Pecohub JPMorgan Chase & Co., the largest bank in the United States by assets, has deposited ₦50 billion (approximately $38 million) with the Central Bank of Nigeria (CBN) as part of its application for a merchant banking licence.
The deposit reportedly fulfils a key capital requirement and brings the bank closer to establishing a licensed merchant banking operation in Nigeria.
However, the payment does not guarantee approval, as the CBN still has to make its final decision.
According to Bloomberg, JPMorgan expects to secure the licence by the end of 2026 or in early 2027, subject to regulatory approval.
The proposed operation would expand the bank’s presence beyond its existing representative office in Lagos, potentially strengthening its involvement in corporate finance, lending, trade finance and payments.
The move forms part of JPMorgan’s broader strategy to expand its business across Africa
