NDIC Gives Banks 2-Week Ultimatum To Resolve Complaints.

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The Nigeria Deposit Insurance Corporation has restated its order to banks to address customers’ complaints within two weeks, warning that any unresolved issue after the deadline can be escalated directly to the Corporation for action.

According to the NDIC, this directive is part of its renewed effort to strengthen consumer confidence and protect depositors in Nigeria’s banking system.

Speaking at the NDIC Day during the ongoing Lagos International Trade Fair, the Director of the Claims Resolution Department, Mr Olawale Sule, reaffirmed the Corporation’s commitment to ensuring that customer grievances are resolved promptly and deposits remain secure.

Sule, who represented the NDIC Managing Director and Chief Executive Officer, Mr Oludare Sunday, explained that one of the Corporation’s key mandates is to supervise banks, handle complaints, and ensure effective consumer protection.

“We have directed all banks to resolve customer complaints within two weeks,” Sule said. “If after that time the issue remains unresolved, depositors can escalate the matter to the NDIC through any of our available channels.”

He explained that such complaints could range from unresolved ATM dispense errors to other transaction-related issues, adding that the NDIC has a clear responsibility to step in when necessary.

Sule also warned that only banks licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC fall under the deposit insurance scheme.

“When you visit a licensed bank, you will find the NDIC logo that reads ‘Protected by NDIC.’ Any financial institution displaying that logo without authorisation is not a legitimate bank,” he cautioned.

He urged the public to verify the status of any financial institution before depositing money, noting that the full list of insured banks can be accessed on the NDIC website.

Sule further warned Nigerians to be cautious of “wonder banks” that promise unrealistic profits, stressing that NDIC offices across the country are open for anyone who wishes to confirm the legitimacy of a deposit-taking institution.

He referred to past incidents where some Nigerians mistakenly assumed that OPay was an unlicensed “wonder bank.”

“It is now well established that OPay is a legitimate and regulated institution,” he clarified, adding that the NDIC remains committed to building trust in the financial sector through transparency and depositor protection.