The Equity Bank Group has been named Kenya’s most valuable brand. This recognition has seen Equity take over the top position that was previously held by telecommunications giant Safaricom.
The bank was named as the top brand in Kenya by Brand Finance in the annual Global 500 ranking report. Brand Finance is a brand valuation and strategy consultation firm based in the United Kingdom.
According to Brand Finance, the lender was recognized as “Kenya’s most valuable brand, with a brand value increase of 1 per cent to Sh. 65.8 billion.”
The report on the rankings went on to state that Equity Bank has maintained an impressive Brand Strength Index score of 92.46, nearly consistent with last year’s 92.43.
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“This high score, supported by high ratings in consumer perception areas such as familiarity, consideration, and recommendation, underpins the bank’s strong connection with its customers,” Brand Finance stated.
Equity came above Safaricom whose value decreased by 44.1 per cent to Sh. 53.99 billion from Sh. 96.6 billion.
“Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market,” Brand Finance explained.
Nonetheless, Safaricom’s ranking did not include the M-Pesa platform. Tallied separately, M-Pesa’s value dropped by 21.6 per cent to Sh. 23.9 billion. Safaricom was ranked second while M-Pesa was ranked fourth.
The third position was occupied by KCB Group with a value of Sh. 45.5 billion while the fifth position was taken by the Co-operative Bank with a value of Sh. 19.6 billion.
NCBA had a 44 per cent increase in brand value to Sh. 19.7 billion, Centum Investment Company marked a 36 per w r rise to Sh. 713.8 million while and Kenya Airways, which achieved a 38 per cent boost had a value of to Sh. 6.4 billion.
“These figures reflect the strategic adaptability and resilience of Kenyan brands amidst operational and economic challenges, illustrating a promising trajectory for the future of Kenya’s corporate landscape,” the report stated.
In the same rankings, CIC Insurance Group was classified as the fastest-growing brand, with a 63 per cent surge in brand value to Sh. 1.9 billion.
“This growth is predominantly attributed to its increased Brand Strength Index score of 82.98, signalling enhanced customer perceptions and heightened brand strength,” the firm said in its report.
On brand strength, Equity took the top position followed by KCB Group, Britam and the Co-operative Bank. Safaricom was ranked as the sixth strongest brand while M-Pesa was ranked as the ninth strongest.
“Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors,” the report stated.
