JPMorgan has deposited 50 billion naira ($38 million) with the Central Bank of Nigeria, moving closer to obtaining a banking license in Africa’s most populous country. According to Sina Finance, unnamed sources said the deposit is one of the final regulatory requirements before approval and would allow the bank to conduct merchant banking business in Nigeria if its application is approved. The bank expects to receive a license by the end of 2026 or early 2027 if approvals proceed smoothly, though success is not guaranteed and the final decision rests with the central bank. JPMorgan declined to comment, and a central bank spokesperson had not responded to a request for comment.