JPMorgan Deposits N50bn for Nigerian Banking Licence

JPMorgan Chase & Co has lodged a deposit of N50bn (approximately $38 million) with the Central Bank of Nigeria as part of its application for a merchant banking licence. This deposit fulfills a significant regulatory requirement and indicates the bank's readiness to establish a licensed banking operation in Nigeria.

However, the deposit does not guarantee approval, as the Central Bank of Nigeria has yet to make a final decision on the application. Sources familiar with the process indicated that the bank anticipates receiving approval by the end of 2026 or early 2027, contingent on the regulator's decision.

The proposed banking operation would represent a major expansion for JPMorgan in Nigeria, where it has historically advised on financial transactions through its representative office in Lagos. A merchant banking licence would allow JPMorgan to enhance its financial services in Nigeria, particularly in corporate banking, lending, trade finance, and payments.