CBN grants approval to Abbey Mortgage Bank for commercial banking

…Commencement of operations expected in Q4, 2026

Abbey Mortgage Bank Plc, one of Nigeria’s longest-standing primary mortgage banks, has officially received regulatory approval from the Central Bank of Nigeria (CBN) to convert to a commercial bank.

This milestone marks the beginning of a transformative era for the institution, expanding its capacity to deliver comprehensive banking solutions to its growing clientele.

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Following years of consistent financial performance, robust risk management, and market leadership in the mortgage sector, this upgrade aligns with Abbey’s strategic vision to democratize access to financial services.

As a commercial entity, the bank will now offer an extensive suite of retail, corporate, and digital banking services, while retaining its deep-seated expertise in real estate financing. Preparations are already underway for a seamless operational transition, with infrastructure deployment, corporate rebranding, and technology integration scheduled over the next few months.

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The expectation is that the institution will officially launch and commence full commercial banking operations in the fourth quarter (Q4) of 2026, it is also expected that the bank will make further announcement on the exact launch date, new corporate identity and product rollout in the coming months.

The transition is poised to enhance customer experience through broader electronic banking channels, tailored SME financing programs, international trade services, and high-yield wealth management portfolios.