Nigerian banks set to close branches amid recession
Branches that are less profitable will be closed to cut overhead costFollowing the downturn facing Nigerian economy, banks are set to close branches that are less profitable in order to reduce spending on salaries and overhead cost. In recent months, due to economic hardship, many Nigerian banks have laid off thousands of workers across the country, Unity Bank Plc laid off about 300 workers, Diamond Bank Plc, Ecobank and Skye Bank Plc had earlier in the year sacked over 3,000 members of their workforce. Speaking on the on-going development, an former banker and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, described branch closure as an on-going action in the banking sector, particularly in times of economic downturn. It is expected that more bank workers will be laid off as a number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder.