12 Nov 2024
Telecom Group Paratus Expands Reach with Key Investments in Network Infrastructure, Empowering Communities Across Africa
Pan-African telecommunications provider Paratus announced its goal to expand its customer base to 600,000 connections by 2028, a target backed by continued investments in infrastructure across Africa, including fibre networks and data centers.
Paratus CEO Schalk Erasmus highlighted the company’s commitment to sustainable operations and its vision for growth. "What we really want to do is connect more people and enrich their lives," Erasmus said. "In turn, we want our people to be passionate about delivering this mission.”
Paratus currently operates in more than 30 African countries and has participated in significant projects such as the Equiano subsea cable landing in Namibia and the East-West fibre route across the continent.
Erasmus emphasized that the company’s mission goes beyond profitability. "When you only focus solely on the bottom line and make money as your driving force, much of your ethos is challenged along with the joy of doing the work," he added.
The company’s broader vision includes empowering communities through connectivity, which Erasmus says has transformative impacts. Recently, Paratus expanded internet access to a remote community in Mozambique, bringing connectivity to 1,000 residents, including a school, via a LEO satellite link.
“Financial success is important,” Erasmus noted, “but it’s equally crucial to remember why you started the business and what you stand for. Our core is connecting people and enriching lives, and we strive to do so while remaining true to our values.”
In May, Paratus raised over N$600 million through a rights issue to further enhance its core systems and infrastructure. The funding, according to the company, came from a range of investors, including Paratus Group (61.9%), institutional investors (34%), employees (2.6%), and retail investors (1.5%).
Erasmus believes that Paratus' commitment to its core values and purpose-driven growth model will secure lasting success for the company.