Kenya is leading Africa’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% 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's an interesting year for Kenya given that they are due to hold their general elections, which usually come with socio-economic disruptions especially to business and investment and a tradition where corporates tend to hold and postpone their investment decisions in anticipation to policy change. That said, the resilient Kenyan spirits are quite high given a more mature political landscape and the FIFA World cup round the bend in Qatar come November.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the world’s biggest brands to the test, and publishes around 100 reports, ranking brands across all sectors and countries. Kenya’s top 20 most valuable and strongest brands are included in the annual Brand Finance Kenya 20 ranking.
Safaricom retains top position as Kenya’s most valuable brand, valued at US$689 million
Telecommunications brand Safaricom (brand value up 38% to US$689 million) retains its top position as the most valuable brand in Kenya. The brand is spearheading the telecoms industry in Kenya with its wide variety of service offerings. A boost in mobile data usage is enabling Safaricom to achieve growth in the Kenyan market, by democratising access to mobile data with its relatively low price point for high data usage offers. The brand is leveraging this mobile data provision to build strategic partnerships with fintech and third-party brands including 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.
Equity Bank is strongest brand in Kenya with elite AAA+ brand rating
In addition to brand value, Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in more than 35 countries and across nearly 30 sectors. Equity Bank (brand value up 92% to US$388 million) is the strongest brand in Kenya with Brand Strength Index (BSI) score of 90.8 out of 100 and a corresponding AAA+ brand rating.
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.
Tusker more than doubles in brand value to be Kenya’s fastest growing brand
Kenyan beer brand Tusker achieved an impressive 132% brand value growth this year, growing to US$50 million in brand value. This brand value growth was all the more impressive given the extremely difficult trading conditions, including global supply chain disruptions, and the widespread closure of many restaurants and bars due to COVID-19 restrictions. In effect, the brand overcame the challenge of restricted suppliers and restricted customers to deliver impressive growth in brand value.
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.
Kenyan Airways is among top 10 brands with 21% brand value growth
Kenyan Airways (brand value up 21% to US$42 million) adapted its core operations amid the pandemic as demand for travel dropped. The airline brand converted its existing aircraft into cargo carriers to tackle limited supplies of food, essentials, and medical equipment. 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.
Walter Serem, Regional Manager, East Africa, Brand Finance Africa, commented:
“Every Kenyan brand has faced enormous disruption from the COVID-19 pandemic, but the successful brands have been the brands that have used new technology to adapt to the new conditions. Shifting to different sales and communication channels has allowed brands like Tusker to connect directly with customers and provide services in an innovative manner.”
KenGen and Nairobi Securities Exchange enter top 20 by leveraging digital transformation
Utilities brand Kenya Electricity Generating (brand value US$37 million) and Nairobi Securities Exchange (brand value US$1 million) are new entrants in the Kenyan top 20 ranking. KenGen has transformed their data management using cloud technology, allowing increased efficiency, and achieving cost saving benefits to end users. The brand developed an expansion strategy to increase its presence across Africa and deploy renewable geothermal energy. Similarly, Nairobi Securities Exchange leverages the popularity of mobile phone applications among Kenyans to enable investors to access, buy and sell shares on the stock market.
Note to Editors
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. Kenya’s top 20 most valuable and strongest brands are included in the Brand Finance Kenya 20 ranking.
Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.
Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.
Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.