JPMorgan Chase & Co has linked its planned expansion in Nigeria to the impact of economic reforms and the quality of banking regulation, as the United States lender moves closer to securing a merchant banking licence from the Central Bank of Nigeria.
The bank has deposited N50bn, equivalent to about $38m, with the CBN as part of the requirements for its licence application, according to a Bloomberg report on Tuesday.
The Managing Director of JPMorgan West Africa, Dapo Olagunju, said the country’s reform programme and regulatory framework were key considerations behind the lender’s decision to deepen its presence in the market.
“The level of reforms and the impact of the reforms is why we are expanding in Nigeria. We are also very impressed with the quality of banking regulations at the central bank,” Olagunju said.
The bank is targeting approval by December 2026 or early 2027, although the final decision
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