JPMorgan Chase & Co. has taken a significant step toward launching operations in Nigeria after depositing 50 billion naira ($38 million) with the Central Bank of Nigeria. This move is part of the final regulatory requirements for securing a banking license in Africa’s most populous nation.
The deposit signals the largest US lender’s readiness to introduce a merchant-banking operation in Nigeria, pending approval of its application. The process remains private, with sources familiar with the matter requesting anonymity due to its confidential nature.
If approved, JPMorgan’s entry into Nigeria would mark a major expansion of its presence in the African market. The bank has been working closely with Nigerian regulators to meet all necessary conditions for obtaining the license.