The bank was incorporated in March 2008 by Corporate Affairs Commission and licensed by the Central Bank of Nigeria (CBN) in August 2008 to offer Microfinance Banking Services. The Bank commenced operations in October 2008 as a unit Bank and Limited Liability Company. Following continued growth in operation and increase in capacity, the bank was upgraded from Unit to State Microfinance Bank by the CBN in October 2012, and converted to Public Liability Company (Plc) in September 2013. Its shares were registered with SEC in May 2014, to be traded over the counter.