• Vista Bank is in advanced talks to acquire a 33% stake in ACEP Cameroon, a key step for entering the CEMAC financial market ecosystem.
• Finalizing the acquisition, which would establish Vista Bank as a major shareholder, is contingent upon a definitive agreement and full regulatory clearance.
• ACEP, a leading microfinance body in Cameroon, faced increased credit defaults in 2023, cutting net profit amidst a fragile economic recovery.

Vista Bank has reportedly become the sole remaining contender for the acquisition of ACEP Group’s African subsidiaries, at least in the case of Cameroon. Announced in March 2025 by Financial Afrik as one of several potential buyers, the bank is now said to be engaged in “advanced” talks to acquire the shares held in ACEP Cameroon.

According to the information memorandum for ACEP Cameroon’s 2024-2027 bond issue, the transaction concerns some 50,400 shares — equivalent to 33% of the microfinance company’s equity. These shares have been jointly owned since 2011 by Investisseurs & Partenaires and ACEP International, both of which are among the three main shareholders of the ACEP Group. Sources close to the negotiations, who requested anonymity, indicate that while discussions are progressing, completion remains pending.

A final agreement must first be signed, followed by regulatory clearance from all relevant authorities. Should the deal go through, Vista Bank would secure a long-sought foothold in the CEMAC region’s financial system, becoming the principal shareholder of one of Cameroon’s largest microfinance institutions. A previous effort in 2023 to acquire Société Générale’s operations in Equatorial Guinea and Congo-Brazzaville was thwarted when the two governments exercised pre-emption rights.

If successful, Vista Bank would join ACEP Cameroon’s shareholding alongside other major investors. These include Morocco’s Banque Centrale Populaire (BCP), which acquired its stake in 2019 through the purchase of France’s Banque Centrale Populaire’s shares in the Banque Internationale du Cameroun pour l’Épargne et le Crédit (BICEC). BCP held 27% of ACEP Cameroon’s capital as of 30 September 2024. Other shareholders comprise the state-owned Société Nationale d’Investissements (SNI, 20%), the Chamber of Commerce, Industry, Mines and Crafts (10%), minority investors (11%), and a staff association (4%).

ACEP Cameroon: a key player under pressure

ACEP Cameroon is among the country’s leading microfinance institutions, offering a full range of financial services — deposits, credit and digital payments — through a network of 26 branches between 2021 and 2023. The institution reported more than 37,000 loans disbursed and aims to surpass 50,000 by the end of 2024. In value terms, total lending reached CFAF 42.7 billion in 2023, according to the latest available data.

Despite this strong operational base, profitability weakened in 2023 owing to higher credit defaults amid a challenging economic environment. While conditions are stabilising, recovery remains fragile and pressure on small and medium-sized enterprises persists. ACEP will therefore need to restore earnings growth in 2024 and 2025.

Another question under discussion concerns the future of technical assistance. It is unclear whether ACEP International will retain this role following a potential change in ownership. With two pan-African banking groups — BCP and Vista Bank — among its main shareholders, strategic debates over governance, regional expansion, and operational priorities are likely to be vigorous.

Idriss Linge