The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria, paving the way for the American financial institution to expand its presence in the country.
The proposed institution, JPMorgan Merchant Bank Nigeria Limited, will focus on wholesale banking, capital markets and financial advisory services, according to Reuters’ report of October 23, 2026.
However, the approval is not a final banking licence. JPMorgan must meet the CBN’s outstanding regulatory requirements before commencing operations.
The development comes as Nigeria seeks to attract foreign investment and deepen its financial markets through ongoing banking sector reforms.
Sources: Reuters | BusinessDay
