial institutions. It evaluates brand value based on quantitative and qualitative metrics such as brand strength, brand loyalty rate, and revenue forecasts.
Equity Group has been a frontrunner in championing sustainability through its socio-economic business model. The bank and its partners have invested over USD 585 million in various social impact projects, including education, women and youth empowerment, social protection, and environmental conservation.
Equity continues to prioritize efficiency, convenience, and flexibility for its customers. It has invested in the development of innovative digital solutions, enhancing the customer experience through its digital banking suite available on platforms such as Equity Mobile, Equitel, *247#, and Equity Online. These solutions offer streamlined customer journeys and enhanced security.
Declan Ahern, Director of Brand Finance, noted that banking brands worldwide have shown significant recovery post-COVID-19. Factors contributing to this recovery include improved digital banking services, successful government stimulus measures, and the rise of mobile banking and online platforms.
Equity Group’s strong brand positioning is evident in both local and global markets. The bank remains committed to investing in innovation and continuous improvement to create value for all stakeholders.
