Uga Microfinance Bank Nigeria Limited was conceived and became incorporated on 18 March, 1991 as Uga Community Bank Nigeria Limited with Registration Certificate (RC) number 161779.
The Bank started as a cash centre with Mr. Nnanna Osunwa as one of the Directors as well as the Manager of the Bank, Miss Peace Odumegwu was engaged as the Accountant in charge of cash transactions before other employments were effected. The operations of the Bank took place at the Community Union Office. Later a Bungalow was acquired to accommodate complete take off of the Community Bank.
Sir Emmanuel Agochukwu Okpalaoka was approached by the then leadership of Uga Improvement Union (UIU) with late Chief G.C. Umeasor as the President General and Chief Sir A.A. Obiabaka as the then Vice President to put together the necessary formalities for the formation of the Community Bank.
The required forms and other documents were collected from the National Board for Community Banks and Chief Sir Obiabaka had to travel all the way from Enugu to Aba to have the forms signed by the Chairman of the Bank, Chief Sir V.C. Ofolebe. The Bank commenced business in November, 1992.