Ecobank plans optimization of branches, to invest in technology

IMMINENT job losses is brewing in Pan-African Ecobank as the bank plans to close branches as well as cut jobs ascribing it to massive investment in digital technology according to the bank Chief Executive Officer, Ade Adeyemi.

Adeyemi who was discussing on the sidelines of the World Economic Forum for Africa in Durban said the bank’s planned business model to expand its mobile platforms would also help deliver profits.

“This means reducing our branch network, using technology to deliver to customers and processing transactions centrally,” said Ayeyemi.

“We believe that this business model can deliver profitability to our shareholders.”

Ayeyemi however said the expansion into online platforms would lead to lay-offs.

The bank employs more than 17,000 people. He also said a recovery in oil prices in 2017, which would result in higher import revenues for African economies dependent on crude sales, was a positive policy for the bank.

Ecobank’s operates in nearly 40 countries across sub-Saharan Africa