Vista Bank eyes controlling stake in ACEP Cameroon

Vista Bank, part of Vista Group, a financial services company under Lilium Capital, founded by American-Burkinabè investor Simon Tiemtoré, has emerged as the lead contender to acquire a controlling stake in ACEP Cameroon, one of the country’s top microfinance institutions. 

The talks, described as “advanced” by sources familiar with the matter, center on about 50,400 shares — roughly 33 percent of ACEP Cameroon’s equity — jointly held by Investisseurs & Partenaires and ACEP International. Both have been shareholders since 2011. 

Negotiations are ongoing, but the deal still requires a final agreement and regulatory approval. If cleared, Vista Bank would strengthen its footprint in Central Africa, a region where its earlier bid to acquire Société Générale’s operations in Equatorial Guinea and Congo-Brazzaville fell through after the governments exercised pre-emption rights.

A move to deepen presence in Central Africa 

The acquisition would add Vista Bank to ACEP Cameroon’s existing shareholder group, which includes Morocco’s Banque Centrale Populaire (BCP) with a 27 percent stake, Cameroon’s state-owned Société Nationale d’Investissements (SNI) with 20 percent, and the Chamber of Commerce with 10 percent. Minority investors and a staff association hold the rest. 

ACEP Cameroon runs 26 branches and served over 37,000 borrowers in 2023, lending a total of CFAF42.7 billion ($75.2 million). It plans to exceed 50,000 loans by the end of 2024. 

However, earnings have come under pressure due to higher loan defaults in a tougher economic climate. The firm aims on improving credit quality and restoring profitability through 2025. Discussions are also under way over whether ACEP International will continue to provide technical support after any ownership change.

Tiemtoré’s expansion strategy

Vista Bank is part of Lilium Group LLC, a holding company founded by Tiemtoré. The bank focuses on micro, small, and medium enterprises (MSMEs), offering credit, trade finance, insurance, and women-focused banking products. 

Tiemtoré, who has worked at Afreximbank, Morgan Stanley, and PwC, has guided Vista’s expansion since 2015 through a string of acquisitions, including Vista Bank Gambia and Société Générale Burkina Faso. 

Earlier this month, the European Investment Bank (EIB) provided Vista Group $34.8 million to support SME financing in Guinea and Sierra Leone, with a focus on empowering women and youth entrepreneurs.