Investor Presentaiton
Cost Optimization and Right-Sizing of Business
Rationale for right-sizing includes driving the digitisation strategy through introducing automated processes and branch
rationalisation
Key Highlights on Progress Made on Cost Optimization Strategy
Footprints at Low Cost
Closed branches have been replaced
with inexpensive sales agency
points, disbursing loans from tablets.
58 centers as at end of 2019.
Opex Reduction
Operating expenses reduced by
6% compared to same period
last year. There however, was a
one of cost of GHC12m in 2019
for redundancy
Reduced Headcount
Reduced headcount from 802 in
Dec 2017 to 299 currently
(Permanent staff only).
Reduced Brick & Mortar
Branch rationalization from 53 in
Dec 2017 to 12 currently
The total redundancy cost of GHC12m was taken in December 2019 affecting profitability for the 2019 financial year,
however, these savings will be realized in the coming years
Strictly Private & Confidential
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