U&C Microfinance Bank Limited was founded in 1994 originally as Choba Community Bank (Nig.) Limited by some Choba private investors with the objective of bringing grass root banking to the Choba, Uniport and other neighbouring communities. It was incorporated on 11th April, 1996 (RC No. 289238) and granted NBCB provisional licence No. 0787.
The Central Bank of Nigeria (CBN) granted Operating licence No. 0090 dated 29th January, 2008 to U & C Microfinance Bank in line with the then financial sector reforms and a National microfinance policy launched in Nigeria by former President Olusegun Obasanjo in December 2005, which directed all Community Banks to convert to microfinance banks on or before 31st December, 2007
Following the release of a revised Microfinance Regulatory Guideline in June 2011, U & C Microfinance Bank Ltd has been granted approval to operate as a State microfinance bank by the Central Bank of Nigeria on 2nd January, 2013 having met the basic requirements
The major products of the bank are; regular savings, fixed deposits and current accounts, mobile banking savings accounts, diamond savers account, collection of school fees, collection of utility bills, students incentive accounts, domestic funds transfers, salary and other payment services, core micro loans, group micro loans, enterprise loans, contract financing, prosperity micro loans and prosperity extra.