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Four African banking brands listed in world top 10 for brand strength
By our African Marketing Confederation News Team | 2024
Annual report shows developing world banking brands are outperforming others in positioning themselves and connecting with customers.
Four African banking brands – two Kenyan and two South African – have been rated in the top 10 of the world’s strongest banking brands.
They are Equity Bank (Kenya), First National Bank (South Africa), Kenya Commercial Bank (Kenya), and Capitec Bank (South Africa).
Kenya’s Equity Bank is second in the world for Brand Strength
This is according to the Brand Finance ‘Banking 2024’ report, which indicates that local and regional banks are performing as well as – and, in many cases, outperforming – global banks in terms of positioning their brands and connecting with customers.
“These rankings are based on global best practice, are ISO compliant and show the strength of local African brands from South Africa and Kenya,” says Jeremy Sampson, Chairperson of Brand Finance Africa.
“Nigerian banks have suffered as a result of the slippage in the value of the naira against other currencies. Access Bank had the added sad loss of their highly respected CEO in a plane crash in the US.”
Indonesia’s BCA is the world’s strongest banking brand, with a Brand Strength Index score of 93.8/100 and elite AAA+ rating. Equity Bank scores a brand strength index of 92.46, First National Bank (FNB) scores 92.29, while Kenya Commercial Bank brand strength stands at 91.47.
They are all in the top five. Capitec is seventh with a brand strength of 89.08.
The Brand Strength Index has no developed-world banks in the top 10 – which also features brands from China, Taiwan, Vietnam and Romania.
Report also measures Brand Value
Brand Finance’s report also measures Brand Value, which uses a different set of metrics to Brand Strength.
Here, China has five banks in the top 10, while the United States occupies the other five slots through stalwarts such as Bank of America and JP Morgan.
The bank with the greatest Brand Value in 2024 is China’s ICBC, with China Construction Bank in second spot.
“The Chinese banking sector demonstrates a notable recovery, with the big four banks remaining well ahead of their US counterparts,” comments Brand Finance.
You can read more about the report here.
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