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Vodacom is now Africa’s largest telecoms operator, after overtaking MTN Group by market capitalization.

For the first time, the market capitalization for Vodacom rose to 249 billion rand at the Johannesburg Stock Exchange on Wednesday overtaking  MTN, which stood at 244 billion rand.

Since October, MTN’s shares have devalued by 31 percent since October due to the Nigerian Communication Commission fine of $5.2 billion, which was later reduced to $3.9 billion.

Vodacom meanwhile was making gains with its share price increasing by 12 percent over the same period.

Despite lossing more that 4.5 million subscribers, MTN is still the largest telecoms operator in Nigeria.