Equity Group has been ranked the second-strongest banking brand globally in the 2024 Brand Finance’s Brand Strength and Brand Value rankings.

East and Central Africa’s largest financial institution made its third consecutive appearance in the Brand Finance Banking 500 rankings this year, climbing from the fourth position last year.

Equity got a Brand Strength Index score of 92.5 out of 100 and an elite AAA+ brand strength rating. The lender said it marks a 0.1 points BSI improvement on its 2022 debut ranking.

Equity also saw its brand value rise by $22 million (Ksh.3 billion) from last year’s brand value of $428 million to $450 million (Ksh.64 billion), earning it the tenth position in the most valuable banking brand in Africa.

“The ranking as the second-strongest banking brand globally is a testament that our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to our customers, industry and stakeholders,” Equity Group Managing Director and CEO James Mwangi said.

“As we continue to anchor our business on our purpose and support the day-to-day lives of our customers, it fuels our commitment to innovation and excellence, driving us to redefine standards and pioneer transformative solutions in the financial industry.”

Every year, the brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test and ranks them across all sectors and countries.

Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.

It is different from the valuation of a company’s assets. They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.