Equity Group, East and Central Africa’s largest financial institution, has strengthened its position as one of the world’s strongest banking brands, ranking highly in Brand Finance’s 2024 Brand strength and brand value rankings.
Equity Group Managing Director and CEO, Dr. James Mwangi, commented on the ranking, saying, “We are delighted to see that we have once again taken 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 serve as the foundation for the brand’s long-term evolution, building, and development. The ranking as the world’s second strongest banking brand demonstrates that our mission of transforming lives, providing dignity, and expanding opportunities for wealth creation remains relevant to our customers, industry, and stakeholders. It serves as a reminder of our commitment to achieving our goals.
“We are also excited to see that four of the top ten strongest banks in the ranking are from Africa https://brandfinance.com/. As we continue to focus our business on our purpose and support our customers’ daily lives, it fuels our commitment to innovation and excellence, propelling us to redefine standards and pioneer transformative solutions in the financial industry.”
Every year, Brand Finance, a leading brand valuation consultancy, tests 5,000 of the world’s biggest brands and publishes nearly 100 reports ranking brands across all sectors and countries. The annual Brand Finance Banking 500 ranking includes the world’s top 500 most valuable and strongest banking brands.
While trust remains the primary driver of customer choice in banking services, Brand Finance’s research discovered that articulating a sense of purpose, as well as providing products and services when, where, and how the customer wants them, is equally important.
The Brand Finance Banking 500 report, considered the industry’s most authoritative of its kind, assesses the brand value of the world’s financial institutions using quantitative and qualitative metrics such as brand strength, brand loyalty rate, and revenue forecasts.
Equity has distinguished itself in the banking industry as a purpose-driven organization committed to transforming lives, restoring dignity, and expanding opportunities for wealth creation for not only its customers, but also the communities in which it operates.
“It is clear from our learnings that businesses anchored on purpose and values will benefit from inbuilt long-term sustainability, enabling them to thrive even in the most challenging context,” Dr. Mwangi said.
Equity’s legacy of resilience, agility, and self-disruption has helped the institution thrive in a variety of operating environments. The lender has continued to increase the value it creates for its customers and stakeholders by offering relevant and innovative products and services, actively engaging stakeholders, and implementing new ways of working.
Equity’s subsidiaries saw improved performance in 2023, with Equity BCDC, Equity Bank Rwanda, and Equity Bank Tanzania making significant progress. The Group remains committed to South Sudan, as evidenced by its introduction of new lending products, while also strengthening the Uganda entity, which has grown in market share and significance.
Reflecting on the 2024 rankings, David Haigh, Chairman and CEO of Brand Finance, stated, “As the world’s top banking brands reach new heights, China’s mega-banks continue to dominate at the top of the brand value ranking. Another key takeaway from our 2024 data is that local banks are increasingly outperforming their larger counterparts in terms of brand strength.
Dominant brands thrive in single markets with little competition, whereas banks expanding into multiple markets may successfully increase brand value but risk reducing brand strength.”
Brand value is defined by Brand Finance as the net economic benefit that a brand owner would receive from licencing the brand in the open market. However, this is not the same as valuing a company’s assets. They also define brand strength as the effectiveness of a brand’s performance on intangible measures in comparison to its competitors.
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