Ecobank plans to close branches and cut jobs as the Pan-African lender steps up investments in digital platforms, its chief executive said on Wednesday, May 3, 2017.
Speaking to Reuters on the sidelines of the World Economic Forum for Africa in Durban, Chief Executive Officer Ade Ayeyemi said 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,” said Ayeyemi.
“We believe that this business model can deliver profitability to our shareholders.”
Ayeyemi, a former Citigroup executive in Africa, who took over at Ecobank in 2015, said the expansion into online platforms would lead to lay-offs. The bank employs more than 17,000 people.