BANKING | JPMorgan Deposits Over ~$40 Million with Nigeria Central Bank Ahead of Banking Licence
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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.
Source: BitKE
