JPMorgan Chase Secures Kenya License, CEO Jamie Dimon Announces African Expansion

Oct 16, 2024, 04:15 AM

JPMorgan Chase, the largest U.S. bank with over $4.1 trillion in assets, plans to enter Kenya and Côte d'Ivoire this year as part of its strategy to expand its footprint in Africa. CEO Jamie Dimon, who told Reuters about the expansion plans, is visiting Africa this week and will hold meetings in Kenya, Nigeria, South Africa, and Côte d'Ivoire. The Central Bank of Kenya has issued an operating license to JPMorgan Chase, granting it authority to establish a representative office in the country. Dimon stated that the bank aims to add a country or two in Africa every couple of years, targeting Kenya, Nigeria, and South Africa. This move will allow JPMorgan to support its clients' growth on the continent.