Says unresolved issues can be escalated directly to the Corporation for quick intervention…
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its directive to all banks in the country to resolve customers’ complaints within two weeks, warning that any unresolved cases after the deadline can be escalated directly to the Corporation for immediate intervention.
The move, according to the NDIC, forms part of its renewed efforts to protect depositors and strengthen public confidence in Nigeria’s banking system.
NDIC Reaffirms Commitment to Depositor Protection
Speaking at the NDIC Special Day during the ongoing Lagos International Trade Fair, the Director of the Claims Resolution Department, Olawale Sule, emphasized that the Corporation remains the primary institution for resolving customer complaints and safeguarding depositors’ funds.
Sule, who represented the NDIC Chief Executive Officer, Mr. Oludare Sunday, said one of the Corporation’s core mandates is bank supervision, which includes examining financial institutions, addressing consumer grievances, and ensuring banks treat their customers fairly.
“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 the directive covers a wide range of complaints, including unresolved ATM dispense errors, unauthorised debits, and other account-related issues, noting that the NDIC has a clear mandate to intervene when necessary.
Only Licensed, Insured Banks Covered
The NDIC official warned that only banks licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC are protected 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,” Sule cautioned.
He urged Nigerians to always verify the status of any financial institution before depositing their money, noting that the full list of insured banks is published on the NDIC website.
Beware of ‘Wonder Banks’
Sule also warned members of the public to be vigilant against illegal deposit-taking institutions, commonly known as “wonder banks,” which lure unsuspecting Nigerians with promises of unrealistic returns.
He advised that anyone in doubt about the legitimacy of a financial institution should visit any NDIC office nationwide for verification before investing.
Citing previous public confusion, Sule referenced the case of OPay, when some Nigerians mistakenly believed it was an unlicensed financial scheme.
“It is now well known that OPay is a legitimate, regulated institution,” he clarified. “Our goal is to build public confidence in the financial system by ensuring transparency and depositor protection.”
Building Consumer Trust
The NDIC reaffirmed that it will continue to work with the Central Bank of Nigeria (CBN) and other regulatory agencies to strengthen consumer protection, maintain financial system stability, and promote trust in Nigeria’s banking sector.
