Nairobi, Kenya | By Michael Wandati | Recently unveiled rankings by Brand Finance’s Brand Strength and Brand Value reveal Kenya’s Equity Bank as not only Africa’s strongest banking brand but also the world’s second strongest, boasting an impressive journey from a value of $22 million to $450 million. The bank’s remarkable rise underscores the growing prominence of African financial institutions on the global stage.
Taking the top spot globally is Indonesia’s BCA, with a remarkable brand strength index score of 93.8/100 and an elite AAA+ rating. Following closely behind, Romania’s Banca Transilvania secures the third position, with South Africa’s First National Bank and Kenya Commercial Bank (KCB) clinching the fourth and fifth spots, respectively.
Notably, three out of the five strongest brands worldwide, all boasting AAA+ ratings, hail from Africa, demonstrating the continent’s burgeoning influence in the banking sector.
According to Brand Finance, their findings suggest that local and regional banks are not only holding their own but often surpassing global counterparts in terms of brand positioning and resonance with customers. This revelation underscores a shifting landscape where African banks are increasingly gaining recognition and trust on the global stage.
Also Read: Bank of Uganda silent amidst customer losses in Equity Bank fraud
Among the top 50 countries, only 11 saw declines in aggregate value, with Russia (69 per cent) , Malaysia (20 per cent), and Nigeria (14 per cent) leading the downturn. Notably affected by international sanctions, Russia witnessed a significant decline of 69 per cent in aggregate brand value.
Particularly hard-hit were the country’s two largest bank brands, VTB and SBER, which experienced the most substantial percentage drops of 91 per cent and 63 per cent, respectively, as stated by Brand Finance.
This downturn reflects the profound impact of geopolitical factors on the financial sector’s performance in certain regions.
