Abbey Bank Plc has received approval from the Central Bank of Nigeria to convert from a mortgage bank to a regional commercial bank, marking what the institution describes as a significant turning point after more than three decades in mortgage financing and real estate development.
The lender, formerly known as Abbey Mortgage Bank Plc, plans to begin commercial banking operations in the fourth quarter of 2026. Managing Director and Chief Executive Officer Mobolaji Adewumi said the approval reflects the bank's track record and the confidence of regulators, shareholders, customers and employees. He stated that the bank aims to make financial services more accessible, responsive and relevant to individuals, families and businesses by expanding beyond its traditional mortgage focus into retail, business and corporate banking.
Abbey reported strong financial performance in 2025, with pre-tax profit reaching N3.12 billion compared with N1.22 billion in 2024, according to the bank. As it prepares for the transition, the lender is strengthening its institutional capabilities, refreshing its brand identity, enhancing its digital infrastructure and building systems to serve a wider customer base. Digital banking forms a central element of the bank's strategy to improve access and responsiveness.
The transformation signals Abbey's intention to deepen customer relationships and create greater opportunities within Nigeria's financial services sector. The bank says its move is underpinned by focus on financial resilience, sustainable growth and capital strengthening. For savers, borrowers and businesses in Nigeria, this means Abbey will now be able to offer a full range of commercial banking services beyond mortgage products, potentially widening competition and choice in the market.