The Central Bank of Kenya (CBK), in a press release, announced the authorization of American JPMorgan Chase Bank N.A. to kickstart its operation in Kenya under the existing local euthorization requirements.
CBK has affirmed that the US financial conglomerate, through it’s representative office, will serve as marketing and liaison offices and is not allowed to operate a banking business in the country.
“Under the Banking Act, Representative Ofces of foreign banks in Kenya, banks in Kenya serve as marketing and liaison offices for their parent banks and affiliates and are not permitted to undertake banking business. The JPMorgan Chase Bank N.A. Representative Office Kenya will operate in line with this requirement,” CBK stated.
With Kenya being a target extension in the East African region, JPMorgan has offices in several African countries, including South Africa, Nigeria, Botswana, Cameroon, Mali, and Morocco among others.
JPMorgan is also having wider global visibility, spanning more than 100 countries at the moment. CBK reiterated that the presence of the Representative Office in the country affirms Kenya’s standing as a premier financial service hub.
