The Central Bank of Kenya (CBK) has given JPMorgan Chase Bank, one of the world’s largest banks, the green light to open a representative office in Kenya. This move signals the U.S. based bank’s plans to expand its influence in Kenya and the wider East African region.

While the representative office won’t offer direct banking services, it will serve as a crucial link between JPMorgan Chase and the local financial market. The CBK emphasized that the bank’s role will focus on marketing and liaising with its parent company in the U.S, following regulations under Kenya’s Banking Act.

With operations in over 60 countries, JPMorgan Chase is known for its wide range of services, from asset management to investment banking and financial technology. This new office will open the door to fresh business opportunities in Kenya and across East Africa.

“The JPMorgan Chase Bank N.A. Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyse trade and investments,” the CBK stated, highlighting the positive impact on the country’s growing status as a financial hub.

For Kenya, this marks another step toward becoming a key player in global finance.