Unical Microfinance Bank started operation on 5th November, 1993 as Atakpa Community Bank with registration certificate No. RC 234324.

Atakpa Community Bank later went into voluntary liquidation and was bought over and relocated to the University of Calabar and renamed Unical Community Bank. The bank reopened for business on 3rd January, 1998 and secured final operating license from Central Bank of Nigeria (CBN) on 25th May, 1998.

With the introduction of Microfinance banking by the Central Bank of Nigeria (CBN) which required all Community Banks to convert to Microfinance Banks, the bank successfully converted into Unical Microfinance Bank in December, 2007.