U & C Microfinance Bank Limited

U & C Microfinance Bank Limited is a Nigerian microfinance bank based in Choba, Port Harcourt, Rivers State. It traces its origins to 1994, when it was established as Choba Community Bank (Nig.) Limited by private investors from the Choba community, an area that hosts the University of Port Harcourt. The bank was incorporated on 11 April 1996 (RC No. 289238) by the National Board for Community Banks (NBCB) with provisional licence No. 0787. Its founding objective was to bring banking services to the grassroots in Choba and adjoining communities. In 1999, the promoters brought the University of Port Harcourt into the bank as an investor to address a persistent liquidity crisis. That investment resulted in the university gaining equity control, and in 2001 the brand was renamed Choba-Uniport Community Bank (Nig.) Limited (CUCB) to reflect the new ownership structure. Following the launch of Nigeria's Microfinance Banking Policy in 2005, the bank converted to a Unit Microfinance Bank in 2008 and changed its name again to Uniport & Choba (U & C) Microfinance Bank Limited. In 2013 it was up-scaled to a State Microfinance Bank. The bank describes itself as redefining microfinance banking with digital solutions that transcend boundaries. Its stated vision is to be a strong and dependable microfinance bank that stands the test of time through the provision of the best financial services and to grow into a major player in the Nigerian financial system. Its mission is to provide microfinance banking services through a blend of information technology and professional competence, fostering enduring customer partnerships and maximizing shareholder wealth. Its core values are transparency, integrity, commitment and knowledge. U & C Microfinance Bank offers current accounts, savings accounts and fixed deposit products, along with credit and fund transfer services delivered through digital channels. Its current account is facilitated by co-branded cheques cleared through its correspondent bank, UBA plc. Savings products are designed to promote a savings culture and pay monthly interest. Fixed deposit offerings include the Diamond Account, the Crystal Account and the Promo Account, with maturities ranging from three months to one year and above. The bank emphasizes customer care focused on problem solving and deploys digital solutions intended to let customers transact from home. As a state microfinance bank with equity control held by the University of Port Harcourt, U & C MFB occupies a niche serving the university community and surrounding areas of Rivers State. It remains a privately held institution and continues to operate under the U & C Microfinance Bank Limited name.

U & C Microfinance Bank Limited began in 1994 as Choba Community Bank (Nig.) Limited, founded by a collection of private investors from Choba community, which hosts the University of Port Harcourt. The primary objective was to bring banking to the grassroots in Choba and adjoining communities. The bank was incorporated on 11 April 1996 (RC No. 289238) by the National Board for Community Banks (NBCB), with provisional licence No. 0787. In 1999, the promoters strategically wooed the University of Port Harcourt to invest in the struggling bank to curb its perennial liquidity crisis. The resulting capital composition gave the university equity control. To reflect the new ownership structure, the brand name was modified in 2001 to Choba-Uniport Community Bank (Nig.) Limited (CUCB). Following the launch of the Microfinance Banking Policy in 2005, the bank mandatorily converted to a Unit Microfinance Bank in 2008. Consequently, the brand name was changed again to Uniport & Choba (U & C) Microfinance Bank Limited. In 2013, the bank was up-scaled to a State Microfinance Bank. The bank's own account of its history notes that the 2018 M... (the source text is truncated at this point). Across its evolution, the institution has moved from a community bank serving a local area to a state-level microfinance bank with a digital-service orientation. It describes its brand as redefining microfinance banking with digital solutions that transcend boundaries, and it positions itself around transparency, integrity, commitment and knowledge. Today the bank offers current, savings and fixed deposit accounts, credit and fund transfer services through digital channels. Its current account uses co-branded cheques cleared through its correspondent bank, UBA plc. Its fixed deposit range includes the Diamond Account, the Crystal Account and the Promo Account. Ownership remains in private hands, with the University of Port Harcourt holding equity control.

• 2013

  Up-scaled to a State Microfinance Bank.

• 2008

  Converted to a Unit Microfinance Bank following the 2005 Microfinance Banking Policy; renamed Uniport & Choba (U & C) Microfinance Bank Limited.

• 2001

  Brand renamed Choba-Uniport Community Bank (Nig.) Limited (CUCB) to reflect the new ownership structure.

• 1999

  University of Port Harcourt invested in the bank, gaining equity control to address a liquidity crisis.

• 1996

  Incorporated on 11 April 1996 (RC No. 289238) by the National Board for Community Banks (NBCB) with provisional licence No. 0787.

• 1994

  Founded as Choba Community Bank (Nig.) Limited by private investors from Choba community.

A state microfinance bank in Rivers State, Nigeria, combining grassroots community banking heritage with digital service delivery and university-linked ownership.

• Current Account

  Designed for personal and third-party transactions, facilitated by co-branded cheques cleared through correspondent bank UBA plc.

• Savings Account

  Promotes a savings culture; customers earn monthly interest and can transact at branches or via electronic channels.

• Diamond Fixed Deposit Account

  A fast-moving term deposit offering high returns, with maturities from 3 months to 1 year and above; no extra cost on termination.

• Crystal Fixed Deposit Account

  A special fixed deposit with a one-year fixed maturity and a minimum deposit of N100,000; requires BVN and/or NIN.

• Promo Account

  A special deposit product designed to attract deposits.

1. 1Home | U & C Microfinance Bankuandcmfb.com
2. 2About us | U & C Microfinance Bankuandcmfb.com
3. 3Our Core Business | U & C Microfinance Bankuandcmfb.com
4. 4U & C Microfinance Bank Limited - Wikidatawikidata.org