CBN approves Abbey Mortgage Bank’s transition to commercial banking
By Aboki Forex —
The Central Bank of Nigeria (CBN) has granted Abbey Mortgage Bank Plc approval to operate as a commercial bank. The new license allows the lender to move beyond mortgage financing into full-scale commercial banking.
Abbey Mortgage Bank will now serve retail, corporate, SME, and digital banking customers. The bank said the approval marks a historic step in its growth strategy and shows the regulator’s confidence in its future plans.
In a statement released on Tuesday, June 2, the bank confirmed it meets all regulatory requirements, including capital adequacy, governance standards, and risk management systems. It plans to upgrade its infrastructure, technology, and corporate brand before the new license becomes fully operational.
The bank will continue to use its mortgage and real estate expertise while expanding into digital services, SME financing, wealth management, and trade financing. Commercial banking operations are expected to start in the fourth quarter of 2026.
Samuel Oni, Chairman of Abbey Mortgage Bank, said the approval is a key step toward the bank’s regional commercial banking goal. He noted that the capital raise is critical for securing the regional license and positioning the bank for its next phase of growth.
Abbey Mortgage Bank assured customers that their deposits remain protected under NDIC insurance coverage.