CBN approves Abbey mortgage bank’s transition to commercial banking

Abbey Mortgage Bank Plc has announced a significant milestone in its corporate journey: the Central Bank of Nigeria has approved its conversion from a primary mortgage bank to a regional commercial bank. This strategic shift was formally communicated in a regulatory filing to the Nigerian Exchange Limited and other relevant authorities on Wednesday.

As part of this transition, the financial institution has officially changed its name from Abbey Mortgage Bank Plc to Abbey Bank Plc. This corporate rebranding follows a resolution passed by the bank's shareholders at an Extraordinary General Meeting held on January 24, 2025. The management views this conversion as a pivotal step in its ambitious expansion plans within Nigeria's dynamic financial services sector.

Earlier, Abbey Mortgage Bank Plc had outlined its intention to aggressively expand its digital ecosystem and bolster financial inclusion nationwide. This vision was reinforced during its 34th Annual General Meeting, themed “Shaping the Future,” which brought together shareholders, regulators, and the Board of Directors to chart the bank's strategic course and review its financial performance. Shareholders expressed strong support for the bank's direction, endorsing key resolutions for capital raising and dividend distribution.

Speaking on the bank's future direction, Managing Director and Chief Executive Officer Mobolaji Adewumi highlighted the importance of breaking down traditional banking barriers. "Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services," Adewumi stated. The new capital injection is intended to accelerate this transformation, enabling the bank to serve previously underserved demographics more effectively.

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Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services.