Kayode Tokede and Oluchi Chibuzor
Abbey Bank Plc has said it is targeting growth following approval by the Central Bank of Nigeria (CBN) to convert to a regional commercial bank.
Formerly known as Abbey Mortgage Bank Plc, the bank said the commencement of commercial banking in the fourth quarter of 2026 is a milestone that marks a significant evolution for the institution, building on more than three decades of experience in mortgage financing, real estate development and customer-focused financial services.
Commenting on the Bank’s transformation, its Managing Director/Chief Executive Officer, Mobolaji Adewumi, said, their ambition is to make banking more accessible, responsive and relevant to the aspirations of individuals, families and businesses.
According to him, “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.
“As we prepare for the commencement of commercial banking operations, our focus remains on delivering a seamless transition, strengthening our capabilities and ensuring that our customers continue to experience the trust, service and commitment that define Abbey. Our next chapter is about creating more possibilities for the people and businesses we serve.”
He stressed that as the bank advances its transition towards the commencement of commercial banking operations in the fourth quarter of 2026, it is strengthening its institutional capabilities, refreshing its brand identity, enhancing its digital infrastructure and preparing to serve a broader range of customers across retail, business and corporate banking.
“The transition represents more than a change in licence or name. 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,” he stressed.
He noted that Abbey’s transformation is underpinned by a focus on financial resilience, sustainable growth and capital strengthening.
“The Bank recorded strong financial momentum in 2025, with pre-tax profit rising to N3.12 billion from N1.22 billion in 2024. This performance provides an important foundation as the institution prepares for the opportunities and responsibilities associated with commercial banking.Digital banking remains a central pillar of Abbey’s strategy to make financial services more accessible, convenient and responsive to customers’ everyday needs,” he said.
As part of its commercial banking preparations, Abbey is also advancing technology