JPMorgan lodges N50bn with CBN for banking licence

JPMorgan Chase & Co has deposited N50bn with the Central Bank of Nigeria (CBN) as part of its efforts to secure a merchant banking licence and expand its operations in Nigeria. The deposit, valued at about $38m, meets a key requirement in the American lender's application and signals its readiness to establish a licensed banking operation in Africa's largest economy. However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.