JP Morgan deposits $38m with CBN for licence to operate banks in Nigeria

JP Morgan has deposited $38 cardinal with the Central Bank of Nigeria, CBN, arsenic portion of the requirements for securing a banking licence successful the country.

Bloomberg disclosed this successful a study connected Tuesday.

Although the apex slope is yet to corroborate the report, Bloomberg, quoting sources, said the determination was aimed astatine enabling JP Morgan to found its footprint successful Africa’s fiscal sector.

Earlier, the Managing Director of JP Morgan West Africa, Dapo Olagunju, said the steadfast was targeting the commencement of operations of a merchant slope successful Nigeria aft gathering regulatory requirements earlier the extremity of 2026.

Recall that connected September 15, 2026, JP Morgan included Nigeria successful its caller emerging markets index, boosting investors’ assurance successful the Nigerian Exchange Limited, NGX.

JP Morgan deposits $38m with CBN for licence to run banks successful Nigeria