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Banking sector takes 5 of Kenya's 10 most valuable brands in 2024 [Full List]

Safaricom was overtaken by Equity Bank and emerged second in the ranking which saw banks take half of the spots

A collage of a Kenya Airways plane, Equity Bank and Kenya Power

Kenya's brand landscape is ever-evolving, reflecting the dynamic nature of its economy and the strategic initiatives undertaken by leading companies.

The latest 'Brand Finance Kenya 25 2024' report highlights the top most valuable brands in Kenya, providing insights into their brand value and the factors driving their success.

Below, we delve into the top brands, exploring their achievements and the strategic moves that have bolstered their brand value.

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Equity Bank retains its position as the most valuable Kenyan brand, with a brand value increase of 1 per cent to Sh65.8 billion.

Despite challenging economic conditions marked by increased loan loss provisions, the bank's robust growth in interest income underscores its resilient revenue-generating capability and strategic financial management.

Telecommunications company Safaricom saw a decline in brand value by 33.3 per cent to Sh58.1 billion.

Despite this decrease, Safaricom remains a formidable player in the market, with a strong presence and significant influence.

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The brand's continued investment in innovative services and customer-centric solutions ensures it maintains a competitive edge in the telecom sector.

Kenya Commercial Bank (KCB) increased its brand value by 8.2 per cent to Sh50.4 billion. KCB's strategic initiatives, including digital innovation and enhanced customer services, have strengthened its market position.

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Brand Value: KES 26.5 billion M-Pesa, a commercial service provider, saw a 6.4% decline in brand value to KES 26.5 billion. Despite the drop, M-Pesa remains a vital financial service in Kenya, known for revolutionizing mobile money transfers and financial inclusion. The brand continues to innovate, offering new services and expanding its reach to maintain its relevance in the market.

Co-Operative Bank of Kenya experienced a slight decline in brand value by 2.2 per cent to Sh21.7 billion.

The bank's continued focus on cooperative banking and community engagement has solidified its reputation and customer loyalty.

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NCBA Bank achieved a remarkable 44 per cent increase in brand value to Sh19.7 billion, making it one of the fastest-growing brands.

The bank's strategic initiatives, such as digital banking solutions and customer-centric services, have significantly boosted its brand equity.

Kenya Power & Lighting Company (KPLC) saw a slight decline in brand value by 1.5 per cent to Sh15.9 billion.

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Despite facing challenges in the utility sector, KPLC's commitment to improving service delivery and infrastructure has maintained its relevance and customer trust.

Kenya Airways reported a significant 38 per cent increase in brand value to Sh6.4 billion. The national carrier's strategic measures, including increasing passenger traffic and forming partnerships with other airlines, have contributed to its improved performance.

Despite ongoing financial challenges, Kenya Airways' efforts to enhance its operations and customer experience are reflected in its rising brand value and A rating.

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Tusker, a leading beer brand, experienced a 12.3 per cent decline in brand value to Sh5.8 billion.

Despite the drop, Tusker remains a popular choice among consumers, known for its strong brand heritage and quality.

The brand continues to engage in marketing and promotional activities to maintain its market presence.

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I&M Bank saw a decline in brand value by 15.1 per cent to Sh5.6 billion. The bank's rating indicates its ongoing efforts to enhance its service offerings and customer engagement.

I&M Bank's focus on innovation and strategic growth initiatives positions it for future success in the competitive banking sector.

Brand Finance uses a method to figure out how valuable a company's brand is. They do this by looking at a few important things:

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They check how much money other companies are paying to use similar brands.

They also see how much more money a company makes because of its brand compared to others in the same business.

They use a score called the Brand Strength Index to measure how strong a brand is.

This score looks at things like what the company does to make its brand better, what people think about the brand, and how well the brand is doing in the market.

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They predict how much money the brand will make in the future based on its strength. Then, they use this prediction to find out how much the brand is worth today.

Brand Finance determines the value of a company's brand through a method that assesses its impact and strength.

They analyze factors like royalty agreements and brand performance to gauge its worth.

Additionally, they consider enterprise value, which is the total worth of the company including all its brands, as well as the branded business value, brand contribution, and brand value itself.

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