Burkina Faso businessman Abdoulaye K. Sory has obtained authorization from the West African Economic and Monetary Union's (UEMOA) banking commission to launch AccordBank Group. This new entity, transformed from Fidelis Finance Group, plans to develop its activities in Burkina Faso and Côte d'Ivoire. The group is expected to comprise a bank in Burkina Faso and a financial institution in Côte d'Ivoire. This development marks a significant milestone in Sory's career, who has been the general manager of Fidelis Finance since 2000.
The launch of AccordBank Group occurs amid an evolving banking sector in the UEMOA region. According to the Central Bank of West African States (BCEAO), Burkina Faso had 16 banks at the end of 2025. The UMOA banking commission's list, updated on June 29, 2026, records 17 banks, including the registration of Bridge Bank Group Côte d'Ivoire's branch. This branch was authorized in May 2026 and plans to start operations in the first half of 2027. With AccordBank Group's entry into the market, the number of banks in Burkina Faso may reach 18.
Abdoulaye K. Sory has extensive experience in finance, particularly in credit leasing and factoring. His company, Fidelis Finance, operates in both Burkina Faso and Côte d'Ivoire. Additionally, he chairs AfriCapital Partners, an investment company. Sory's background includes a stint at the Central Bank of West African States, where he monitored banking activities in Burkina Faso. He also presided over the UEMOA regional chamber of commerce. Sory holds a PhD from the International School of Management (ISM).
The approval announced constitutes a significant step for the project, but the implementation details and effective start of operations remain awaited. In Côte d'Ivoire, where 29 banks are currently authorized, the arrival of AccordBank Group would bring the number to 30, pending the required authorizations and commencement of operations. This development could also enhance the competitive landscape of the banking sector in both countries.
The banking sector in Burkina Faso and Côte d'Ivoire is witnessing significant developments. With 17 banks currently operating in Burkina Faso and 29 in Côte d'Ivoire, according to the UMOA banking commission, the entry of new players is expected to increase competition and possibly improve services. The BCEAO and UMOA play crucial roles in regulating and supervising banking activities in the region.
Abdoulaye K. Sory's new venture, AccordBank Group, aims to contribute to the growth and development of the financial sector in both Burkina Faso and Côte d'Ivoire. The group plans to offer a range of financial services, enhancing access to banking and credit for individuals and businesses. This initiative aligns with efforts to promote economic development and financial inclusion in the region.
As AccordBank Group prepares to launch its operations, stakeholders and customers will be watching closely. The effective commencement of operations and the range of services offered will be critical in determining the group's impact on the banking sector. With a seasoned professional like Abdoulaye K. Sory at the helm, expectations are high for the group's potential to innovate and grow within the competitive financial landscape of West Africa.
Key points
- Abdoulaye K. Sory obtains UMOA banking commission approval for AccordBank Group.
- AccordBank Group plans to operate in both Burkina Faso and Côte d'Ivoire.
- The launch may increase the number of banks in Burkina Faso to 18 and in Côte d'Ivoire to 30.
