JPMorgan deposits N50 billion with CBN as Nigeria banking licence bid advances
JPMorgan Chase & Co., the largest bank in the United States by assets, has deposited N50 billion ($38 million) with the Central Bank of Nigeria (CBN) as it advances its application for a merchant banking licence in…
JPMorgan Chase, the largest bank in the United States by assets, has long served Nigerian corporates and the federal government through offshore operations, including its role in Nigeria's inclusion in emerging-market bond indices. A move to establish an onshore presence would mark a significant vote of confidence in Nigeria's financial sector reforms, coming after years of foreign banks scaling back or exiting the market amid currency volatility and macroeconomic uncertainty. The Central Bank of Nigeria requires prospective merchant banks to meet minimum capital and deposit requirements as part of its licensing process, part of broader efforts to strengthen the capital base of banks operating in the country following its recapitalisation drive.
Both Nairametrics and ThisDay agree that JPMorgan has deposited N50 billion (about $38 million) with the CBN as part of its bid for a merchant banking licence, a key procedural step in Nigeria's bank licensing framework. ThisDay adds that the bank is targeting approval by the end of 2026, offering a clearer timeline than other reports. Neither outlet details what specific services JPMorgan plans to offer once licensed, how the move fits into its broader Africa strategy, or whether the application still faces further regulatory review before final approval.