(Ecofin Agency) - Simon Tiemtoré has become a key figure in African banking. In just four years, he has made big moves, getting attention in the African business world. As French banks pull back from Africa, this Burkinabé businessman is stepping in to fill the space they’ve left behind. His latest move is opening a branch in France—a big step for Vista Bank, which plans to grow its network to 25 banks by next year.

With a background in law and experience at PwC and Morgan Stanley, Tiemtoré has led Vista Bank’s growth with support from partners like Afreximbank and J.P. Morgan. But he’s not just looking to replace the banks that are leaving. His goal is to build something new: a banking system that helps African people, governments, and businesses grow and succeed.

In this interview with Agence Ecofin, Tiemtoré talks about why Vista Bank is entering France, how it fits into his vision, and the challenges and opportunities he sees for Africa’s banking sector.

Agence Ecofin: Vista Bank is opening in France. Why did you choose this country? Are you meeting a specific need, or are you looking to attract European investors?

Simon Tiemtoré: Opening in France is part of our plan to grow and expand. France is an important financial center that gives us access to Europe and international investors.

Many of the countries we work in are Francophone and have strong ties with France. We’ve also bought French banks that are active in Africa, so having a base in France helps us strengthen those connections. It’s not just about growing bigger—it’s about helping African countries trade more with the world. At the same time, we want to support African businesses and governments as they trade with each other. Our work with Afreximbank is an example of that.

We want Vista Bank to be a bridge between Africa and the rest of the world. France is a key part of this. We’re also building new tools, like Vista Online, to make banking easier and faster, helping people and businesses connect and grow.

Ecofin Agency: What services will your French branch offer?

Simon Tiemtoré: Our services will mainly focus on correspondent banking, cash management, clearing, and trade financing. We’ll also provide solutions for raising capital and factoring to support governments, businesses, and entrepreneurs.

Africa exports raw materials and imports a wide range of products and services. At Vista Bank, we aim to create a global platform that connects Africans with their international partners to make transactions easier. This is part of our vision to support the economic transformation of African countries.

Ecofin Agency: Your expansion comes at a time when major international banks are leaving Africa. Why is Vista Bank choosing to make acquisitions now? Did those banks miss something you’ve noticed?

Simon Tiemtoré: I wouldn’t say those banks missed anything. They’ve played a significant role in developing Africa’s financial sector for decades. However, for strategic and regulatory reasons, they’ve decided to exit certain emerging markets, including Africa.

For Vista Bank, this presents an opportunity to acquire well-managed banks and continue supporting African economies. The key difference is that we’ve decentralized decision-making and tailored it to local realities. This allows us to better support entrepreneurs and governments in implementing their national development plans.

Moreover, as these international banks leave, essential services like correspondent banking and treasury management are disappearing. As a Pan-African bank, we see it as our responsibility to fill this gap and enable African governments, businesses, and small enterprises to continue engaging with the global market. Africa is a dynamic continent full of opportunities, and Vista Bank wants to play a central role in this energy—starting with France and eventually expanding to other regions of the world.

Ecofin Agency: Your strategy is clear, but beyond opening in France, you’ll need to build strong credibility, especially in the eyes of Western countries and developed markets. Since this is a challenge no one can face alone, are there any initiatives or collaborations with other African banks entering Europe, like Zenith Bank or Access Bank, to strengthen this collective credibility? For instance, shared projects or platforms to achieve this goal?

Simon Tiemtoré: I think you’ve made an excellent point. We’re not the only African bank taking steps to establish a presence in France. As you mentioned, Zenith Bank, UBA, and Access Bank have also made this strategic decision to access European and global markets.

The reason is simple: as African banks, we now have a responsibility to educate our clients, governments, and local partners while providing them with a platform that reduces the risks associated with their transactions. On the global stage, Africa is often seen as risky, mainly because people don’t know enough about us.

Having a local presence forces us to comply with the regulations in place, which increases transparency and builds trust. This benefits not only our branches but also our clients. It allows us to offer a platform that improves Africa’s credibility in the eyes of the world, reduces perceived risks, and lowers transaction costs.

This is an approach we strongly support. If major European and global banks are pulling out of Africa, it’s up to us, as African banks, to step into these markets, maintain those vital connections, and contribute to the economic growth of our countries.

Ecofin Agency: What do you think are the biggest challenges for these banks, now led by Africans and local investors, to establish themselves in the financial system and effectively support African economies?

Simon Tiemtoré: The most important thing is compliance with regulations. Receiving approval from the French regulator is already a strong signal of Vista Bank’s commitment to following international standards. We apply these standards not only in our branches but also with our clients.

We operate in a highly regulated environment, so respecting the rules is essential. But it goes beyond that. It’s also about promoting our services and activities to entrepreneurs and governments while offering educational support. The goal is to help them understand global market rules, fully integrate into them, and become key players.

This is how these banks can grow into champions—not just local or Pan-African champions but global ones. Having a presence outside of Africa gives us the chance to actively participate in the global financial ecosystem and showcase African excellence on the international stage.

Ecofin Agency: Your rapid expansion across the continent has drawn a lot of attention. Some observers describe your strategy as aggressive. How do you ensure the financial and operational sustainability of such growth?

Simon Tiemtoré: This perspective often comes from a lack of understanding of the mergers and acquisitions market, which is central to our strategy. We’ve already proven our expertise by successfully acquiring and integrating the assets of BNP Paribas and Société Générale. These achievements highlight our professionalism and efficiency in the banking and financial sectors.

Our strategy isn’t just about expanding for the sake of it. It’s designed to connect regional economies and hubs across West, Central, East, and Southern Africa in preparation for the African Continental Free Trade Area (AfCFTA). This framework requires strong African banks capable of supporting economic development plans for our countries, as well as entrepreneurs, small businesses, youth, and women.

We’ve planned our presence in 25 countries with a clear vision: addressing the critical gaps left by foreign banks withdrawing from the continent. Someone had to step in to ensure financial services continue for our states and entrepreneurs.

This expansion isn’t aggressive or rushed. It’s thoughtful, deliberate, and aligned with the continent’s opportunities and needs. Vista aims to position itself as a key player, ready to support African economies individually and through regional projects like the AfCFTA. Our growth is carefully planned and grounded in Africa’s economic realities, with a commitment to supporting governments, businesses, and local communities.

Ecofin Agency: When it comes to banking, capital is critical, especially given the current challenges on the continent. How do you ensure the financial strength of the entities you’ve acquired, such as those from BNP Paribas or Société Générale? How do they fit into your strategy?

Simon Tiemtoré: The banks we acquired from BNP Paribas and Société Générale are solid institutions. These acquisitions are a natural continuation of Vista’s journey. At the start, with First International Bank, we worked with underperforming banks and successfully turned them around. We strengthened them with capital, human resources, and solid fundamentals, creating a strong foundation for growth that accelerated with the integration of these French banks.

It’s true that some opportunities may involve banks that don’t meet regulatory standards. However, we have the expertise, resources, and experience to turn around such institutions when needed. That said, our recent acquisitions have primarily focused on solid, well-managed banks with competent teams, adequate liquidity, and reputable clients.

These acquisitions have enhanced Vista’s credibility and execution capacity on a global scale, enabling us to better address the challenges of the sector and support our growth ambitions across Africa.

Ecofin Agency: How do you finance your expansion? How does Vista Bank fund its growth?

Simon Tiemtoré: We fund our expansion through our own resources, particularly our equity, as well as with support from our strategic partner, the African Export-Import Bank (Afreximbank). In addition, we now work with international institutions like JP Morgan, who trust us to carry out our expansion strategy in the 25 countries we’ve identified.

Like any growing institution or business, we rely on two main levers: equity and debt. But access to the capital markets requires credibility, and we’ve proven that. The trust from the French regulator, who granted us a license to operate, is a strong indication of our credibility. This further strengthens our ability to access financial resources and solidify our position.

Ultimately, it’s Africa that will benefit from this momentum. Our goal is to build a strong banking ecosystem to support the continent’s economic development.

Ecofin Agency: You mentioned the banks you’ve acquired and turned around. Oragroup seems to be a key part of your expansion strategy, but the bank is currently facing some challenges. We know an acquisition plan was initiated but didn’t go through at first, before a new deal was announced. Can you tell us more about it?

Simon Tiemtoré: I’d rather not go into too much detail about this transaction, as you rightly pointed out, given the confidentiality surrounding these discussions. What I can tell you is that the transaction is still ongoing. We are currently shareholders in Oragroup.

Ecofin Agency: Are you involved in the ongoing rescue plan?

Simon Tiemtoré: Any rescue plan currently underway at Oragroup, and approved by the regulators, will see full participation from Vista.

Ecofin Agency: The banking sector is rapidly evolving with the rise of fintech, artificial intelligence, mobile services, and new technologies. What innovations is a group like Vista bringing to compete with existing players and improve banking access for rural populations, as well as access to financing?

Simon Tiemtoré: I don’t see this as competition, neither with fintechs nor with other banks. It’s more about complementing each other. You should know that these fintechs and our peers often rely on banks for their operations—whether it’s onboarding, clearing, payments, or settlement. Their means are limited due to regulatory constraints. So, we work together with them.

As a bank, we also invest in innovative technological tools to digitalize our offerings and improve our customer services. The African market is large enough for each player to contribute in their own way. The real winner is the customer, who benefits from the innovations being introduced.

Financial inclusion in Africa remains very low. We need more players to offer innovative solutions to African populations and states. This will promote financial inclusion and address funding needs in various economic sectors.

For us, it’s not about competition, but rather collaboration with fintechs and other banks. All banking institutions, including Vista, are working to integrate new technologies like artificial intelligence to automate and optimize their services. We believe there is room for everyone in the African financial market, and together we can accelerate inclusion and the continent’s economic transformation.

Ecofin Agency: What future markets is Vista planning to enter in Africa and beyond France?

Simon Tiemtoré: Rather than talking about conquest, we prefer to talk about contribution. There are already players in these regions, and our goal is to bring concrete and visible solutions to contribute to the financial growth of these countries.

As I mentioned, we have a list of countries that will allow us to reach our goal of being present in 25 countries by 2026. We are particularly targeting Southern Africa, East Africa, and Central Africa. For example, we are already established in Mozambique, which gives us a strategic entry point into Southern Africa. It’s important for us to connect this region with our other markets, mainly in West Africa.

France also plays a key role in this strategy. It allows us to connect our states and operations with the rest of the world, further strengthening our global ambitions.

We are moving forward with a well-thought-out strategy, without rushing, with the long-term goal of becoming a major global player in the financial market.

Ecofin Agency: How do you envision Vista Group by 2030?

Simon Tiemtoré: By 2030, our ambition is clear: to become a global pan-African bank. When I say global, I mean being present on the global financial market while remaining a key player in Africa’s development.

We are first and foremost an African bank, a pan-African bank. Our primary market is African states, individuals, entrepreneurs, both men and women, who are shaping the future of the continent. Our mission is to support the national economic development plans of our countries and back initiatives that unlock their potential.

Our identity remains deeply African. It is this identity that will allow us to become a major player in the implementation of the African Continental Free Trade Area (AfCFTA). Our role will be to provide African states with the financial tools they need to fully harness their potential.

By 2030, we aspire to be a reference bank on the global stage, but always with a central focus on Africa and its development.

Ecofin Agency: You’ve also invested in the insurance sector, with a subsidiary already present in Burkina Faso. What’s the next step and what’s the logic behind this strategic direction?

Simon Tiemtoré: Our vision is based on the complementarity of the financial instruments we offer. The idea is to develop an integrated banking and insurance model. This means that ideally, wherever there is a Vista bank, there will be an insurance company to strengthen this complementarity.

This strategy aims to diversify the products we offer to our clients, to better support them and help our states. By integrating banking and insurance services, we can reduce the risks related to transactions, while offering attractive services both in terms of cost and execution.

In short, our goal is clear: wherever Vista is present, we want our clients and partners—whether individuals, businesses, or states—to benefit from a full range of financial services, including insurance, to effectively meet their needs.

Ecofin Agency: What message would you like to send to your partners and collaborators regarding these new stages of expansion and acquisitions for Vista? Since this type of transition can sometimes generate friction in acquired companies, what would you say to reassure stakeholders?

Simon Tiemtoré: We’ve received a very favorable, even enthusiastic, reception from all our partners. Whether it’s Afreximbank, the IFC, the African Development Bank, DFIs, or development agencies, all have praised these initiatives. Institutions like JP Morgan and other major global banks with whom we collaborate see us as a strategic lever. They’re looking for a partner with in-depth knowledge of the African market to facilitate transactions and strengthen their presence on the continent.

Our African partners, whether states, central banks, or our clients, share this enthusiasm. They appreciate the rise of an African bank fully rooted in local realities. This enables us to offer essential services for the development and growth of our economies: correspondent banking for international trade, treasury management, factoring, advisory services, resource mobilization on capital markets, and more.

We’re also very proud of the trust the Banque de France has placed in us by granting us this license. It strengthens our determination to improve Africa’s access to international markets and promote intra-African trade for a true economic transformation.

There’s been no notable friction in our acquisitions, and this expansion has been seen as excellent news by all stakeholders. We are proud of this and determined to continue on this path to contribute to Africa’s financial growth.

Ecofin Agency: Vista is said to have an American mindset, which suggests leadership that can sometimes be unprecedented in Africa. This may destabilize some people, especially when it comes to the culture of change. What message would you like to send to those who might be concerned?

Simon Tiemtoré: Vista represents innovation, with a forward-thinking outlook. That’s the essence of our name: looking ahead and aiming higher. We have a clear vision, we listen to the market, we anticipate trends, and we strategically position ourselves to better support Africa.

As you mentioned, our approach may sometimes seem difficult for some to follow. However, we take the time to explain our vision and strategy. So far, we’ve received the support of our partners and stakeholders, which enables us to move forward with our goals.

Our mission remains focused on supporting our states, entrepreneurs, SMEs, youth, and women. We want to promote financial inclusion and stimulate the economic development of our countries.

The entire strategy of Vista is aimed at Africa and its development. Our ambition is to build a more inclusive and resilient African economy, driven by an innovative and proactive approach.

Interview originally conducted in French by Fiacre E. Kakpo

Edited in English by Firmine AIZAN