Nigerian outlets reported on Tuesday that JPMorgan Chase deposited N50 billion (about US$37.5 million) with the Central Bank of Nigeria (CBN), one of the final requirements for its bid to obtain a merchant banking licence. Citing unnamed sources, the reports say JPMorgan hopes for approval by the end of 2026 or in early 2027, but the CBN has published no approval and JPMorgan declined to comment. A licence would let JPMorgan turn its Lagos representative office into a full unit offering lending, trade finance, payments and dollar loans to large companies. The deposit meets the capital requirement for a national merchant bank, though it does not by itself guarantee approval.
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JPM
• NeutralJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $891.9B |
| Close on 10/20/2026 | 335.39 |
| Change that session | +0.56% |
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