JPMorgan Chase & Co. has deposited ₦50 billion (~$38 million) with the Central Bank of Nigeria (CBN), fulfilling a mandatory statutory capital and security deposit requirement to obtain a merchant banking license.
The move marks the transition of the largest U.S. bank from a long-standing representative office structure into an onshore merchant banking entity in Africa’s third largest economy.
Following public statements by Dapo Olagunju, Managing Director and Head of West Africa at JPMorgan, the firm expects to receive final regulatory approval and launch full merchant banking operations by late 2026 or early 2027.
Under Nigerian banking regulations, applicants are required to place capital in a dedicated account with the central bank as part of the licensing process, demonstrating that sufficient funds are available to support planned operations.
The move marks the latest step in JPMorgan’s expansion across Africa, where the lender is seeking a larger share of trade finance, lending, payments and corporate-banking business.
The New York-based firm currently operates a representative office in Lagos, Nigeria’s commercial capital, and wants a banking license to broaden its product offering in the country.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
 with the CBN fulfilling a statutory capital and security deposit for a banking license.){kind=link}