The Central Bank of Nigeria Has Granted Jpmorgan approval-in-principle to establish a merchant bank in the country, paving the way for the American financial services giant to expand its institutional operations.

The proposed subsidiary, JPMorgan Merchant Bank Nigeria Limited, must meet regulatory requirements and obtain a final banking licence before commencing operations.

In a statement on Friday, the CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, said the approval reflected growing international interest in Nigeria’s financial sector.

He added that the development followed banking sector recapitalisation and other reforms aimed at strengthening financial stability, boosting investor confidence and deepening the country’s integration with global capital markets.

The apex bank stressed that the approval-in-principle does not authorise JPMorgan to begin operations.

The proposed subsidiary must complete registration with the Corporate Affairs Commission and satisfy all applicable regulatory and operational requirements before receiving a final licence.

CBN Governor Olayemi Cardoso said the bank’s reforms were designed to attract investment and support economic growth.