JPMorgan to Launch Merchant Bank in Nigeria by 2026

JPMorgan is set to establish a merchant bank in Nigeria, with operations anticipated to commence before the end of 2026, contingent upon regulatory approval. This plan was announced by the bank’s West Africa managing director.

To facilitate this, JPMorgan has deposited N50 billion (approximately $38 million) with the Central Bank of Nigeria as part of its application for a merchant banking license. Approval from the central bank is expected by the end of 2026 or early 2027, making the timeline for launch tight.

JPMorgan's predecessor, Chase Manhattan, opened a branch in Lagos in 1961 and a representative office in 1982, indicating a long-standing presence in the region. The merchant bank will focus on corporate clients, investment banking, and financial transactions, rather than retail banking.

The license will enable JPMorgan to serve companies seeking financing, manage cross-border transactions, and support capital raising, potentially increasing competition in corporate finance and investment banking in Nigeria.