JP Morgan opens Kenya office, now operational in Africa's big four tech hubs | TechCabal

JP Morgan, America’s and the world’s largest bank by market capitalization which is headquartered in New York, now has a regional office in Nairobi, Kenya. 

This move further underscores the African ambitions of the American banking giant  as it is now present in Nigeria, Egypt, South Africa, and now Kenya—the big four as they are colloquially called due to their highly developed tech ecosystems. JP Morgan’s history in Nigeria and Egypt dates back to 1960  and 1979 respectively, while the bank recently debuted in South Africa.

The bank will oversee its East African businesses and operations from its new Nairobi regional office. According to a 2018 interview of the bank’s CEO Jamie Dimon reposted on Kenyan Wall Streets, this move was a five-year process due to regulatory issues. In that interview, Dimon stated that the bank had hired a special team of bankers to help coordinate and expand the bank’s relationships in Africa, especially in Kenya and Ghana.  

Dimon had expressed the bank’s interest in expanding its services and targeting large multinationals who are not well-served by local investment banking firms due to a lack of expertise in handling large transactions.

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William Ruto, Kenya’s President, was reported to have hailed the development as a “vote for Kenya’s emerging success in the global marketplace.” Ruto is also reported to have met with the bank’s vice-chairman and global head of public sector group, Daniel Zelikow, and they discussed the need for development financing to be responsive to climate change. 

JP Morgan, present in 100 countries around the world and a London EMEA headquarter, has expressed its commitment to help drive sustainable economic growth in the region. Judging by the development work the bank has done on the continent, its entry into East Africa is expected to create job opportunities, help build sustainable local business, and attract more foreign investment to the country. 

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Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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