This South African born company was established at the same time as our country came into being and seems to have been with us every step of the way, but recently some hits to the MTN stocks have caused concern amongst supporters. So let’s take a look at their story.
MTN launched in 1994 and since then has expanded its reach to connect millions across Africa and the Middle East. The iconic yellow is one of the biggest and most important brands in Africa. It seems almost unthinkable that I could meet someone who has never heard of MTN, they truly are ‘Everywhere you go’.
Hitting its first big bump at the end of 2016, MTN took a heavy hit after receiving a multibillion-rand fine from Nigeria. Political turmoil and complex relationships have shrouded the events of December 2016 in mystery and speculation, but MTN managed to recover quite quickly and focussed its efforts on following the dreams of the new CEO Rob Shuter.
Their mission statement ‘Bright’ kept them on the right path, until recently when their biggest client base, South Africa started to turn to other providers. Perhaps MTN started taking us for granted because the relationship was already on the rocks because of the increasing prices of airtime and data. Recently the multinational company lost more than 800 000 subscribers in a matter of months and is feeling it where it matters most, the bottom line.