MTN Group Ltd, which is the parent company to MTN Nigeria Communications Plc, was recently unveiled as the most valuable African brand in 2020 by Brand Finance Africa 150. Nairabrands understands that the company is valued at a whopping $3.3 billion.
MTN Group, which is also the largest telecom group in the whole of Africa, has in recent years recorded impressive financial growth, hence its valuation.
Also, the survey by Brand Finance Africa 150 found that the Coronavirus pandemic had very minimal impacts on the telecoms industry in Africa. As a matter of fact, some analysts believe that companies such as MTN recorded more growth due to the COVID-induced restrictions which caused more people to rely on more data usage for work and social life.
Meanwhile, MTN Group Ltd recently issued a statement in reaction to the ranking. In the statement which was seen by Nairabrands, MTN said “MTN is pleased to announce that it has been named the most valuable African brand in the Brand Finance Africa 150 2020 ranking, which ascribes a brand value of US$3,3 billion to MTN.”
MTN Group Ltd is a telecommunication company which was established in South Africa back 26 years ago in 1994. Since then, the company quickly expanded across Africa and the Middle East. Today, it is a quoted company on the JSE Securities Exchange. Its Nigerian subsidiary is also listed on the Nigerian Stock Exchange.
EDITOR’S NOTE: The Brand Finance Africa 150 2020 ranking was dominated by other South African brands besides MTN Group. The other South African brands on the list include the likes of Absa, First National Bank, Old Mutual, Vodacom, etc. A total of 87 SA brands valued at $34.6 billion made the list.