- Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, received CBN approval to operate as a regional commercial bank.
- The bank plans to expand into retail banking, SME lending, trade finance and corporate banking from November 2026.
- Abbey Bank reported a profit before tax of N3.12 billion in 2025 and is targeting a national banking licence within two to three years.
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Abbey Bank Plc will launch full commercial banking operations in November 2026, marking a significant shift for the lender, which has operated as a mortgage bank for more than three decades.
The Central Bank of Nigeria (CBN) granted the bank approval to function as a regional commercial bank, opening the door for it to serve retail customers, small and medium-sized enterprises and corporate clients.
Source: UGC
The commercial banking licence was issued in June 2026, following the completion of the bank's 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, with regulatory approval arriving 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 currently upgrading its technology systems and strengthening operational capacity ahead of the November launch.
Abbey Bank records higher profit
The transition follows a strong financial showing in 2025, when the bank's profit before tax climbed to N3.12 billion from N1.22 billion the previous year.
Management said the improved performance provides a solid base for competing in the broader commercial banking market, The Sun reports.
Abbey Bank's new service offerings will include trade finance, business loans and individual banking products.
The bank also 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.
Despite the broader expansion, the bank said it would preserve its focus on construction finance, housing delivery and infrastructure-related activities, building on its existing expertise in mortgage financing and real estate development.
Bank targets national licence
Abbey Bank currently holds a regional commercial banking licence but has set its sights on a national licence within two to three years.
Achieving that would require additional capital to support operations across a wider geographical footprint and allow the bank to handle larger transactions, Punch reports.
Source: Getty Images
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 stand out through faster decision-making, stronger customer relationships and a deeper understanding of clients' business needs, while keeping risk management and regulatory compliance at the centre of its strategy as it moves into new market segments.
Paystack microfinance bank begins operations
Earlier, Legit.ng reported that Nigerian fintech company Paystack marked its 10th anniversary with the launch of Paystack Microfinance Bank (MFB), following its acquisition of Ladder Microfinance Bank.
Founded in Nigeria a decade ago to simplify payments for businesses, Paystack has expanded from a single payments product into a platform operating across five African countries.
Source: Legit.ng