Abbey Bank Plc to Launch Commercial Banking in November

Abbey Bank Plc is set to launch full commercial banking operations in November 2026, transitioning from its previous role as a mortgage bank for over three decades. The Central Bank of Nigeria (CBN) granted the bank approval to operate as a regional commercial bank in June 2026, following the completion of its capital-raising process.

Mobolaji Adewumi, Managing Director and Chief Executive Officer, stated that the bank began internal discussions on this transition in 2023 and submitted a formal application in 2024, with regulatory approval received in October 2024. The bank's profit before tax rose significantly from N1.22 billion in 2024 to N3.12 billion in 2025, providing a strong foundation for competing in the commercial banking market.

Abbey Bank plans to introduce new services, including trade finance and individual banking products, while maintaining its focus on construction finance and housing delivery. The bank aims to obtain a national banking license within two to three years, which will require additional capital.