JPMorgan Chase & Co, the largest bank in the United States and a leading global financial services firm, has deposited N50 billion ($38 million) with the Central Bank of Nigeria as the U.S. banking giant moves closer to securing a license to expand its operations in Africa’s largest economy.

The deposit marks a significant step toward establishing a merchant-banking business in a market where corporate financing and cross-border transactions remain key opportunities.

The payment represents one of the final regulatory requirements in the licensing process, according to people familiar with the matter who requested anonymity because the discussions are private.

The move signals JPMorgan’s readiness to deepen its presence in Nigeria, where it currently operates a representative office in Lagos.

License decision draws closer

JPMorgan could receive approval by the end of 2026 or in early 2027, provided it secures the necessary regulatory clearances, the people said. The timeline remains uncertain, however, because the central bank has yet to make a final decision on the application.

Under Nigerian banking regulations, applicants must place capital in a designated account with the central bank as part of the licensing process.

The requirement helps demonstrate that a prospective lender has sufficient funds to support its planned operations and meet applicable regulatory obligations.

Nigeria offers a bigger opportunity

A banking license would allow JPMorgan to broaden its product offering in Nigeria and pursue more business in corporate banking, trade finance, lending and payments. The expansion would build on its existing presence in Lagos, the country’s commercial hub, and strengthen its ability to serve companies operating across African markets.

For JPMorgan, a deeper foothold in Nigeria would provide access to businesses involved in international trade, infrastructure investment and regional commerce.

A local banking operation could also improve its ability to develop relationships with Nigerian companies and institutions seeking financing and transaction services across borders.

Wall Street giant expands reach

Headquartered in New York, JPMorgan is the largest U.S. bank by assets and one of the world’s leading financial services companies.

Its businesses span investment banking, consumer and commercial banking, payment processing and asset management, serving corporations, governments, institutions and individual customers under the J.P. Morgan and Chase brands.

The bank reported $5.1 trillion in assets and $372 billion in stockholders’ equity as of Sept. 30, 2026. A Nigerian banking license would add another potential growth avenue to its international business, although the timing and scope of any expansion will depend on regulatory approval and the bank’s final operating plans.