Equity Bank was ranked Kenya’s second most valuable brand in the inaugural Africa150 list by Brand Finance.
Brand Finance is a London-based organization known for its global studies on brand valuations, ranking over 5,000 brands every year based on different data points.
The Africa150 list highlighted the biggest brands on the continent in 2020 based on brand value.
Equity was ranked as the second most valuable brand in Kenya, with telco Safaricom rated as the most valuable brand.
Brand Finance ranked Equity as the 69th most valuable brand on the continent.
Equity, with a customer base of 15.2 million, is also the second highest valued brand by market capitalization at the Nairobi Securities Exchange (NSE) at Ksh132.1Billion.
Equity welcomed the ranking, noting it was evidence of the brand’s strength and influence in the communities within which it operates.
Group Chief Executive James Mwangi stated that Equity’s approach to business had seen the bank positively impact lives.
“This recognition is a testament to Equity’s commitment to living its purpose of transforming lives, giving dignity and expanding opportunities for wealth creation. Over time Equity has established itself as a social and economic brand, scaling on both fronts, owing to its unique approach.
“The group has and will continue to impacts lives and livelihoods of people in communities where it operates by using existing infrastructure, strategic partnerships and a strong brand,” he maintained.
The report by Brand Finance estimated that the 150 most valuable brands in Africa would shed about Ksh630 billion in cumulative brand value due to the shocks of the Covid-19 pandemic.
Notably, East African Breweries Limited’s (EABL’s) Senator Lager was ranked as Africa’s fastest growing brand.
Equity reacted to the pandemic by restructuring loans worth billions of shillings in a bid to cushion customers.
It also ramped up its digital banking services, with a significant amount of transactions shifting to alternative channels.