Igbo-Ukwu Microfinance Banks Ltd, started business in 1993 and operates within the provisions of the Microfinance Banks Act and the Bank and Other Financial Institutions Act Laws of the Federation of Nigeria. The bank operated with a provisional license until May 15th 2007 when it obtained a final license from the Central Bank of Nigeria. Initially the bank was a community bank until recently when the Federal Government converted Community Banks to Microfinance Banks. Consequently the license to carry on business as a state microfinance bank was granted by the Central Bank of Nigeria on 26th April, 2013.