JPMorgan has received preliminary approval from the Central Bank of Nigeria (CBN) to establish a merchant bank in the country under the name JPMorgan Merchant Bank Nigeria Limited.
The move marks a notable development for Nigeria’s financial industry and signals continued international interest in the country’s markets and economic potential.
The CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, announced the Approval-in-Principle (AIP). He said the decision aligns with reforms designed to strengthen financial stability, improve market confidence and deepen Nigeria’s links with global capital markets.
The approval follows the completion of the banking sector recapitalisation exercise, which was intended to improve the capacity and resilience of Nigerian banks. It also forms part of the broader reform programme led by CBN Governor Olayemi Cardoso, focused on strengthening the financial system and rebuilding international confidence.
Cardoso said the CBN aims to create a stable, competitive and internationally connected financial system capable of supporting investment and economic growth. He added that the regulator welcomes the interest of international institutions and remains committed to maintaining reforms and improving the credibility of Nigeria’s markets.
The AIP is not a final licence, Akuka clarified. Before it can begin operations, JPMorgan Merchant Bank Nigeria Limited must meet outstanding regulatory requirements, including incorporation with the Corporate Affairs Commission and completion of the necessary operational arrangements.
If the process is completed successfully, JPMorgan’s entry could broaden the range of financial services available in Nigeria and contribute to the country’s evolving financial sector.
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