- According to the 2022 Annual report released by Brand Finance Banking 500, the brand value of Equity Group stood at US$388 million.
- The report shows that Equity Group held position 338 overall but topped in Sub-Saharan Africa, outside of South Africa.
- This year, the world’s top 500 banking brands have recorded an upward trend, reporting a 9 per cent year-on-year brand value growth to reach an all-time high of US$1.38 trillion.
- Equity Group Foundation’s corporate social arm has scaled its operations to reach a total spend of US$513 million in social investment programs.
Banking in Africa
Equity Group Holdings, the most influential financial service group in East and Central Africa, has ranked the fifth strongest banking brand globally.
According to the 2022 Annual report released by Brand Finance Banking 500, the brand value of Equity Group stood at US$388 million. The financial company is among the few banks from smaller and emerging markets to join 30 new entrants in the top 500 banking brands.
The report shows that Equity Group held position 338 overall but topped in Sub-Saharan Africa, outside of South Africa.
Equity is the only baby on the block among the top ten leading banking brands and has entered the ranks with an impressive Brand Strength Index (BSI) of 90.8. The strongest banking brand scored a BSI index of 94.
The financial company is among the few banks from smaller and emerging markets to join 30 new entrants in the top 500 banking brands.
Brand Strength Index (BSI) is determined by assessing a brand’s marketing investment, stakeholder equity and business performance and given a value out of 100. Based on the BSI value, a brand is assigned a corresponding rating of up to AAA+.
The Group is tied with the top four in the list with a similar brand ranking score of AAA+.
The world’s largest banks brand value fell off by 2 per cent by the start of 2020 (US$1.33 trillion) and 4 per cent at the beginning of 2021 (US$1.27 trillion).
This year, the world’s top 500 banking brands have recorded an upward trend, recording a 9 per cent year-on-year brand value growth to reach an all-time high of US$1.38 trillion.
“As banks continue to battle the fallout from the COVID-19 pandemic, the importance of a solid brand is more significant than ever,” said David Haigh, the Chairman and CEO of Brand Finance. “Banking products are becoming commoditised, and banks will need to continue differentiating themselves from other competitors in the market through the use of their brand, particularly in the face of an emerging threat from challenger brands and decentralised finance in the future.”
Dr James Mwangi, the Chief Executive and Managing Director of Equity Group said that the ranking of Equity among the top five strongest banking brands is a strong validation of the Group’s twin-engine that has positioned it as a social banking brand. He added that the excellent performance drove under their vision of championing the social-economic prosperity of the people of Africa.
Dr Mwangi noted that the bank had demonstrated resilience amidst the economic disruptions caused by the Coronavirus pandemic. The company has remained afloat because of its versatile business model, innovation, diversification, and leadership agility, all aimed at cushioning their customers and the community to survive, recover, and thrive post-COVID-19.
Equity Group has given Africa a moment to celebrate the continent’s rise and showcase its capacity to develop local and regional manufacturing and supply chains to replace the broken global supply chains due to the pandemic. The Group’s commitment to digitise its services has driven its growth to customer satisfaction and as the most influential financial service group in East and Central Africa.
“The bank’s investment in digital banking has resulted in the bank handling 97 per cent of all transactions with mobile channels processing 90 per cent of all digital transactions. The approach has given our customers the freedom, choice and control to access banking services anytime and anywhere and has taken convenience and customer experience to a different level,” said Dr Mwangi. “We have seen mobile, internet and e-commerce becoming the preferred channels of choice for payment processing and lifestyle fulfilment with 74 per cent of customers opting for cashless transactions.”
Equity Group invests in community work.
Dr Mwangi further noted that Equity Group has proven that a shared value business is profitable and purposeful.
Equity Group Foundation’s corporate social arm has scaled its operations to reach a total spend of US$513 million in social investment programs:
- Equity’s Wings to Fly scholarship program has benefitted learners in over 37,000 secondary schools.
- The Group has offered over 17,000 University scholarships under the Equity Leadership Program.
- The finance company has issued 3,000 TVET scholarships and over 700 Global university scholarships.
- Equity Group Holdings has 54 operational Equity Afia clinics with over 572,707 patients’ visits.
- Equity Group has planted 7.1 million trees and financed and distributed 303,000 clean energy products to combat climate change.