MTN AFRICA

1
EXECUTIVE SUMMARY

MTN is a leading telecommunications company with operations in 22 African and

Middle Eastern developing countries. South Africa and Nigeria are the two most
important markets. Because the company operates in emerging markets, it is
vulnerable to the macroeconomic challenges of the respective regions. External
conditions stifle developing countries’ growth prospects during times of global
uncertainty. In general, these countries are characterized by slow growth, high
inflation, currency depreciation, commodity dependency, and corrupt systems, posing
challenges for businesses operating in such environments. Foreign exchange currency
fluctuations pose significant direct risks.

The telecom industry has grown significantly in the past, and emerging markets have
significant potential for future growth. Due to the similarity of services offered by
operators, the sector is characterized by fierce market competition. As a result, price
wars are common, despite the fact that companies must invest in their network in
order to provide high-quality service to their subscribers. There has also been a clear
trend in the shift from voice to data revenue. The Nigerian Communications
Commission fined MTN Nigeria USD1.7 billion in 2015 for failing to meet the
deadline for disconnecting 5.1 million unregistered SIM cards. As a result of
decreased subscribers and restricted tariff plans, cash flows in all units were impacted,
causing the stock price to fall. Nonetheless, MTN has a strong recognizable brand and
knowledge in emerging markets, allowing it to overcome the minor issues.

MTN is expected to keep investing in its infrastructures and further success will be
dependent on further network rollout and how the company deals with price tariffs
managing subscribers’ retention and acquirement. The company has levered up in the
past years and we believe it will not require further significant debt issues.

2
CONTENTS
Project Deliverables..................................................................................................................1

Executive Summary..................................................................................................................2

INTRODUCTION........................................................................................................................4

Company overview (key company facts)..........................................................................4

Internal strategic audit.............................................................................................................4

Current strategic objectives and challenges.....................................................................4

Swot analysis....................................................................................................................4

Competitive positioning....................................................................................................4

Top 5 Competitor analysis................................................................................................5

External audit analysis - Environmental....................................................................................5

Pestle................................................................................................................................5

Political Factors - Opportunity or threat?.........................................................................5

Economic Factors - Opportunity or threat?......................................................................6

Social Factors - Opportunity or threat?.............................................................................6

Technological Factors - Opportunity or threat?................................................................6

Environmental Factors - Opportunity or threat?..............................................................6

Legal Factors - Opportunity or threat?..............................................................................6

CONCLUSION & RECOMMENDATIONS.....................................................................................7

REFERENCES.............................................................................................................................7

3
INTRODUCTION

Company overview (key company facts)

MTN is an abbreviation for Mobile Telephone Network. It is a South African
company with its headquarters in Johannesburg1 that was founded in 1994 and has
quickly expanded operations, now serving 233 million customers in 22 African and
Middle Eastern countries. MTN is the market leader in 14 of the 22 countries where it
operates compared to other telecommunications companies and Voice, data, digital,
fintech, devices, cloud, IoT, managed networks, and infrastructure are examples of
products and services in which it associates itself with.2 Mcebisi Hubert Jonas and
Ralph Tendai Mupita, the group president and chief executive of MTN Group, are
among the company’s key shareholders.3

MTN dominates market share in a large number of its operations throughout Africa.
This is according to the mobile behemoth’s own statistics, which were released as part
of the company’s financial results for the six months ended June 30, 2019. This is
because, according to data sheets published alongside the results, the group has a
market share of more than 50% in ten African and Middle Eastern markets and more
than 30% in another six. Only in South Africa does the operator’s share fall below
30%, at 26.27 percent. ESwatini (84.72%); South Sudan (60.64%); Guinea-Bissau
(59.78%); Ghana (55.97%); Uganda (55.13%); Rwanda (54.61%); Benin (54.60%);
Congo-Brazzaville (54.24); and Nigeria (50.49%) are the Countries where MTN has a
particularly high market share.

The figure below shows MTN’s market share in Africa

1
https://www.jobzilla.ng/mtn definition#:~:text=MTN%20stands%20for%20Mobile%20Telephone,in
%20African%20countries%20including%20Nigeria.
2
Gilbert, Paula, “MTN aims for 300m group subscribers by 2020,” Itweb, Aug 07, 2017; 2) “Africa’s
Top 100 Brands in 2019 – Global brands dominate Africa,” African Business Magazine, May 30, 2019
3
Ashita Chopra (19 August 2020). “MTN appoints Ralph Mupita as the new group president and CEO”.
Daily Monitor. Kampala. Retrieved 22 August 2020
4
Figure 14

In terms of revenue or profitability, MTN Group reported strong financial,

operational, and sustainability results in 2021 despite a challenging macroeconomic
environment. In the year this leading mobile operator began implementing its
refreshed Ambition 2025 strategy, these were delivered through strong strategic
execution and sustained commercial momentum across 19 markets. Constant-
currency service revenue increased by 18.3 percent to R171.8 billion; earnings before
interest, tax, depreciation, and amortization (EBITDA) increased by 23.7 percent to
R80.8 billion; and the EBITDA margin increased by 2.2 percentage points to 44.5
percent. The Board of Directors declared a final dividend of $300 per share.5

4
https://www.connectingafrica.com/author.asp?section_id=761&doc_id=753808
5
https://www.mtn.com/mtn-group-reports-strong-2021-results-enhances-financial-guidance-on-
accelerating-data-and-fintech-services/
5
INTERNAL STRATEGIC AUDIT

Current strategic objectives and challenges.

 Vision and Mission

MTN Africa’s vision is to lead the way in bringing a bold, new digital world to its
consumers, and its mission is to make their lives BRIGHTER. This is accomplished
by providing them with relevant, accessible, and high-quality telecommunications
solutions that put them in command.6

 Challenges faced by MTN Africa and how it is going about them7

Since MTN is primarily based in Africa, it faces issues unique to the social,
economic, and political settings of such African countries. Some of the markets of
these countries are for example, are sanctioned, while others have long-running civil
and political upheaval.
In Nigeria, the fine imposed on MTN’s local unit in 2015, the largest ever imposed on
a mobile provider anywhere in the world, is public knowledge. As a result, MTN has
had to strengthen its controls and create dedicated divisions to provide advice and
support to its operations both centrally and regionally.
MTN pushed the continent’s adoption of mobile and, with it, mass communication. In
Africa , the next revolution is delivering the internet to the masses. The corporation
has had to rethink its business model due to the shift from speech to data, which
generates less revenue, and packaged digital services that include heavily discounted
voice.
MTN has made some strategic decisions in order to compete in the data and digital
market, including expanding its products to include mobile financial services, e-
commerce, and other services. This means that, in addition to OTT players, they now
compete directly with banks in terms of mobile money.
And the stakes are constantly mounting. There are new potential for 4G data, and
demand for connectivity in both urban and rural locations is soaring across Africa.
6
https://ng.linkedin.com/company/mtn-nigeria
7
https://www.dukece.com/insights/how-mtn-group-grappling-with-uncertainty/
6
This is happening at a time when several cities in the United States are already getting
early 5G networks hence meaning that in is still backward in terms of network.

Swot analysis

A SWOT analysis is a basic yet effective method for developing your business
strategy, whether you’re starting a business or leading an established one. Strengths,
Weaknesses, Opportunities, and Threats (SWOT) are acronyms for Strengths,
Weaknesses, Opportunities, and Threats. Internal to your firm, strengths and
weaknesses are factors that you have some influence over and can modify. Who is on
your staff, your patents and intellectual property, and your location are all examples.
External opportunities and dangers are things that are happening outside of your firm,
in the bigger market. You can seize chances and defend against threats, but you can’t
change the situation. Competitors, raw material pricing, and client shopping
tendencies are all examples. Your top strengths, weaknesses, and opportunities are
organized in a SWOT analysis8

Below is a figure of the MTN Swot Analysis

Figure 2

8
https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/
7
The table below shows the MTN SWOT (Strengths, Weaknesses, Opportunities,
Threats)9

MTN 1.Assist sales activities by learning about the customer's business.

Strengths
2.A well-known brand

3.Strong brand awareness and promotion

MTN Global operations are limited.

Weakness
2.There is a lot of pricing rivalry in the market.

MTN 1.Always have the most up-to-date information on what your

Opportunitie competitors are up to.
s
2.Globally expanding mobile and internet markets

MTN Threats 1.An excessive number of expansions can cause a loss of focus.

2.Portability of mobile phone numbers may stifle growth.

Table 1

Competitive positioning
MTN Group’s top ten competitors are Vodacom, Airtel, Cell C, Millicom, Telkom,
Telefonica, Liquid Intelligent Technologies, Econet Group, Safaricom, and Vodafone.
They have collectively raised more than $19.6 billion among their estimated 351.1K
employees. MTN Group employs 19,295 people and is ranked sixth among its top ten
competitors. The top ten competitors have an average of 26,453 votes. In the table
below am going to assess MTN Africa’s performance against it’s top five
competitors10.

9
https://www.mbaskool.com/brandguide/telecom-service-providers/521-mtn.html
10
https://www.owler.com/company/vodacom/competitors
8
 Competitors Market share Sales or Revenue or
profitablity (2021)

MTN 31%11 $11.7 billions12

Vodacom 42%13 $6.8 billions14

Airtel 15.4%15 $1.22 billions16

Cell C 12%17 $12.6 millions18 (the

company doesn’t fully disclose)

Miillicon 23.7%19 $ 4.61 billions20

Telkom 15%21 $ 4. 25 billions

🔵 The highest company in a particular setting

11
https://techcentral.co.za/mobile-market-share-in-south-africa-vodacom-mtn-telkom-and-cell-c/
207433/?amp=1
12
https://www.telecompaper.com/news/mtn-group-underlying-service-revenue-rises-18-in-2021-
customers-up-nearly-3-mln--1416952
13
ibid
14
“News releases | Vodacom Group”
15
https://techpoint.africa/2021/05/13/airtel-q1-2021-financial-report/
16
https://m.economictimes.com/markets/stocks/earnings/airtel-africa-q3-results-net-profit-up-54-to-
180-mn/amp_articleshow/89352484.cms
17
Ibid
18
https://m.engineeringnews.co.za/article/cell-c-shows-improved-h1-2021-10-27#:~:text=With
%20the%20implementation%20of%20a,in%20the%20prior%20corresponding%20period.
19
https://www.millicom.com/media/4849/millicom-earnings-release-q4-2021_final.pdf

20
https://companiesmarketcap.com/millicom/revenue/#:~:text=According%20to%20Millicom's
%20latest%20financial,sale%20of%20goods%20or%20services.
21
Ibid
9
Table 2

The historical and forecast growth of these countries

MTN Africa . MTN Nigeria, MTN Africa's largest revenue generator, is expected to
increase service revenue by at least 20% over the previous mid-teens target. 22

Vodafone. According to the Economics global macro models projections and analysts
expectations, Vodacom has gained 8.24 percent in the last four weeks. Its value has
increased by 29.21 percent in the last year and it is now expected to be priced at
15,399.25 by the end of this quarter and at 14,119.78 in one year. 23

Airtel. With a young population and rising smartphone affordability, as well as low
data penetration at it’s early years, Airtel hopes that the next five years, the telecoms
market in its footprint is expected to grow at a CAGR of 10.1 percent since most of
the problems it faced at it’s start are being resolved.24

Millicom. Over the next three years, this aims for organic operating cash flow growth
of around 10% per year on average. This reflects expected annual organic service
revenue growth in the mid-single digits and annual CapEx of around $1.0 billion.

It also intends to generate cumulative equity free cash flow2 of $800 million to $1.0
billion over the next three years, with a near-term goal of reducing leverage to 2.5x by
2025. 25

22
https://www.reuters.com/business/media-telecom/africas-mtn-resumes-dividend-after-bumper-
annual-profit-2022-03-09/
23
https://tradingeconomics.com/vod:sj
24
Airtel Africa plc is a multinational company that provides telecommunications and mobile money
services in 14 countries in Africa, primarily in East, Central and West Africa. Airtel Africa is majority
owned by the Indian communication services company Bharti Airtel.Wikipedia·
https://airtel.africa/assets/pdf/Airtel_Africa_AR2020.pdf
25
https://millicom.gcs-web.com/news-releases/news-release-details/millicom-tigo-unveils-three-
year-operational-financial-and
10
Telkom. This telocom’s revenue being 2.3% per year, it is forecasted to grow slower
than 20% per year.26

Cell C

Despite having over 140 percent penetration of mobile services in South Africa,
particularly in the prepaid market, Cell C’s growth continues apace. Cell C currently
has over 16 million customers.27

Top 5 Competitor analysis

Vodafone

Vodacom Group Limited is a South African mobile communications company that

serves over 55 million customers with voice, messaging, data, and converged
services. Vodacom’s operations have expanded from its South African roots to
include networks in Tanzania, the Democratic Republic of the Congo, Mozambique,
and Lesotho, and it provides business services to customers in over 32 African
countries, including Nigeria, Zambia, Angola, Kenya, Ghana, Côte d’Ivoire, and
Cameroon.28

Airtel

This multinational corporation that offers telecommunications and mobile money

services in 14 African countries, primarily in East, Central, and West Africa. Bharti
Airtel, an Indian communication services company, owns the majority of Airtel
Africa. Airtel Africa provides both national and international mobile voice and data
services, as well as mobile money services. Because of its low-cost data plans in
Nigeria, Airtel Nigeria is the most profitable unit of Airtel Africa. Airtel had over 99
million subscribers in Africa as of March 2019. It is a component of the FTSE 100
Index and is traded on the London Stock Exchange.29

26
https://simplywall.st/stocks/za/telecom/jse-tkg/telkom-sa-soc-shares
27
https://www.cellc.co.za/cellc/shareholder-information
28
Vodacom Consolidated Financial Report 2018” (PDF). 31 March 2018.
29
"Airtel, Millicom ink pact to merge in Ghana - The Economic Times"
http://economictimes.indiatimes.com/news/companies-a-z/corporate-trends/airtel-millicom-ink-
pact-to-merge-in-ghana/articleshow/57456883.cms
11
Cell C

This operates as a mobile operator in South Africa. It is based in Sandton with

Douglas Craigie Stevenson as it’s CEO. It deals in GMS services that is 2G, 3G, LTE
and fibre.30

Millicom

This is a provider of fixed and mobile telecommunications services dedicated to

emerging markets in Latin America that operates under the Tigo brand. 31 Millicom
operating subsidiaries and joint ventures employed more than 21,000 people as of
December 31, 2020, and provided mobile services to approximately 55 million
customers, with a cable footprint of more than 12 million homes passed.32

Telkom

This is an integrated communications service provider that provides business and

residential customers with bundled voice, data, broadband, and Internet services. The
company is divided into three segments: Telkom South Africa, which offers fixed-line
access, fixed-mobile, and data communications services through Telkom South
Africa; Multi-Links, which offers fixed, mobile, data, and international
communications services in Nigeria; and Other International, which offers Internet
services outside of South Africa through Africa Online and MWEB Africa
subsidiaries, as well as management services through Telkom Management S.A.
Telkom International (Proprietary) Limited, a wholly owned subsidiary of Telkom SA
Limited, acquired 100% of MWEB Africa Limited from Multichoice Africa Limited
and 75% of MWEB Namibia (Pty) Limited from MIH Holdings Limited on April 21,
2009.33

30
Cell C 2020 Report” (PDF). Cell C. 2020.
31
https://www.forbes.com/companies/millicom-international/
32
https://www.bloomberg.com/press-releases/2021-02-11/millicom-international-cellular-s-a-
resilient-cash-flow-and-customer-growth
33
https://www.forbes.com/companies/telkom/?sh=12a4e3d7512f
12
EXTERNAL AUDIT ANALYSIS – ENVIRONMENTAL
The PESTEL analysis is used in this case. This is a framework or technique that
marketers use to examine and track external marketing environment aspects that
affect a firm, organization, or industry. It investigates the external environment’s
political, economic, social, technological, environmental, and legal elements. A
PESTEL study is used to identify threats and vulnerabilities, which are then used in
the SWOT analysis that we discussed earlier.34

The figure below shows the PESTLE strategy

Figure 4

Below is the PESTLE Analysis as applied to MTN Africa35

Political Factors - Opportunity or threat?

34
https://libguides.libraries.wsu.edu/c.php?g=294263&p=4358409#:~:text=A%20PESTEL%20analysis
%20is%20a,organization%2C%20company%2C%20or%20industry.
35
https://www.mbaskool.com/pestle-analysis/companies/18044-mtn.html#:~:text=MTN%20PESTLE
%20Analysis%20examines%20the,the%20business%20of%20the%20brand.
13
A stable and pleasant business climate with predictable market growth trends is
provided by high political stability. When there is political chaos, however, investors
are put off and stakeholders’ faith in economic and organizational performance is
harmed. MTN Group Limited is currently present in a number of nations, each of
which has its own set of political problems. Growing tensions and instability in the
global political climate may have an impact on the gold industry’s growth and limit
MTN Group Limited’s growth potential.36

As previously stated, MTN has roots in a number of African, European, and Asian
countries. In comparison to African countries, which confront it with challenges such
as being accused of significant corruption in Nigeria, European and Asian countries
today have more political stability. In 2018, the Nigerian Central Bank ordered the
telecom business to repay a huge sum of $8.1 billion that it illegally moved out of the
country. Furthermore, the Attorney General of Nigeria believes that the corporation
owes nearly $2 billion in taxes. MTN has recently had challenges with license
renewal in Uganda, which accounts for about 4% of its total income. Although the
situation in European countries has been positively good on MTN Group, the
Ukraine-Russia war has forced MTN to provide free services to the people affected by
war in Ukraine such as free International calls hence this will call for profit declines
in this financial year.37 The paragraph above shows that MTN Africa has had to deal
with threats in Africa most especially in Nigeria and Uganda rather than
opportunities.

Economic Factors - Opportunity or threat?.

MTN Group Limited considers it crucial to comprehend economic variables such as
the foreign exchange or interest rate, labour market circumstances, inflation, and
savings rates, among others. This is done because such things influence the country’s
overall economic climate. MTN Group Limited can benefit from a thorough

36
https://www.case48.com/pestel-case/3839-MTN-Group-Limited
37
https://www.vanguardngr.com/2022/03/russia-ukraine-war-mtn-compensates-affected-
subscribers-with-free-international-calls-sms/amp/
14
awareness of the economic climate, calculate the industry’s and organization’s growth
prospects.38

MTN saw a decline in the number of users in South Africa The users count dropped
to 30 million. One of the prime reasons behind this decline in users is MTN’s
incapability to retain its customers during harsh economic conditions. The
company’s overall outgoing call revenues and the data revenues saw a substantial
growth but its revenues from the digital mode declined by more than 41%. Also,
MTN has become a victim of the battery thefts from its facilities. Reports claim that
more than 700 batteries have been stolen from it’s site locations. This will increase
MTN’s cost to more than 7 million Rands. So, it should have strong security
measures to avoid such incidents.

Social Factors – Opportunity or threat?

The cultural norms, values, and trends have a significant impact on organizational
culture. MTN Group Limited can benefit from an understanding of demographic
trends, power structures, consumer buying patterns, and common views. PESTEL
analysis can help one create effective marketing messages and achieve your
company’s goals. MTN Group Limited’s marketing department can employ data
from social and environmental analyses to target certain customer groups and make
provided products more appealing to potential purchasers.39

MTN South Africa received multiple complaints from its customers about call and
internet difficulties after using pestle on social factors. This made the corporation to
issue a statement claiming that the problem was caused by technical difficulties. It
was later discovered that this was due to someone intentionally breaking a fiber.
Many people around the country were affected as a result of this, according to the
company. These types of situations might cause major issues in the long term
because they may cause a consumer to switch service providers. To make amends,
the business provided affected clients with 500 megabytes of data as a gift. MTN
also organizes monthly social campaigns to help the local community. Its Y’ello

38
https://www.case48.com/pestel-case/3839-MTN-Group-Limited
39
https://www.case48.com/pestel-case/3839-MTN-Group-Limited
15
 Care initiative strives to empower youth by providing them with various educational
programs. This shows that the Company faces a number of threats socially but it is
able to resolve them using the pestle strategy.

Technological Factors - Opportunity or threat?

The relevance of comprehending technological issues during the strategic decision-
making process has grown as a result of rapid technological innovation and spread
around the world. MTN Group Limited can benefit from a thorough examination of
the technological environment. Capture technological trends to gain a competitive
edge, such as increased profitability, accelerated innovation, and improved
operational efficiency.40

For MTN to succeed in the telecommunications industry, it is critical that it invests in

technology on a regular basis. MTN recognizes this and spends extensively in the
fields of mobile money and financial technology. It just received a super-agent
license, allowing it to expand into the Nigerian Fintech sector. In addition, after
successfully developing 3G and 4G networks, the business has begun 5G network
experiments in South Africa. According to the business, once implemented, the 5G
network will be capable of transmitting data at a pace of 20 gigabits per second hence
an opportunity to MTN Africa.

Environmental Factors - Opportunity or threat?

Environmental analysis has become an important aspect of the PESTEL analysis as
environmental consciousness has grown and climatic circumstances have changed.
Distinct markets have different environmental norms, laws, and regulations. MTN
Group Limited as an international presence is require the organization to carefully
analyze these disparities in order to avoid unfavourable outcomes before opting to
enter a new market or launch a new product line. 41 To accomplish its mission and
ensure that they work responsibly and sustainably, MTN’s sustainability approach is
divided into three pillars that is sustainable economic value, eco-responsibility, and
sustainable societies. Hence it offers its consumers digital inclusion and low-cost

40
ibid
41
https://www.case48.com/pestel-case/3839-MTN-Group-Limited
16
communication, allowing them to take use of cutting-edge technology. In Ghana, it
also ran a three-year program to empower women by providing them with new
technologies.MTN also contributes to seven of the seventeen United Nations
Sustainable Development Goals. The firm was also in charge of granting Anzali the
status of smart city. Its goal is to lend a hand by delivering the greatest digital
solutions for reducing traffic and lowering GHG emissions. This clarifies that MTN
Africa sees an opportunity in environmental factors.

Legal Factors - Opportunity or threat?

MTN Group Limited is unable to enter a new market without first thoroughly
researching the legal environment and regulatory framework of that area. To prevent
going into major legal difficulty, a detailed assessment of legal concerns is essential.
Ignorance in this area can result in unfavorable outcomes for MTN Group Limited,
such as a loss of competitive advantage as a result of infringement of intellectual
property rights and a tarnished corporate image as a result of violations of consumer,
employee, or environmental protection norms.42

MTN’s dispute against the Central Bank of Nigeria, in which the bank alleged MTN
had illegally transferred $8 billion outside of Nigeria, was one of its most significant
legal challenges. It was found guilty and had to pay a fine of $53 million for breaking
the rules. MTN’s stock plunged to two-thirds of its previous value shortly after the
penalty was imposed. In Nigeria alone, it has paid almost $15 billion in fines. This
shows that it might face more legal threats if it is not vigilant.

CONCLUSION & RECOMMENDATIONS

It is obvious that MTN is currently experiencing a very difficult period due to all of
the competitors, among other factors. Despite the difficulties, MTN Group’s value
remains significant. It is extremely well-positioned in Africa, with a highly

42
https://www.case48.com/pestel-case/3839-MTN-Group-Limited
17
recognizable brand and a sizable following in the lower income segments. Its main
advantage is its expertise in Africa, as well as its strong branch network and well-
established brand. Its subscriber base speaks for itself, establishing MTN as Africa’s
largest telecom. Nonetheless, in order to excel in this sector, particularly in emerging
markets where there is a higher level of uncertainty, companies must constantly strive
for simplicity while remaining organized and efficient in order to correctly face
competitive threats and regulatory changes.

MTN has clearly failed in terms of regulatory requirements, despite the fact that
overcoming these issues is critical. The company has made the necessary changes and
is now far more cautious and aware. In three to four years, I believe the Nigerian Fine
will be a thing of the past. Nonetheless, MTN is currently under pressure, and
competitors are attempting to capitalize on it. Its success will be determined by how
well it can deal with the constant competitive threats not only now, as it recovers from
the Nigerian Fine problems, but also in the future. Improved competitive price offers
and expanded Network coverage will be required for improved operational
performance.

18
REFERENCES
Links

Definition#:~:text=MTN%20stands%20for%20Mobile%20Telephone,in%20African
%20countries%20including%20Nigeria.https://www.jobzilla.ng/mtn

Gilbert, Paula, “MTN aims for 300m group subscribers by 2020,” Itweb, Aug 07,
2017; 2) “Africa’s Top 100 Brands in 2019 – Global brands dominate Africa,”
African Business Magazine, May 30, 2019

https://www.case48.com/pestel-case/3839-MTN-Group-Limited

Ashita Chopra (19 August 2020). “MTN appoints Ralph Mupita as the new group
president and CEO”. Daily Monitor. Kampala. Retrieved 22 August 2020

https://www.connectingafrica.com/author.asp?section_id=761&doc_id=753808

https://www.mtn.com/mtn-group-reports-strong-2021-results-enhances-financial-
guidance-on-accelerating-data-and-fintech-services/

https://www.case48.com/pestel-case/3839-MTN-Group-Limited

19
https://ng.linkedin.com/company/mtn-nigeria

https://www.dukece.com/insights/how-mtn-group-grappling-with-uncertainty/

https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-
examples/

Airtel Africa plc is a multinational company that provides telecommunications and

mobile money services in 14 countries in Africa, primarily in East, Central and West
Africa. Airtel Africa is majority owned by the Indian communication services
company Bharti Airtel.Wikipedia·
https://airtel.africa/assets/pdf/Airtel_Africa_AR2020.pdf

https://www.mbaskool.com/brandguide/telecom-service-providers/521-mtn.htm

https://www.owler.com/company/vodacom/competitors

https://techcentral.co.za/mobile-market-share-in-south-africa-vodacom-mtn-telkom-
and-cell-c/207433/?amp=1

https://www.telecompaper.com/news/mtn-group-underlying-service-revenue-rises-18-
in-2021-customers-up-nearly-3-mln--1416952

https://techpoint.africa/2021/05/13/airtel-q1-2021-financial-report/

https://m.economictimes.com/markets/stocks/earnings/airtel-africa-q3-results-net-
profit-up-54-to-180-mn/amp_articleshow/89352484.cms

https://m.engineeringnews.co.za/article/cell-c-shows-improved-h1-2021-10-
27#:~:text=With%20the%20implementation%20of%20a,in%20the%20prior
%20corresponding%20period.

https://www.millicom.com/media/4849/millicom-earnings-release-q4-2021_final.pdf

https://companiesmarketcap.com/millicom/revenue/#:~:text=According%20to
%20Millicom’s%20latest%20financial,sale%20of%20goods%20or%20services.

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https://www.reuters.com/business/media-telecom/africas-mtn-resumes-dividend-after-
bumper-annual-profit-2022-03-09/

https://tradingeconomics.com/vod:sj

https://millicom.gcs-web.com/news-releases/news-release-details/millicom-tigo-
unveils-three-year-operational-financial-and

https://simplywall.st/stocks/za/telecom/jse-tkg/telkom-sa-soc-shares

https://www.cellc.co.za/cellc/shareholder-information

Vodacom Consolidated Financial Report 2018

Airtel, Millicom ink pact to merge in Ghana – The Economic Times”

http://economictimes.indiatimes.com/news/companies-a-z/corporate-trends/airtel-
millicom-ink-pact-to-merge-in-ghana/articleshow/57456883.cms

Cell C 2020 Report” (PDF). Cell C. 2020.

https://www.forbes.com/companies/millicom-international/

https://www.bloomberg.com/press-releases/2021-02-11/millicom-international-
cellular-s-a-resilient-cash-flow-and-customer-growth

https://www.forbes.com/companies/telkom/?sh=12a4e3d7512f
https://libguides.libraries.wsu.edu/c.php?g=294263&p=4358409#:~:text=A
%20PESTEL%20analysis%20is%20a,organization%2C%20company%2C%20or
%20industry
.https://www.mbaskool.com/pestle-analysis/companies/18044-
mtn.html#:~:text=MTN%20PESTLE%20Analysis%20examines%20the,the
%20business%20of%20the%20brand.
https://www.case48.com/pestel-case/3839-MTN-Group-Limited

https://www.vanguardngr.com/2022/03/russia-ukraine-war-mtn-compensates-
affected-subscribers-with-free-international-calls-sms/amp/

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https://www.case48.com/pestel-case/3839-MTN-Group-Limited

https://www.case48.com/pestel-case/3839-MTN-Group-Limited

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