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Equity Group ranked the 5th strongest Banking brand worldwide

The Group is the only new entrant among the top ten leading banking brands and has entered the arena with an impressive Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand that scored a BSI index of 94. 

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Equity Group CEO Dr James Mwangi during a past event.PHOTO/Courtesy.
Equity Group, East, and Central Africa’s largest financial services Group, has been named the 5th strongest banking brand in the world.

The Group is the only new entrant among the top ten leading banking brands and has entered the arena with an impressive Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand that scored a BSI index of 94.

The Group tied with the top four banking brands with a similar brand ranking score of AAA+, the highest rating that a brand can attain. Brand Strength Index (BSI) is calculated by assessing a brand’s marketing investment, Stakeholder Equity and Business Performance. Based on the BSI, a brand is assigned a corresponding Brand Rating of up to AAA+, similar to a credit rating.

 

According to the Brand Finance Banking 500 2022 Annual Report that was released this week, Equity Group is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands.

While Equity was ranked position 338 overall among the top 500 banking brands, the report shows that it is not only a new entrant, but also the leading bank in Sub-Saharan Africa outside of South Africa, in the league.

 

The report quotes David Haigh, the Chairman and CEO of Brand Finance, “As banks continue to battle the fallout from the COVID-19 pandemic, the importance of a solid brand is more significant than ever. Banking products are becoming commoditised, and banks will need to continue differentiating themselves from other competitors in the market through the use of their brand, particularly in the face of an emerging threat from challenger brands and decentralised finance in the future.”

 

Speaking about the achievement, Dr. James Mwangi, Equity Group Managing Director and CEO said, “The ranking of Equity as the 5th strongest banking brand in the world is a strong validation of our twin engine business model that has positioned Equity as a social banking brand, driven by our vision of championing the social economic prosperity of the people of Africa.”

Dr. Mwangi noted that against a background of the COVID-19 pandemic and its consequent disruption of global economic activities with the resultant social impacts, Equity Group Holdings had demonstrated resilience in execution of an offensive and defensive strategy, a versatile business model, leadership agility, and innovation and diversification all aimed at supporting customers and the community to survive, recover and thrive post the pandemic.

“It is a moment to celebrate Africa’s rise and showcase Africa’s capacity to develop its own local and regional manufacturing and supply chains to replace the broken global supply chains as a result of the COVID-19. The commitment to digitisation of our services continues to drive the Group’s growth in both customer satisfaction and as the leader in Kenya’s global financial sector. The Bank’s investment in digital banking has resulted in the digital bank handling 97% of all transactions with mobile channels processing 90% of digital transactions. This approach has given our customers the freedom, choice and control to access banking services anytime anywhere and has taken convenience and customer experience to a different level,” said Dr. Mwangi.

He further added, “As a result, we have seen mobile, internet and e-commerce becoming the preferred channels of choice for payment processing and lifestyle fulfillment with 74% of customers opting for cashless transactions.” 

Dr. Mwangi further noted that, “We have proven that a shared value business model is both purposeful and profitable. Doing well can go hand in hand with doing good. Our corporate social arm, the Equity Group Foundation has scaled its operations to reach a spend of USD $513 million in social investment programs, reaching 37,000 secondary school Wings to Fly scholarships; 17,000 University scholarships under the Equity Leadership Program; 3,000 TVET scholarships and nearly 700 Global university scholarships; while 54 Equity Afia clinics are now operational with 572,707 unique patients visits. To support global initiatives which combat climate change, Equity has planted 7.1 million trees and financed and distributed 303,000 clean energy products.”

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Atheists fault petition seeking to deregister society

Atheists in Kenya have protested a petition that they say seeks to create a notion that Kenya is a nation by and for believers in God only.

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President of the Atheists in Kenya Society, Harrison Mumia

Atheists in Kenya have protested a petition that they say seeks to create a notion that Kenya is a nation by and for believers in God only.

Former Juja MP, Dr Stephen Ndichu has moved to court seeking to have the Atheists in Kenya Society suspended on grounds that its continued existence is unconstitutional.

In a statement, the society’s president, Harrison Mumia says the petition is an assault on religious freedom and an insult to the diversity of the Kenyan people.

“We find the petition repugnant to a good conscience,” he stated adding that Dr Ndichu is a Christian fundamentalist who seems to harbour paranoid fantasies about the dangers of atheists existing in Kenya.

He further accused Dr Ndichu of seeing enemies where there is none and that the society was surprised, but not shocked as religion has historically inhibited progress.

He vowed that the society would do everything within its power to defend its right to remain a registered society and urged Kenyans to support fighting the petition.

On Sunday, the society said it will be writing to President William Ruto seeking an invitation to State House, just like the evangelical denominations.

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Uhuru Gardens ready for Madaraka Day fete, says PS Kibicho

The principal secretary said they would be visiting the gardens every Thursday until June 1 to ensure all loose ends are tied up properly, promising that the celebrations will be very colourful.

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Madaraka Day

This year’s national Madaraka Day celebrations at Uhuru Gardens in Nairobi County will be open to 30,000 people, up from 10,000 in 2021.

Permanent Secretary in the State Department for Interior, Dr Karanja Kibicho, said this follows the relaxation of COVID-19 containment measures.

“Children will also be allowed in on the celebrations this year, and we expect county celebrations to happen too,” the PS said while on an inspection tour of the venue.

The PS said the government decided to move the celebrations from the County rotational back to Nairobi because it will be the last event for the current administration before it exits office.

“Because of the significance of this particular Madaraka day, being the last for this regime, we decided to celebrate it at Uhuru Gardens to break the tradition of celebrating it in counties,”

He revealed that preparations were currently at 90 percent complete and expressed confidence that all will be set for the event as the country marks 59 years of self rule.

The principal secretary said they would be visiting the gardens every Thursday until June 1 to ensure all loose ends are tied up properly, promising that the celebrations will be very colourful.

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Queen Elizabeth mourns Kibaki as a great Statesman with commendable legacy

Kibaki will be buried at his home in Othaya, Nyeri County on Saturday.

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Queen Elizabeth II has mourned former President the late Mwai Kibaki eulogizing him as “a great statesman”.

“I was sorry to receive the news of the death of Mwai Kibaki. He had a lifelong record of service to the Kenyan people. It will be of deep sadness to your country to have lost a great statesman, but Kenya can take pride in the legacy of his leadership. I send you and the people of Kenya my condolences at this loss,” the message read.

The British High Commission further affirmed its close ties to Kenya and renewed its assurances to the country’s Ministry of Foreign Affairs.

“The British High Commission avails itself of this opportunity to renew to the Ministry of Foreign Affairs of the Republic of Kenya the assurances of its highest consideration,” the High Commission said.

The late Kibaki passed away on 21 April 2022, aged 90.

President Uhuru, who issued a proclamation that he would be granted a state funeral with full civilian and military honours, announced his death.

Kibaki will be buried at his home in Othaya, Nyeri County on Saturday.

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