American multinational finance company JPMorgan Chase has been issued a license to operate in Kenya. According to media reports, on Monday, October 14, the Central Bank of Kenya (CBK) revealed that it has given JPMorgan Chase approval to build a representative office within Kenya.

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This comes ahead of a planned visit by JPMorgan Chase CEO Jamie Dimon. The bank's CEO is scheduled to visit four African nations, including Kenya.

A statement by the CBK noted that the JPMorgan Chase representative office will help diversify Kenya's banking industry and stimulate investment and commerce.

"The JPMorgan Chase bank representative office Kenya will contribute to the diversity of Kenya’s financial setor and catalyze trade and investment,” the statement read.

"Additionally, the authorization of the Representative Office affirms Kenya’s standing as a premier financial service hub,” the statement added.

JPMorgan already has offices in South Africa and Nigeria where it offers asset and wealth management and well as commercial and investment banking services.