The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its directive to all banks to resolve customer complaints within two weeks, warning that any unresolved issue after the deadline can be escalated directly to the Corporation for prompt intervention.
Speaking during the NDIC Special Day at the ongoing Lagos International Trade Fair, the Director of the Claims Resolution Department, Mr. Olawale Sule, who represented the NDIC Managing Director/Chief Executive, Mr. Oludare Sunday, said the move reflects NDIC’s renewed commitment to protecting depositors and strengthening public confidence in the banking system.
Sule emphasized that one of the Corporation’s core mandates is bank supervision, which includes handling customer complaints and ensuring that issues are addressed swiftly.
“We have directed all banks to resolve customer complaints within two weeks,” Sule stated. “If after that period the issue remains unresolved, depositors are free to escalate their complaints to NDIC through any of our available channels.”
He explained that such complaints could include unresolved ATM dispense errors or other issues affecting customers’ accounts.
Sule also reminded the public that only banks licensed by the Central Bank of Nigeria (CBN) and insured by 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 displaying that logo without authorisation is not legitimate,” he cautioned.
He further advised Nigerians to verify the status of any financial institution before depositing money, noting that the list of all insured banks is available on the NDIC website.
Warning against so-called “wonder banks” that promise unrealistic returns, Sule said NDIC offices across the country remain open for public enquiries on the legitimacy of any deposit-taking institution.
Citing past confusion, he recalled how some Nigerians once mistook OPay for an unlicensed institution.
“It is now well known that OPay is a legitimate, regulated financial institution,” he clarified.
Sule reiterated that NDIC’s ultimate goal is to build transparency and trust in Nigeria’s financial system while ensuring that depositors’ funds remain safe.
Reporting by Sherifat Oyediran