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Equity Group Ranked The World’s 4th Strongest Banking Brand

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Boses Muhinda
Boses Muhinda
Am a techie and writer with deep sources

2023…Equity Group, East and Central Africa’s largest financial
institution, has enhanced its position as one of the strongest banking brands globally by
scoring highly, in the 2023 Brand Finance’s Brand Strength and Brand Value rankings.
In its second consecutive appearance in the Brand Finance Banking 500 rankings, Equity
climbed one place to 4 th position in the World’s Top 10 Strongest Banking Brands with a
Brand Strength Index score of 92.4 out of 100 and an elite AAA+ brand strength rating. This
marks a 1.6 points BSI improvement on its 2022 debut ranking.

The Bank also climbed an impressive 47 places in its brand value ranking to position 291
from last year’s 338 after recording a significant growth in brand value to USD 531.7 million
from USD 338 million in 2022.

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.

Speaking on the ranking, Equity Group Managing Director and CEO, Dr James Mwangi said
“We are delighted to see that Equity has once again been recognized as one of the
strongest banking brands in the world by Brand Finance. We are excited that 4 of the top 10
banks are from the African continent and that in a span of 1 year the Bank’s brand value has
ascended by 37% and improved its ranking inching one step closer to position 1 globally.”
In addition to sustainability perceptions, Brand Finance’s research has found that trust is a
dominant driver of customer choice when it comes to banking services.

“Customers are looking for guarantees that they can proceed with full reassurance. Other
key drivers include ease of use, excellent website and apps, and great customer service,”
says the report.

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 been at the forefront of championing sustainability through its twin-engine socio-
economic business model that has seen the lender invest over USD 585 million in various
social impact projects in education, women and youth empowerment, social protection and
environmental conservation among others.

Equity has also continued to deliver efficiency, convenience and flexibility to its customers by
investing in the development of innovative digital solutions and products that meet the
customers’ evolving lifestyles. Key among them is the enhanced digital banking suite on its
Equity Mobile and Equity Online platforms, which offers a seamless experience – simplified
customer journeys and enhanced security.

Declan Ahern, Director of Brand Finance says that banking brands across the globe have
continued to recover significantly post Covid-19. “There has been an improvement in digital
banking services, government stimulus measures have been relatively successful, and the
rise of mobile banking and online platforms have contributed to the sector’s positive
performance,” comments Ahern.

“The rankings are a reflection of the strong brand positioning that Equity continues to hold
within the local markets that we operate in and globally as well. Our commitment is that we
will continue to invest in innovation and continuous self-advancement to enhance value
creation for all our stakeholders.” added Dr. Mwangi.

The consultancy 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.

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