Equity Bank named World’s 2nd, Africa’s strongest banking brand

Kenya’s Equity Bank whose value rose from $22 million to $450 million is the world’s second and Africa’s strongest banking brand according to the 2024 Brand Finance’s Brand Strength and Brand Value rankings released recently.

Indonesia’s BCA is the world’s strongest banking brand with a brand strength index score of 93.8/100 and an elite AAA+ rating. Romania’s Banca Transilvania emerged as the third strongest followed by South Africa’s First National Bank in 4th, and Kenya Commercial Bank (KCB) in 5th – meaning three out of the five strongest brands globally with AAA+ ratings all come from Africa.

Brand Finance says their research indicates that local and regional banks are performing as well as – and, in many cases, outperforming – global banks in terms of positioning their brand in the hearts and minds of customers. 

Only 11 of the top 50 countries experienced decreases in aggregate value, led by Russia (69 per cent), Malaysia (20 per cent), and Nigeria (14 per cent).

Unsurprisingly due to the international sanctions imposed on Russia, the country’s two largest bank brands – VTB and SBER – have suffered the biggest falls in brand value by percentage, with 91 per cent and 63 per cent plunges, respectively according to a statement from Brand Finance.