The Nigeria Deposit Insurance Corporation (NDIC) has urged stakeholders in the financial services industry, policymakers, and members of the public to contribute to the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance Systems.
In a statement released on Tuesday, the Corporation described the revision exercise—launched by IADI in May 2025—as a critical step in strengthening global deposit insurance frameworks to reflect emerging realities in the financial ecosystem.
According to the NDIC, the updated principles are expected to address key structural shifts such as digital innovation, the expanding role of deposit insurers in resolution processes, and crucial lessons learned from the banking turmoil of March 2023—considered the most serious systemic shock since the 2007–2009 global financial crisis.
“The IADI Core Principles are a globally recognized benchmark for assessing the soundness of deposit insurance systems,” the NDIC said.
“They are also used by the International Monetary Fund (IMF) and the World Bank under the Financial Sector Assessment Programme (FSAP) to evaluate the effectiveness of jurisdictions’ deposit insurance practices.”
Originally developed in 2009 in collaboration with the Basel Committee on Banking Supervision, the Core Principles undergo periodic reviews to align with global financial developments.
As a founding member of IADI, the NDIC reaffirmed its commitment to international best practices and emphasized the importance of stakeholder participation in shaping the future of deposit insurance in Nigeria and beyond.
Stakeholders are encouraged to review the draft revised document, accessible via the NDIC website at https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf, and submit their feedback in PDF format to iadi@ndic.gov.ng on or before June 30, 2025.
The release was signed by Hawwau Gambo, Head of Communication and Public Affairs at the NDIC.
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