Abbey Mortgage Bank Plc has received regulatory approval from the Central Bank of Nigeria (CBN) to commence operations as a commercial bank, marking a major milestone in the institution’s transformation drive.
The approval comes just weeks after shareholders endorsed plans to raise up to ₦164.5 billion in fresh capital to support the bank’s expansion and strengthen its position in Nigeria’s financial sector.
With the regulatory nod, Abbey Mortgage Bank will transition from a primary mortgage institution into a full-fledged commercial bank, enabling it to broaden its services beyond real estate financing.
The bank is expected to extend its operations into retail banking, corporate banking, SME financing, digital banking, trade services and wealth management while maintaining its traditional focus on housing finance.
The development represents a significant step in the bank’s growth strategy and follows its capital-raising programme approved during its 34th Annual General Meeting (AGM).
Speaking on the development, the Managing Director and Chief Executive Officer of the bank, Mobolaji Adewumi, said the institution would focus heavily on digital innovation and improved service delivery.
Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services,” he said.
Shaping the future means building a resilient institution that is as agile as it is reliable, while ensuring that every stakeholder benefits meaningfully from our growth and expansion.
According to the bank, preparations are already underway to ensure a smooth transition into commercial banking.
These include technology upgrades, expansion of infrastructure and corporate rebranding initiatives ahead of the official launch.
Abbey Mortgage Bank disclosed that commercial banking activities are expected to commence in the fourth quarter of 2026, adding that details of its new corporate identity, products and launch date would be announced later.
Market analysts believe the transition could strengthen the bank’s earnings and long-term growth outlook by giving it access to a broader customer base and additional revenue streams.
The move is also expected to improve customer experience through expanded financial solutions and enhanced digital banking channels.
