JPMorgan Chase & Co has deposited N50bn with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Africa’s largest economy.
The deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria, Bloomberg reported on Tuesday.
However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.
People familiar with the process, who asked not to be identified because the matter is private, said the deposit was one of the final regulatory requirements for the licence. They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.
The report read, “JPMorgan Chase & Co. deposited 50 billion naira ($38 million) with the Central Bank of Nigeria as it moves closer to securing a banking license in Africa’s most populous nation, according to people familiar with the matter.
“The deposit, one of the final regulatory requirements for obtaining approval, signals the largest US lender’s readiness to launch a merchant-banking operation in Nigeria should its application be approved, said the people who asked not to be identified because the process is private.”
The report added that JPMorgan declined to comment on the development, while a CBN spokesman did not immediately respond to a request for comment, according to Bloomberg.
