JPMorgan Chase, the largest U.S. bank, is expanding its presence in Africa, with plans to enter Kenya and Ivory Coast this year, CEO Jamie Dimon told Reuters. The bank aims to grow its footprint across the continent by adding a new country every few years. In Kenya and Ivory Coast, the focus will be on commercial and investment banking, treasury services, and potentially lending, though there are no immediate plans to offer asset and wealth management services.
Dimon will shortly visit Kenya, Nigeria, and South Africa to strengthen local relationships and gain insight into the markets. He emphasized that having a local presence is essential for building partnerships with governments and multinationals. Despite challenges in entering saturated markets like Kenya, where there are 40 banks serving a population of 50 million, Dimon sees long-term potential. JPMorgan’s expansion aligns with broader efforts by global banks to capture growth in Africa’s fastest-growing regions.
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