Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, has announced plans to commence commercial banking operations in the fourth quarter of 2026 following approval from the Central Bank of Nigeria to operate as a regional commercial bank.
The bank said the transition was part of its strategy to drive growth and expand its market reach.
Its Chief Executive Officer, Mobolaji Adewumi, said the bank was focused on ensuring a smooth transition and strengthening its operational capabilities ahead of the commencement of commercial banking activities.
Ahead of the launch, the bank is strengthening its institutional capacity, refreshing its brand identity, upgrading its digital infrastructure and preparing to serve a wider customer base across retail, business and corporate banking.
In a statement on Tuesday, Abbey Bank said the transition went beyond a change in licence or name, describing it as a broader transformation of its operations and market positioning.
“It signals Abbey’s ambition to expand access to financial services, deepen customer relationships, and create greater opportunities for individuals, businesses, and communities. It also builds on years of experience in mortgage banking and real estate finance, providing a foundation for the bank to broaden its capabilities and pursue new opportunities within Nigeria’s financial services sector,” the bank said.
Adewumi said, “The year 2026 represents a defining moment in the history of Abbey. Our approval to transition to commercial banking is a testament to the work invested in building this institution and the confidence placed in us by our regulators, shareholders, customers, and employees. We are building on more than three decades of experience, particularly in mortgage banking and real estate finance, while preparing to serve a broader range of financial needs. Our ambition is to make banking more accessible, more responsive, and more relevant to the aspirations of individuals, families, and businesses.”
He added, “Our next chapter is about creating more possibilities for the people and businesses we serve.”
Established more than three decades ago, Abbey Mortgage Bank built a reputation as one of Nigeria’s leading primary mortgage institutions, contributing to home ownership, estate development and property financing.
However, Nigeria’s financial landscape has evolved significantly over the years, driven by changing economic conditions, regulatory reforms by the Central Bank of Nigeria and growing demand for a wider range of banking services.
