According to people familiar with the matter, J.P. Morgan Chase has deposited 50 billion naira with the Central Bank of Nigeria, one step further towards obtaining a banking license in Africa's most populous country. People familiar with the matter, who did not wish to be named, said that this security deposit was one of the last regulatory requirements before approval, indicating that the largest bank in the US is ready; once the application is approved, it can start merchant banking business in Nigeria. People familiar with the matter said that if all approvals go well, the bank is expected to obtain a license by the end of 2026 or the beginning of 2027. However, J.P. Morgan Chase may not be successful; the final decision remains with the Central Bank of Nigeria. J.P. Morgan declined to comment, and a Bank of Nigeria spokesperson has yet to respond to a request for comment.

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