JPMorgan deposits $38 million with the central bank of Nigeria ahead of banking licence.

JPMorgan Chase has deposited 50 billion naira ($38 million) with the Central Bank of Nigeria as it moves closer to securing a merchant banking licence, Bloomberg has reported.

The deposit meets a key regulatory requirement and signals the U.S. bank’s readiness to expand beyond its existing representative office in Lagos into a licensed banking operation.

JPMorgan expects to secure approval by the end of 2026 or early 2027, subject to the central bank’s decision. The licence would expand its ability to pursue corporate banking, trade finance, lending and capital-markets business in Africa’s largest economy.

JPMorgan had declined to comment on the developments.

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