JPMorgan Chase has deposited 50 billion naira ($38 million) with the Central Bank of Nigeria, meeting one of the final requirements for a merchant banking license in the country. The amount matches the minimum capital threshold raised from 15 billion naira under reforms introduced in March 2024. JPMorgan expects approval by the end of 2026 or early 2027, though the central bank has not made a final decision. If granted, the license would allow the New York-based bank to offer corporate lending, trade finance and payments to businesses and institutional clients, without entering retail banking. JPMorgan currently has a representative office in Lagos but no banking license, and declined to comment.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Nigeria : JPMorgan Deposits $38m With Nigeria Central Bank As It Nears Launch
Read the original on allafrica.com ↗
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JPMorganbanksNigeriacentral bank
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Related tickers and likely impact
JPM
• NeutralJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $891.9B |
| Close on 10/20/2026 | 335.26 |
| Change that session | +0.52% |
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