JPMorgan Chase & Co. has deposited ₦50 billion ($38 million) with the Central Bank of Nigeria (CBN) as it moves closer to securing a banking license, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The deposit is one of the final regulatory requirements for approval and signals the US lender’s readiness to establish a merchant-banking operation in Nigeria, provided its application is approved. The people spoke on condition of anonymity because the process is private.
JPMorgan plans to launch the operation before the end of 2026, expanding its presence in Nigeria’s financial services sector as the country seeks to attract international capital and deepen its financial markets.
The proposed entry follows years of engagement with Nigerian financial institutions and businesses, alongside the bank’s broader strategy to expand its commercial and investment banking capabilities across Africa.
Regulatory approval and investment outlook
JPMorgan’s planned entry comes as Nigerian authorities seek to strengthen the country’s position as a destination for international investment.
The bank previously hosted the Nigeria-Asia Financial Connectivity Dialogue, which brought together financial sector stakeholders and Nigerian authorities to discuss cross-border financial links and investment opportunities.
Central Bank Governor Olayemi Cardoso has emphasized the importance of maintaining a stable environment to sustain and expand international investment in Nigeria.
JPMorgan’s deposit represents a significant step in its licensing process, although the proposed merchant bank remains subject to regulatory approval.
JPMorgan’s long history in Nigeria
JPMorgan’s connection to Nigeria dates back to 1961, when its predecessor, Chase Manhattan Bank, opened a branch in Lagos to provide commercial banking services to local businesses and individuals.
The institution established a representative office in Nigeria in 1982. Chase Manhattan later became part of the modern JPMorgan Chase group through its 2000 merger with J.P. Morgan & Co.
The bank’s corporate history places these milestones within a wider institutional legacy involving more than 1,200 predecessor institutions.
A new merchant-banking operation would mark a further development in that relationship, positioning the group to pursue opportunities in Nigeria’s corporate and financial markets, subject to the scope of its eventual licence.
African expansion strategy
Nigeria forms part of JPMorgan’s broader strategy to expand its presence across selected African markets. In October 2024, Chief Executive Jamie Dimon told Reuters: “We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so.”
At the time, the bank was considering expansion into Kenya and Côte d’Ivoire, with an emphasis on commercial and investment banking and treasury services.
A Nigerian merchant bank would extend that strategy into one of the continent’s major financial and commercial centres, potentially strengthening the bank’s ability to serve corporate clients and facilitate cross-border transactions.
Continued involvement in Nigeria-linked transactions
JPMorgan has also maintained involvement in financial transactions connected to Nigerian businesses. In May 2026, Bloomberg reported that the bank was among three financial institutions engaged by payments company OPay as it prepared for a potential initial public offering in the United States targeting a valuation of about $4 billion.
The proposed listing highlighted the growing international financing ambitions of Nigeria-linked technology and financial services companies.
JPMorgan’s planned merchant-banking operation would deepen its direct institutional presence in the market. Its eventual activities will depend on regulatory approval and the terms of the licence granted by the Central Bank.
Source: Africaneconomyinc