CBN Approves Abbey Mortgage Bank’s Conversion To Commercial Bank

The Central Bank of Nigeria (CBN) has granted regulatory approval for Abbey Mortgage Bank Plc to convert from a primary mortgage bank to a full commercial bank.

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

The bank in a statement said, “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.”

It stated that “preparations are already underway for a seamless operational transition, with infrastructure deployment, corporate rebranding, and technology integration scheduled over the next few months.

“The expectation is that the institution will officially launch and commence full commercial banking operations in the fourth quarter (Q4) of 2026.

“The bank will make further announcements on the exact launch date, new corporate identity, and product rollout in the coming months.

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