Abbey Bank to Start Full Commercial Banking in November 2026 After CBN Licence

Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, will begin full commercial banking operations in November 2026. The Central Bank of Nigeria (CBN) has approved its move to operate as a regional commercial bank.

The licence opens retail banking, small and medium-sized enterprise lending, trade finance and corporate banking to the lender. Abbey Bank had operated as a mortgage bank for more than three decades.

Licence and timeline

The commercial banking licence was issued in June 2026 after the bank completed its capital-raising process. Managing Director and Chief Executive Officer Mobolaji Adewumi said the bank began internal discussions on the transition in 2023 and submitted a formal application in 2024. He said regulatory approval arrived in October 2024.

Adewumi said: "The year 2026 represents a defining moment in the history of Abbey. 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."

He added that the bank is upgrading its technology systems and strengthening operational capacity ahead of the November launch.

Profit and services

Abbey Bank reported a profit before tax of N3.12 billion in 2025, up from N1.22 billion in the previous year. Management said the improved performance provides a solid base for competing in the wider commercial banking market.

The bank's new offerings will include trade finance, business loans and individual banking products. It plans to upgrade its mobile banking application and corporate banking platform, migrate customers to an enhanced core banking system and explore artificial intelligence integration in its digital services.

Abbey Bank said it will keep its focus on construction finance, housing delivery and infrastructure-related activities. That builds on its experience in mortgage financing and real estate development.

National licence ambition

Abbey Bank currently holds a regional commercial banking licence. It is targeting a national banking licence within two to three years.

Reaching that goal would require additional capital to support operations across a wider geographical footprint and to handle larger transactions. Management pointed to capital market instruments such as commercial papers and bonds as likely funding tools as its financing needs grow.

Adewumi said the bank intends to compete through faster decision-making, stronger customer relationships and a deeper understanding of clients' business needs. He said risk management and regulatory compliance will remain central as the bank enters new market segments.

The shift takes Abbey Bank into retail and SME lending, two segments where Nigerian banks face growing demand. Its ability to fund the national licence ambition and manage risk in new segments will shape how far it can compete beyond mortgage lending.