The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its directive requiring all commercial banks to address customer grievances within 14 days.
Failure to comply will trigger direct NDIC intervention, the agency warned during its spotlight session at the ongoing Lagos International Trade Fair.
NDIC: “No More Excuses – Resolve Complaints in Two Weeks”
Speaking on behalf of NDIC CEO Mr. Oludare Sunday, Mr. Olawale Sule, Director of the Claims Resolution Department, delivered a clear message:
“We have directed all insured banks to resolve customer complaints within two weeks. After that, customers have the full right to escalate directly to NDIC. ”Common issues covered under this mandate include:
– ATM dispense errors
– Unauthorized account debits
– Delayed transaction reversals
– Failed electronic transfers
“NDIC is the final safety net for depositors,” Sule emphasized. “Our core mandate includes bank supervision, complaint resolution, and ensuring depositors’ funds are protected.”
How to Escalate Unresolved Complaints to NDIC
Customers frustrated by delayed responses can contact NDIC via:
– Official website: ndic
– Zonal offices across Nigeria: here
Pro Tip: Always retain transaction receipts, screenshots, and reference numbers when filing complaints.
Only CBN-Licensed Banks Are NDIC-Insured – Beware of “Wonder Banks”
NDIC issued a strong caution against unlicensed financial institutions promising unrealistic returns.
“Look for the ‘Protected by NDIC’ logo on bank premises and websites,” Sule advised. “Any institution displaying this logo without CBN and NDIC approval is operating illegally.”
He clarified a past public misconception:
“OPay is fully licensed and regulated – not a ‘wonder bank.’ We urge Nigerians to verify before depositing.”
A full list of **NDIC-insured banks** is available at: [https://ndic.gov.ng/insured-institutions/]
Why This Matters: Boosting Confidence in Nigeria’s Banking System
The two-week resolution mandate is part of NDIC’s broader strategy to:
– Reduce customer frustration
– Minimize fraud-related losses
– Enhance transparency in banking operations
– Support CBN’s financial inclusion goals
NDIC’s Message to Depositors: “Your Money Is Safe – But Stay Vigilant”
As Nigeria pushes toward a cashless economy, NDIC remains committed to:
– Real-time complaint monitoring
– Swift payout in case of bank failure
– Public education on financial literacy
“Deposit only with CBN-licensed, NDIC-insured banks,” Sule concluded.
“Your financial security starts with informed choices.”
