Recession Hits Ecobank, Merges 74 branches

….Opts For Online Banking

Ecobank Nigeria Limited has reaffirmed its digital transformation agenda enabling its customers depend more on its digital platforms to do their daily banking activities, thereby reducing the need to go to branches.

The Managing Director of the bank, Charles Kie, said the move was part of the bank’s transformation agenda which was meant to create a fundamental shift of its banking activities to digital channels, as well as improve customers’ experience, while also reducing the cost of serving them.

This also supports the bank’s financial inclusion strategy and the cashless policy of the Central Bank of Nigeria.

He says the bank has therefore decided to merge some of its branches across the country. With the merger Ecobank now boasts of 405 branches across the country supported with top of the range technology application.

Mr. Kie said, “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.

Similarly, the cumulative value of Ecobank Plc assets reached an all-time high of N6.26 trillion in the first quarter (Q’1) of this year.

The operating three months of the bank also afforded it an opportunity to jack up its revenue. The revenue increased by 30 per cent its N99.99 billion position in 2016 to N130.33 billion this time around.

Commenting on the first quarter report, Group Chief Executive Officer (GCEO), Ade Ayeyemi, said the company has made progressive progress despite continued macroeconomic headwind in the period.