JPMorgan Chase has deposited ₦50 billion, equivalent to about $38 million, with the Central Bank of Nigeria (CBN) as it moves closer to securing a licence to operate a merchant bank in Nigeria....
JPMorgan Chase has deposited ₦50 billion, equivalent to about $38 million, with the Central Bank of Nigeria (CBN) as it moves closer to securing a licence to operate a merchant bank in Nigeria.
The deposit represents a key step in the United States banking giant’s application to expand its operations in Africa’s largest economy, according to a Bloomberg report published on Tuesday.
People familiar with the matter said the deposit was one of the final regulatory requirements for obtaining approval, although the CBN must still grant the licence before the proposed operation can begin.
The sources, who requested anonymity because the process is private, said JPMorgan expects to secure approval by the end of 2026 or early 2027, subject to regulatory clearance.
The proposed merchant banking operation would expand the bank’s presence beyond its existing representative office in Lagos, through which it serves clients in Nigeria and across sub-Saharan Africa.
JPMorgan has long been involved in Nigeria’s financial markets, advising governments and companies on transactions, including Eurobond issuances.
Its planned expansion comes amid continuing international interest in Nigeria’s financial sector and efforts to strengthen the country’s investment and banking landscape.
However, the deposit does not amount to final approval, and the bank’s proposed operations remain subject to the CBN’s decision.
Neither JPMorgan nor the CBN had publicly confirmed the expected licensing timeline in the report.