Kenya 25 2023

The annual report on the most valuable and strongest Kenyan brands

Brand Finance Kenya 25 2023

Safaricom is the most valuable Kenyan brand, valued at KES87 billion

Safaricom (brand value up 14% to KES87 billion) is Kenya’s most valuable brand according to a new report from leading brand valuation consultancy, Brand Finance.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest Kenyan brands are included in the annual Brand Finance Kenya 25 2023 ranking.

Safaricom has shown considerable resilience during difficult operating conditions over the past year. The brand has been able to achieve revenue growth, while successfully completing the first two years of its five-year strategy. This strategy is guided by the purpose of transforming the lives of stakeholders and the communities that it serves. Safaricom has also grown into Ethiopia, a market it hopes it can expand to reach the level of its Kenya operation within ten years.

Walter Serem, Regional Director, East Africa, Brand Finance, commented:

“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.”

Equity Bank and Kenya Commercial Bank are the second and third most valuable brands and top-two strongest brands with AAA+ ratings

The banking sector was the most valuable in the Kenya 25 2023 ranking. It accounted for 7 of the brands included, with a combined value of KES161.6 billion. This was 49% of the total brand value in the ranking and was up a total 31% year-on-year.

Equity bank has had a successful year in which it saw 51% brand value growth to KES65.2 billion. This helped it maintain its position as Kenya’s second most valuable brand, closing the gap with Safaricom at the top of the ranking.

In addition to calculating brand value, Brand Finance also 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 38 countries and across 31 sectors.

As well as being Kenya’s second most valuable brand, Equity Bank is also the strongest with a Brand Strength Index score of 92 out of 100, earning it an elite AAA+ brand rating for the second consecutive year.

Kenya Commercial Bank (KCB) (brand value up 24% to KES46.6 billion) was the only other brand in the ranking to achieve AAA+ status, with a Brand Strength Index score of 90 out of 100. This was a 3-point year-on-year increase. It was also Kenya’s third most valuable brand in 2023.

Crown Paints Kenya is the fastest-growing Kenyan brand, up 70%

Crown Paints Kenya is the fastest growing brand, up 70% to KES2.1 billion. With additional regional operations in Uganda, Tanzania and Rwanda, Crown Paints Kenya has benefitted from the phasing out of pandemic-induced restrictions in East Africa over the past year. As the construction industry in the region has begun to pick up, there has been an increase in demand for its products, contributing to a jump in revenues.

Safaricom has highest Sustainability Perceptions Value, valued at KES12.5 billion

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

As well as being the most valuable brand, Safaricom also has the highest Sustainability Perceptions Value at KES12.5 billion. It is important to note that Safaricom’s position at the top of the Sustainability Perceptions Value table is not an assessment of its overall sustainability performance. Instead, it highlights the value that Safaricom has tied up in the sustainability perception of stakeholders. Safaricom does however also have a high Sustainability Perceptions Score of 6.46 out of 10.