Central Bank of Nigeria (CBN) has approved the upgrade of Abbey Mortgage Bank Plc to a commercial banking institution, just as the new player in the sector fixed the fourth quarter of this year as date to commence full operations.

Making this disclosure, Wednesday, the mortgage bank said it had received regulatory approval from the CBN, just as it also informed the Nigerian Exchange (NGX) that the transition marks a major milestone in its growth strategy, enabling it to expand beyond mortgage financing into full commercial banking services.

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In the disclosure to the NGX, the new regional bank noted that preparations are already underway for the transition, including technology upgrades, infrastructure expansion and rebranding, with full operations expected to commence in the fourth quarter of 2026.

Abbey Mortgage Bank added that the conversion would allow it to broaden its product offerings, deepen financial inclusion and strengthen its capacity to serve retail, corporate and institutional clients across its designated regional markets.

It would be recalled that during the last CBN recapilisation exercise which ended in March, this year, the regulatory bank had set a minimum N50 billion as capital for regional commercial banks in the country.