Ecobank has laid off over 40 workers in a restructuring exercise meant to position the company as a leading banking institution in Rwanda.

The bank bought the financially poor Commerce and Industry Development Bank (BCDI). 

It has since invested Frw6.4 billion, cleared the company’s negative net worth and recapitalized the bank to ensure stability in the local financial sector.

"We are committed to the restructuring of the bank, repairing its dented image and to promoting its proper role in the economic development of the country,” said Daniel Sackey, the managing director of Ecobank Rwanda.

Sackey said the affected staff has been paid their terminal benefits.

"The whole exercise has been well received,” he said.

According to its website, Ecobank is an independent regional banking group in West and Central Africa.

It offers financial support to individuals and businesses with a network covering 18 countries alongside 320 branches.

Sackey also said the bank has negotiated with other service providers to take on interested staff to ensure they continue to be profitably employed.

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