The Bank was founded in 1994 originally as Choba Community Bank (Nig.) Limited by some private investors from Choba community with the objective of bringing grass root banking to Choba, Uniport and other neighbouring communities.
Due to liquidity challenges encountered in 1999, the Board under the chairmanship of Sir Dr. K. W. Olumati invited the Governing Council of University of Port Harcourt to invest in the Bank which translated to acquisition of its controlling shares.
The Central Bank of Nigeria (CBN) granted a unit operating licence to the Bank on 29th January, 2008 with the brand name, U&C MICROFINANCE BANK LTD in line with the National microfinance policy launched in Nigeria in December 2005.The licence was upgraded to a State Microfinance Bank status by the CBN on 2nd January, 2013.
Our core mandate is to render simple, flexible, diversified, affordable and sustainable financial services to the active poor, low income earners, small and medium scale entrepreneurs (SMEs), co-operative societies, market traders, farmers, fishermen, artisans, informal self help solidarity groups and corporate entities both in the public and private sectors within Rivers State.
The major products of the Bank are; regular savings, fixed deposits and current accounts, mobile banking savings accounts, diamond savers account, collection of student charges/fees, collection of taxes/utility bills, student incentive accounts, electronic fund transfers, salary and other payment services, petty traders micro-loans, group micro-loans, credit union micro-loans, core micro-loans, agric micro and medium loans, enterprise loans, contract financing, prosperity micro-loans and prosperity extra.
As at 31st December 2017, the University of Port Harcourt owned 90% shares of the Bank while private investors from Choba, Sir Dr. K. W. Olumati and Mrs. Nnenna Wokem owned 5% each. However, University of Port Harcourt decided to divest its equity from 90% to 60% to pave way for more private investors.
Since inception, the Board of the Bank had been led by eight chairmen such as;
- Chief Henry T. Wokem (1994),
- Godwin O. Agbaraosimiri (1994 – 1998)
- Sir Dr. Kingsley W. Olumati (1998 – 2000),
- Nimi D. Briggs (2001 – 2005),
- Don M. Baridam (2005 – 2010),
- Ebenezer Aremo (2010 – 2012),
- Joseph A. Ajienka (2013 – 2015) and
- Ndowa E. S. Lale (2015 – date).
Similarly, the Management had been led by six Managers and two Managing Directors thus;
- S.A. Ikunga (Manager, 1994–1996),
- Jones C. Wonah (Manager, 1996 –1997),
- L. Amadioha (Manager, 1997-1998),
- Catherine Amadi (Manager, 1998 – 1999),
- E. Okowa (Manager, 1999),
- Paul N. Worlu (Manager, 1999 – 2007),
- Augustine N. Nwiyordee (Managing Director/CEO, 2007 – 2014) and
- Paul Nnaji (Managing Director/CEO, 2015 – date).