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JPMorgan Gets Closer to Clinching Nigerian Banking License

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JPMorgan Gets Closer to Clinching Nigerian Banking License

J.P. Morgan Chase is reportedly getting closer to obtaining a banking license in Nigeria.

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The largest U.S. bank has deposited 50 billion naira ($37.5 million) with the Central Bank of Nigeria, Bloomberg News reported Tuesday (Oct. 20), citing sources familiar with the matter.

The deposit, one of the last regulatory requirements for clinching approval, shows J.P. Morgan’s readiness to open a merchant banking business in Africa’s most populous county, the sources told Bloomberg.

The sources added that J.P. Morgan expects to receive the license by the end of this year or in early 2027, though there are no guarantees of its approval, as the central bank still hasn’t made its decision.

According to the report, Nigeria’s banking regulations for license approval require applications to deposit capital in a dedicated central bank account to show they have enough funds to support their operations.

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Bloomberg notes that the move marks the latest phase in J.P. Morgan’s expansion in Africa, as the lender tries to capture a larger portion of trade finance, lending, payments and corporate-banking business.

The bank now has a representative office in Lagos, Nigeria’s commercial capital, and wants a banking license to widen its product offering in the country, the report said.

P. Morgan was planning to expand its retail banking operations in Europe.


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