American giant firm set to enter Nigeria, compete with UBA, Zenith, Access, others

• JP Morgan intends to grow its footprint successful Nigeria by converting its typical bureau successful Lagos into a afloat operational concern branch
• In the adjacent months, it plans to use for a Central Bank of Nigeria (CBN) commercialized banking license
• In Abuja, JP Morgan officials met with Wale Edun, the Coordinating Minister of the Economy and Nigeria's Minister of Finance

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

By turning its typical bureau successful Lagos into a afloat functional concern branch, JP Morgan plans to summation its beingness successful Nigeria.

JP Morgan plans to alteration its Nigerian typical bureau into a fully-fledged branch. Photo Credit: Contributor
Source: UGC

The US banking behemoth, which has operated successful Nigeria since the 1980s, intends to question for a commercialized banking licence from the Central Bank of Nigeria (CBN) successful the upcoming months, according to a study released by Africa Intelligence.

The study noted:

“Present successful Lagos since the 1980s, US slope JP Morgan plans to alteration its Nigerian typical bureau into a fully-fledged branch.“The New York-based fiscal institution, managed successful Nigeria by Dapo Olagunju, volition use to the Central Bank of Nigeria (CBN) for a merchant banking licence successful the coming months.”

JP Morgan refused to remark erstwhile approached, according to the article.

If it proves effective, the recently formed institution would supplement its existent advising and plus absorption activities by offering dollar-denominated loans for large businesses.

This enactment is successful enactment with JP Morgan's and CEO Jamie Dimon's overarching program to summation the bank's footprint passim Africa.

When Dimon traveled to Nigeria successful the mediate of October, helium met with Olayemi Cardoso, the politician of the CBN. He besides visited South Africa, wherever JP Morgan has a business, and Kenya arsenic portion of his African tour. Prior to this journey, Dimon told Reuters that helium wanted to grow the bank’s beingness connected the continent by “adding a state oregon 2 each mates of years.”

Furthermore, successful January, JP Morgan executives met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, successful Abuja.

Olagunju spearheaded the engagement, which was a constituent of a larger effort to pull investors and stress Nigeria's dedication to market-driven reforms.

Therefore, the gathering was a portion of JP Morgan's continuous efforts to nexus organization investors with important holdings successful Nigeria's Eurobonds and section securities, according to a connection from Mohammed Manga, Director of Information and Public Relations successful the Ministry of Finance.

“The delegation, which included large investors with important holdings successful Nigeria’s Eurobonds and section securities, was portion of an exploratory sojourn organised by JP Morgan for a divers radical of planetary organization investors seeking insights into the nation’s economical landscape,” the connection read.

The engagement with JP Morgan underscores Nigeria’s proactive attack to deepening capitalist confidence. Photo credit: Contributor
Source: Getty Images

It added that the league demonstrated Nigeria's proactive strategy for drafting successful planetary superior and promoting economic expansion.

“The engagement with JP Morgan underscores Nigeria’s proactive attack to deepening capitalist assurance and strengthening its economical fundamentals. As the state pushes up with structural reforms, it is positioning itself arsenic a cardinal concern destination successful Africa’s evolving fiscal landscape,” it had stated.

Nigerian slope ends online transportation charges

Legit.ng reported that Sterling Bank has announced that it volition nary longer complaint transfer fees for section online transactions. The slope is besides encouraging different Nigerian banks to adopt the aforesaid policy.

The announcement was archetypal made connected Tuesday, April 1, 2025, via X (formerly Twitter).

In its tweet, Sterling Bank tagged First Bank, Fidelity Bank, UBA, Access Bank, GTBank and StanbicIBTC, calling them to bash the same.

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Source: Legit.ng