It appears Ecobank Transnational’s decision to cut spending  on the African continent is already having negative repercussions for their employees, as Ecobank Nigeria lays off 1,040 workers.

READ MORE: Ecobank to cut spending in Africa

The bank in its Special Executives General Meeting in Lome, last Friday,  confirmed that they  have decided to ensure efficient  and frugal use of resources, meaning that expenditure would have to be cut.

Although they have not been explicit about what it means for lending, employment and expansion, is getting reports that Ecobank Ghana has already taken steps to minimize employment.