Abbey Bank Plc, formerly known as Abbey Mortgage Bank Plc, has said it would adopt a digital-first approach as it transitions into regional commercial banking.
To that effect, the bank said it is now advancing technology integration, strengthening operational processes and supporting the migration of customers to an enhanced core banking platform.
The bank’s Managing Director and Chief Executive Officer, Mobolaji Adewumi, who disclosed this, said digital banking remains a central pillar of the bank’s strategy to make financial services more accessible.
According to him, the bank would combine digital banking with its physical presence in eight locations. Adewumi said the bank had recruited professionals across treasury, trade finance, corporate banking, retail banking, electronic banking and risk management to support its new operations.
Adewumi said the decision to move beyond mortgage banking followed an assessment of financing opportunities across the housing value chain, including property developers, building material suppliers, importers and other related businesses.
Adewumi said the new licence would also help address the high cost of funds that has constrained mortgage lending by broadening the bank’s funding options, including through retail deposits.
The Executive Director of Finance, Risk and Operations, John Okonkwo, said the bank’s improved risk management framework had been central to its efforts to maintain a healthy loan portfolio.
He also disclosed that the bank had introduced an investor relations framework to enable minority shareholders to raise concerns and obtain relevant information. The board has three independent non-executive directors, he said.
Earlier in June this year, Nairametrics reported that Abbey Mortgage Bank Plc, had secured regulatory approval from the Central Bank of Nigeria (CBN) to convert into a commercial bank.
At the Annual General Meeting (AGM) held on May 26, 2026, shareholders approved a N164.5 billion private placement and authorised the board to raise an additional N100 billion through various equity and debt instruments, subject to regulatory approvals.
