JPMorgan deposits $38m with CBN, edges closer to Nigeria banking licence

VIA BLOOMBERG ON X:

PMorgan Chase has moved closer to launching banking operations in Nigeria after depositing 50 billion nairas — equivalent to approximately $38 million — with the Central Bank of Nigeria (CBN), Bloomberg reported on Tuesday. The deposit marks a concrete step in the US bank’s application for a Nigerian operating licence, although final regulatory approval remains pending.

The American institution intends to establish a merchant bank in West Africa’s largest economy, with the goal of beginning operations before the end of 2026. The project remains conditional on the completion of all regulatory requirements. JPMorgan declined to comment on the deposit.

The move forms part of a broader strategy to deepen the group’s footprint across African markets and could expand the range of financial services available to large Nigerian corporates and institutional investors.