Abbey Bank to Make Banking More Accessible, Responsive, Relevant to Customers

By Modupe Gbadeyanka

Abbey Bank Plc has assured customers that its transition into a commercial bank would benefit them, as it would broaden its capabilities to pursue new opportunities within Nigeria’s financial services sector.

The Central Bank of Nigeria (CBN) recently approved the request of the banking institution to convert its mortgage banking licence to a commercial banking licence.

“Our ambition is to make banking more accessible, more responsive and more relevant to the aspirations of individuals, families and businesses,” the chief executive of the lender, Mr Mobolaji Adewumi, said of the development.

He described the transition as a defining chapter in the company’s history, noting that the commencement of commercial banking operations is in the fourth quarter of 2026.

“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 stated.

Abbey Bank noted that the transition represents more than a change in licence or name, as it signals the company’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 organisation to broaden its capabilities and pursue new opportunities within Nigeria’s financial services sector.

“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,” Mr Adewumi stated.

As part of its commercial banking preparations, Abbey Bank is also advancing technology integration, strengthening operational processes and supporting the migration of customers to an enhanced core banking platform.

In the 2025 fiscal year, Abbey Bank grew its pre-tax profit to N3.12 billion from N1.22 billion in 2024.