Safaricom, Kenya’s leading telecommunications company, has been named the most valuable brand in the country by Brand Finance, a global brand valuation consultancy.
According to the Brand Finance Kenya 25 2023 report, Safaricom’s brand value increased by 14% to KES 87 billion, as the brand continued to grow its revenue, expand into Ethiopia, and transform the lives of its customers and communities.
The report, which ranks the top 25 most valuable and strongest Kenyan brands across all sectors and countries, also revealed that Safaricom was followed by Equity Bank, Kenya Commercial Bank (KCB), M-Pesa, and Cooperative Bank in the top five.
The banking sector was the most valuable in the country, accounting for almost half of the total brand value in the ranking. Equity Bank and KCB were also the top-two strongest brands with AAA+ ratings.
Brand Finance measures brand value by estimating the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is assessed through a balanced scorecard of factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation.
“Kenya’s top brands have demonstrated some considerable resilience over the past year, clearly shown by the brand value growth achieved by all the top-five most valuable brands in the ranking. This is all-the-more impressive considering the difficult operating conditions that Kenyan brands have faced over the past few years,” Walter Serem, Regional Director, East Africa, Brand Finance, commented.
The Brand Finance Kenya 25 2023 report also highlighted some of the emerging trends and challenges facing Kenyan brands, such as digital transformation, sustainability, social impact, and innovation.
The report also featured interviews with some of the leading brand managers and experts in the country.