The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its directive to banks to resolve customer complaints within two weeks, warning that cases not settled after the deadline may be escalated directly to the Corporation for intervention.
The move, according to NDIC, is part of its renewed commitment to protecting depositors and promoting consumer confidence in the Nigerian banking system.
Speaking at the NDIC Day during the ongoing Lagos International Trade Fair, the Director, Claims Resolution Department, Mr. Olawale Sule, who represented the Chief Executive Officer, Mr. Oludare Sunday, said the Corporation remains a key institution for addressing customer grievances and safeguarding depositors’ funds.
“We have directed all banks to resolve customer complaints within two weeks,” Sule said. “If after that period the issue remains unresolved, depositors are free to escalate their complaints to the NDIC through any of our available channels.”
He explained that complaints could range from unresolved ATM dispense errors to other issues affecting customers’ accounts, and that the NDIC has the mandate to intervene when necessary.
Sule emphasised that only banks licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC are covered under the deposit insurance scheme.
“When you visit a licensed bank, you’ll see a logo that says ‘Protected by NDIC.’ Any institution that displays that logo without authorisation is not a legitimate bank,” he cautioned.
He urged the public to always verify the status of any financial institution before making deposits, noting that the full list of insured banks is available on the NDIC’s official website.
Sule also warned Nigerians against patronising so-called ‘wonder banks’ that promise unrealistic returns on investments, adding that NDIC offices across the country are open to verify the legitimacy of any deposit-taking institution.
Citing past cases of misinformation, he recalled that some Nigerians had once mistaken OPay for an unlicensed “wonder bank,” despite its status as a regulated and legitimate financial institution.
“It is now well known that OPay is a legitimate, regulated institution,” Sule clarified. “Our goal at NDIC is to build public confidence in the financial system by ensuring transparency, depositor protection, and consumer trust.”
The NDIC continues to encourage customers to report unresolved banking issues promptly, reinforcing its mandate to maintain financial stability and public trust in Nigeria’s banking sector.
