JPMorgan Chase & Co. is reportedly close to securing a banking license in Nigeria, Africa’s largest economy. The move would support the bank’s strategy to expand across the continent and grow its share of trade finance, lending, payments and corporate banking.
JPMorgan’s push follows broader international expansion, including the growth of its retail banking operations in Europe. The bank currently has a representative office in Nigeria. A full banking license would allow it to offer clients in the country a wider range of products.