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Ecobank Nigeria has announced that it would shut down 74 out of its 479 branches as part of the bank’s transformation agenda to shift service delivery to digital channels, improve customer experience, and reduce overhead costs, according to a statement released at the weekend.

The bank’s announcement comes after Ecobank Transnational Incorporated released its 2017 first quarter results, showing that net revenue at its Nigerian subsidiary declined by 33 percent to $136 million while after-tax profit fell 71 percent to $12 million.

Charles Kie, Ecobank Nigeria’s Managing Director, said the new branch strategy comes as the bank has enhanced its digital channels with an improved retail Internet banking platform, the Ecobank mobile App, and the Ecobank Masterpass that allows customers to pay for goods at merchant locations by simply scanning a Quick Response code on their phones.

“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.

Ecobank Nigeria CEO said the nationwide closure of its branches will have minimal impact on staff, as most of the staff in the affected branches will be moved to other projects.

“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,” Kie said.