The image showcases Nigeria’s urban financial hub with tall buildings and vibrant city life.
JPMorgan Chase has deposited about $38 million with Nigeria’s central bank, bringing it closer to securing a banking license. The deposit is among the final regulatory requirements for approval as Nigerian regulations require banking license applicants to deposit capital in a dedicated account to demonstrate their ability to fund planned operations. The move demonstrates the US lender’s readiness to establish a merchant-banking operation in Africa’s most populous country. JPMorgan Chase expects to receive a decision by late 2026 or early 2027, though nothing is guaranteed. The step is part of JPMorgan’s wider push in Africa to win more trade finance, lending, payments, and corporate banking. The lender has also strengthened its regional investment-banking leadership, appointing executives to oversee operations across sub-Saharan Africa.