Market Chatter: JPMorgan Chase Advances Nigeria Expansion With Central Bank Deposit

04:39 AM EDT, 10/20/2026 (MT Newswires) -- JPMorgan Chase (JPM) deposited 50 billion naira ($38 million) with Nigeria's central bank as it advances its application for a license to operate a merchant bank in the country, Bloomberg reported Tuesday, citing people familiar with the matter. The deposit is one of the final regulatory requirements for approval. JPMorgan expects to receive the license by the end of 2026 or early 2027, according to the report. JPMorgan aims to expand its trade finance, lending, payments and corporate-banking services in Nigeria, where it currently operates a representative office in Lagos, Bloomberg added. JPMorgan Chase did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)