JP Morgan has deposited $38 million with the Central Bank of Nigeria, CBN, as part of the requirements for securing a banking licence in the country.

Bloomberg disclosed this in a report on Tuesday.

Although the apex bank is yet to confirm the report, Bloomberg, quoting sources, said the move was aimed at enabling JP Morgan to establish its footprint in Africa’s financial sector.

Earlier, the Managing Director of JP Morgan West Africa, Dapo Olagunju, said the firm was targeting the commencement of operations of a merchant bank in Nigeria after meeting regulatory requirements before the end of 2026.

Recall that on September 15, 2026, JP Morgan included Nigeria in its new emerging markets index, boosting investors’ confidence in the Nigerian Exchange Limited, NGX.