JPMorgan Chase & Co., the largest bank in the United States by assets, has deposited N50 billion with the Central Bank of Nigeria (CBN) as it awaits approval for a merchant banking licence to expand its operations in Nigeria.
According to Bloomberg, which cited people familiar with the matter, the deposit is among the final regulatory requirements for the proposed licence. The CBN, however, retains the final decision on whether to approve the application.
JPMorgan reportedly expects to secure the licence by the end of 2026 or early 2027, subject to regulatory approval.
If approved, JPMorgan would rank among the biggest foreign banking institutions operating in Nigeria, expanding competition in corporate banking, trade finance, foreign-currency lending and cross-border payments.
The bank currently operates a representative office in Lagos. A merchant banking licence would allow it to broaden its services to Nigerian corporations, facilitate international transactions and potentially provide dollar-denominated loans.
The move is part of JPMorgan’s broader strategy to strengthen its corporate and investment banking operations across Africa.
However, meeting the licensing requirements does not automatically guarantee approval, as the final decision rests with the CBN.
Discover more from The Source
Subscribe to get the latest posts sent to your email.
