JPMorgan Moves Closer to Opening a Bank in Nigeria After Central Bank Deposit

JPMorgan Chase deposited 50 billion naira (about $38 million) with Nigeria’s Central Bank as it moves toward a merchant banking licence, Bloomberg reported. The deposit meets a capital requirement for nationally authorized merchant banks, but does not guarantee approval. The lender expects a decision by the end of 2026 or early 2027, subject to the central bank’s review. JPMorgan currently operates a representative office in Lagos and hopes a licence will allow broader local banking services.