MTN’s share price has risen 51.38 per cent  in the last year.

While Airtel, valued at over N5.5 trillion is also more valuable than all the financial services firms, MTN is more significant as the company’s financials represent income generated from Nigeria alone, excluding other African countries.

Airtel’s income includes that of other sub-Saharan African countries even though the income of Nigeria is dominant with about 40 per cent of revenues.

A combination of factors explains why MTN and even Airtel are more valuable than the Nigerian financial services sector including banks.

While banks have been declaring impressive profits, telcos have gone further by not just declaring profits but achieving double-digit growth projections for other sectors of their market, especially data.

With over 199 million active mobile subscribers, telcos have the customer base and demand that will continue to drive up revenues and profits in years to come.