Jp Morgan To Secure Merchant Banking License In Nigeria Report

JP Morgan is reportedly moving forward with its objective to upgrade its Lagos representative office into a fully operational business branch, reinforcing its long-term expansion strategy in Africa.

The American banking giant, which has maintained a presence in Nigeria since the 1980s, is said to be preparing to submit an application to the Central Bank of Nigeria CBN for a merchant banking license in the coming months, according to reporting by Africa Intelligence .

The New York-based financial powerhouse, overseen in Nigeria by Dayo Olagunju, aims to broaden its range of services beyond advisory and asset management by introducing dollar-denominated loans for major corporations.

In October 2024, CEO Jamie Dimon visited Nigeria, where he engaged in discussions with CBN Governor Olayemi Cardoso. His African tour also included stops in South Africawhere JP Morgan runs a subsidiaryand Kenya. Before embarking on this trip, Dimon told Reuters of his vision to establish or strengthen the banks presence across Africa by strategically expanding into new markets every few years.

JP Morgan has already set up offices in Abidjan and Nairobi, further underlining its commitment to regional growth.