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JPMorgan Chase & Co. has deposited ₦50 billion, approximately $38 million, with the Central Bank of Nigeria as the US banking giant moves closer to securing a banking licence in Nigeria.
The deposit represents one of the final regulatory requirements in JPMorgan’s application process and signals the lender’s readiness to establish a merchant-banking operation in Africa’s most populous country if approval is granted.
People familiar with the process said the funds were deposited with the Central Bank of Nigeria as part of the regulatory steps required before a licence can be issued. The sources asked not to be identified because the application process remains private.
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A successful application would expand JPMorgan’s presence in Nigeria’s financial services sector and give the global lender a stronger platform to serve corporate and institutional clients.
Nigeria has continued to tighten regulatory requirements across its banking industry, with the Central Bank of Nigeria pushing lenders to strengthen their capital positions and improve financial resilience. The regulator has previously introduced higher capital requirements for banks operating in the country.
JPMorgan, one of the world’s largest financial institutions, already operates across several international markets. Securing a Nigerian merchant banking licence would deepen its participation in the country’s financial system and could increase competition in corporate banking, investment services and other institutional financial operations.
The application remains subject to approval by the Central Bank of Nigeria.
