Abbey Bank gets CBN nod to start commercial banking in Q4 2026
- Abbey Bank Plc has won Central Bank approval to move from mortgage banking to regional commercial banking.
- The Lagos-based lender plans to begin commercial operations in the fourth quarter of 2026.
- It will target retail customers, small businesses and corporate clients beyond its traditional mortgage focus.
Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, will begin commercial banking operations in the fourth quarter of 2026, after the Central Bank of Nigeria (CBN) approved its move from mortgage banking to regional commercial banking.
The Lagos-based lender said the change means more than a new licence or name. It plans to serve retail customers, small and medium-sized enterprises (SMEs) and corporate organisations, beyond its long-standing focus on mortgages and property finance.
Chief Executive Officer Mobolaji Adewumi said 2026 is a defining year for the bank. He said the approval reflected confidence from regulators, shareholders, customers and employees, and that the bank would build on more than three decades of mortgage and real estate finance experience.
"Our ambition is to make banking more accessible, more responsive, and more relevant to the aspirations of individuals, families, and businesses," Adewumi said.
What it means for customers
Ahead of the launch, Abbey said it is upgrading its digital infrastructure, moving customers onto an enhanced core banking platform, improving its processes and refreshing its brand identity. The bank has not yet disclosed details on branch expansion or specific new products.
The numbers behind the move look stronger than before. Abbey posted a pre-tax profit of ₦3.12 billion in 2025, up from ₦1.22 billion in 2024 — a rise of about 155.7 per cent, according to Legit.ng.
The transition comes as the CBN pushes banks to hold more capital, part of efforts to make financial institutions sturdier against economic shocks. Abbey said its transformation is anchored on financial resilience, sustainable growth and a stronger capital base.
For ordinary Nigerians, a new regional commercial bank could mean more choices for savings, loans and business accounts, especially for SMEs that often struggle to access credit. Mortgage customers will be watching to see whether home loans remain a priority as the bank widens its services.
What happens next
Abbey says it will complete the switch to commercial operations within the fourth quarter of 2026. Customers should expect messages about the new platform and any changes to their accounts as the launch approaches.
