Abbey Bank Plc Implements Digital Strategy for Growth

Abbey Bank Plc, previously known as Abbey Mortgage Bank Plc, is transitioning to regional commercial banking and adopting a digital-first strategy. The bank's Managing Director and Chief Executive Officer, Mobolaji Adewumi, announced that the bank is advancing technology integration and enhancing operational processes to support customer migration to a new core banking platform.

This strategy aims to make financial services more accessible while combining digital banking with a physical presence in eight locations. The bank has recruited professionals in various sectors, including treasury and risk management, to support its new operations.

Adewumi stated that the decision to move beyond mortgage banking was based on an assessment of financing opportunities across the housing value chain. The new banking license will help address high funding costs that have constrained mortgage lending.

The Executive Director of Finance, Risk and Operations, John Okonkwo, mentioned that an improved risk management framework is crucial for maintaining a healthy loan portfolio. Earlier in June, Abbey Mortgage Bank Plc received regulatory approval from the Central Bank of Nigeria to convert into a commercial bank.