The bank was incorporated on 14th day of June 1993 with RC No. 223897 and officially opened her office on 2nd July 1994 as a Community Bank. The pioneer Chairman was Barrister GNI Ughanze (of blessed memory). Subsequently, HRH Igwe Chris C. Onyekwuluje took the mantle and substantially revived the bank when the CBN increased the capital base of all community banks nationwide.
When the bank had serious threat through arm robbery and became insolvent, Dr. Chike Obidigbo, an illustrious son of the community, rescued and strengthened the bank financially and further staked heavily to transform it to Microfinance Bank. The bank obtained her final license as UCB Microfinance Bank Limited on 8th March 2008.