Safaricom and Equity Bank have been ranked Kenya’s top brands leading the pack of the country’s 20 top corporates. FILE PHOTO | NMG
Safaricom has retained the top position as Kenya’s most valuable brand (valued at $689 million), to lead the pack of the country’s 20 leading corporates, dominated by banks.
According to Brand Finance, Kenya 20 report- 2022 version- the telecommunications firm’s brand value grew by 38 percent this year due to a variety of service offerings, a boost in mobile data usage due to low prices, and leveraging mobile data provision to build strategic partnerships with fintech and third-party brands such as M-Pesa and Makao.
“An innovation in the region, M-Pesa, a popular mobile application used primarily for online money transfer, has driven up the brand value and strength of Safaricom. These partnerships create a one-stop destination for customers to access travel and online payment methods using Safaricom’s mobile data offerings,” the report stated.
Safaricom was followed by Equity Bank (valued at $388 million), KCB Bank (valued at $338 million) and M-Pesa (valued at $246 million), Co-operative Bank (valued at $173 million), NCBA Bank ($113 million), I&M Bank ($52 million), Tusker Lager ($50 million), Kenya Airways ($42 million) and closing top 10 DTB Bank ($40 million).
Equity Bank, whose value grew by 92 percent, led the pack in the list of strongest brands with an elite AAA+ brand rating and a Brand Strength Index (BSI) score of 90.8 out of 100.
“Equity Bank facilitates online banking with its mobile application EazzyNet which allows customers to use their bank account for online shopping, making transactions overseas, accessing loan options and paying bills via a smartphone. The bank’s versatile service offerings make it a popular choice and a household name across Kenya,” Brand Finance Kenya 20 stated.
On the other hand, Kenyan beer, Tusker, emerged the fastest growing brand after growing by 132 per cent in value, despite difficult trading conditions and global supply chain disruptions, caused by Covid-19.
“The brand primarily used social media marketing and influencer marketing through the lockdown. By partnering with sportspersons and social media influencers, Tusker created engaging online content to increase demand and sales. Further, the brand partnered with Jumia, an e-commerce brand to meet customer demands and ship directly to homes in the lockdown,” stated Brand Finance Kenya 20.
The national carrier, Kenya Airways (KQ), was also listed among 10 brands that recorded 21 per cent brand value growth, due to innovations it put in place during the difficult Covid-19 restriction period, including repurposing of some of its passenger aircraft into cargo carriers.
“The Kenyan flag carrier has partnered with several international airlines including British Airways, Delta Air Lines, Oman Air and Air France to enhance its travel network. Under the new management of Group Managing Director and CEO Allan Kilavuka and Chairman Michael Joseph, the airline is making great strides in being the Pride of Africa,” the report stated.
The rating firm observed that Kenya led the continent’s technology landscape as brands are using digital transformation to meet consumer demands.
“Kenyan brands are disrupting the brick-and-mortar business model and equip businesses with technological means to actively connect with end users. Kenyan brands have achieved remarkable brand value growth of 72 per cent year-on-year. As the economy reopens, the telecommunications, banking and insurance brands among others in the Kenya 20 ranking are benefiting from higher private consumption and demand among Kenyans,” it stated.
Brand Finance stated that outstanding brands were those that used technology in the midst of challenges brought about by Covid-19.
“Shifting to different sales and communication channels has allowed brands like Tusker to connect directly with customers and provide services in an innovative manner,” said Walter Serem, Regional Manager, East Africa, Brand Finance Africa
Other brands closing the list of top 20 are Kengen, Kenya Reinsurance Corp, Bamburi Cement, Jubilee Holdings, CIC Insurance Group, Crown Paints Kenya, Sasini, Nation Media Group, Centum and the Nairobi Securities Exchange.
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