Inline with plans to close some branches, Eco Bank has resolved to sack more of its workers.
Under the arrangement, Eco Bank is to step up its digital platforms as part of measures to cut cost and ensure efficiency.
In an interactive session with Reuters on the sidelines of the World Economic Forum for Africa in Durban, Chief Executive Officer Ade Ayeyemi explained that the bank’s plans to expand its mobile platforms would help deliver profits.
“This means reducing our branch network, using technology to deliver to customers and processing transactions centrally. We believe that this business model can deliver profitability to our shareholders,” said Adeyemi, adding that expansion into online platforms would lead to lay-offs.
In Nigeria, Eco Bank has concluded plans to merge 74 branches across the country. With the merger, Ecobank now boast of 405 branches across the country supported with “top of the range technology application.