The Nigeria Deposit Insurance Corporation has restated its order that banks must resolve customers’ complaints within two weeks, warning that any unresolved case after the deadline can be reported directly to the Corporation.
The NDIC said the directive is part of efforts to strengthen public trust and protect depositors in Nigeria’s banking sector.
Speaking during the NDIC Day at the Lagos International Trade Fair, the Director of the Claims Resolution Department, Olawale Sule, who represented the Managing Director, Oludare Sunday, said customer protection remains central to NDIC’s mandate.
“We have directed all banks to resolve customer complaints within two weeks. If after that period the issue remains unresolved, depositors can escalate their complaints to NDIC through any of our channels,” Sule said.
He explained that complaints could include unresolved ATM dispense errors or other issues affecting customer accounts.
Sule also cautioned Nigerians to only do business with banks licensed by the Central Bank of Nigeria and insured by the NDIC, noting that such banks display the ‘Protected by NDIC’ logo.
“Any institution showing that logo without authorisation is not a legitimate bank,” he warned.
He urged Nigerians to verify the status of any financial institution before depositing money, adding that the list of insured banks is available on the NDIC website.
Sule further warned against “wonder banks” that promise unrealistic returns, saying NDIC offices nationwide are open to help verify any deposit-taking institution.
He referred to past confusion when some Nigerians believed OPay was an unlicensed “wonder bank,” noting that “it is now well known that OPay is a legitimate and regulated institution.”
According to him, NDIC’s main goal is to boost confidence in the financial system by ensuring transparency and depositor protection.
