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Central Bank of Nigeria approves Abbey Mortgage Bank's conversion to commercial bank

The Central Bank of Nigeria has approved the conversion of Abbey Mortgage Bank Plc from a primary mortgage bank to a regional commercial bank. This was announced in a regulatory filing submitted to the Nigerian Exchange Limited. As part of this transition, the financial institution has also changed its corporate name from Abbey Mortgage Bank Plc to Abbey Bank Plc, a resolution passed by shareholders at an Extraordinary General Meeting on January 24, 2025. The management views this as a significant milestone in the bank’s expansion plans within the Nigerian financial services sector. Earlier, Abbey Mortgage Bank Plc had outlined plans to expand its digital ecosystem and enhance financial inclusion after its 34th Annual General Meeting. During this meeting, shareholders supported the bank's vision, approving a capital raise and a dividend payout. The new capital injection aims to accelerate the bank’s transformation into a more robust financial services provider, reaching previously underserved demographics. Mobolaji Adewumi, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, stated that the institution's future involves breaking down conventional banking barriers and delivering seamless, digitally driven banking experiences.