NIC was incorporated in Kenya on 29th September 1959, when Standard Bank Limited and Mercantile Credit Company Limited (Mercantile) -both based in the United Kingdom – jointly formed the company. The company was amongst the first non-bank financial institutions to provide hire purchase and installment credit finance facilities in Kenya.

Newly-rebranded NIC Bank Tanzania has embarked on an aggressive branch expansion targeting small and medium-sized enterprises across the country. NIC Bank merged in November 1997 with African Mercantile Bank Limited (AMBank), which was then owned by FCS, by way of a share swap. The purpose of this merger was to allow NIC Bank to enhance its market position, provide a broader and more efficient range of services to its customers.