JP Morgan, the largest U.S. bank now has a regional branch in Nairobi, Kenya, expanding into one of Africa’s big tech hubs—Nigeria, Egypt, South Africa, and Kenya.
Before expanding operations to South Africa and Kenya, JP Morgan started out with establishing its regional offices in Nigeria and Egypt way back in 1960 and 1979.
The world’s sixth-largest bank by total assets has supported black-owned businesses in South Africa with $20m following its expansion to the southern region.
JP Morgan plans to manage all its businesses in the eastern part of Africa all the way from its new Nairobi office.
What opportunities are there for Africa?
That’s definitely a question that should be asked knowing that banks are globally profit-oriented.
Why is JP Morgan spreading its tentacles to Africa?
As drawn from Jamie Dimon’s interviews, CEO of JP Morgan, the largest US bank which is currently present in 100 countries around the world and a London EMEA headquarter, emphasized that the reason for making this big move into Africa is to help drive sustainable economic growth on the continent.
The eastern region is potentially looking at more job opportunities, the scaling up of local businesses, and foreign investment to boost the economy.
By Elijah Christopher