Ecobank Nigeria has announced that it has merged 74 of its 479 branches.
While this sounds like it puts hundreds of jobs at risk, Ecobank claims they have a good reason for it: Digital penetration.
In a bid to grab its own share of the digital cake, Ecobank has focused their effort on growing their internet banking platforms to enable their customers to carry out transactions online without having to visit the bank, and this means they’ll need fewer physical locations.
According to a report by The Cable the Managing director Charles Kie, said the bank hopes to shift its activities to digital channels and improve customer’s experience at reduced cost.
It’s really not clear if this move will lead to the termination of some staff but the bank claims it will deploy staff from the merged branches to other projects.
Kie said, “We are deploying staff and other resources from the merged branches to other ongoing projects, while also strengthening the existing branches to make them more resourceful and up to speed in their daily activities”.
Ecobank believes its decision to merge 74 out of its 479 branches will help its financial inclusion strategy and also supports the cashless policy of the Central Bank of Nigeria.
“After a detailed analysis of the physical network of branches needed to serve our customers, the decision was made by the Ecobank Nigeria board, and approved by the Central Bank of Nigeria, to optimize 74 out of its 479 branches,” Kie said.