Abbey Bank Plc Gains CBN Approval for Commercial Banking

Abbey Bank Plc has obtained approval from the Central Bank of Nigeria (CBN) to transition from a mortgage bank into a regional commercial bank, marking a significant change after over three decades in mortgage finance. The Lagos-based lender, previously known as Abbey Mortgage Bank Plc, plans to commence commercial banking operations in the fourth quarter of 2026.

This transition will enable the bank to cater to a broader clientele, including individuals, small and medium-sized enterprises (SMEs), and corporate organizations, moving beyond its traditional focus on mortgage financing. Mobolaji Adewumi, Managing Director and Chief Executive Officer, described 2026 as a pivotal year for the institution, emphasizing the CBN's approval as a testament to the confidence of regulators, shareholders, customers, and employees.

The bank is enhancing its digital infrastructure and operational processes in preparation for the launch, while also refreshing its brand identity. The transition follows a strong financial performance, with profits rising to N3.12 billion in 2025 from N1.22 billion in 2024.