The Nigeria Deposit Insurance Corporation has called for feedbacks from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers Core Principles for Effective Deposit Insurance System.
The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
The Core Principles are also used by the International Monetary Fund and the World Bank in the context of the Financial Sector Assessment Programme to assess the effectiveness of jurisdictions’ deposit insurance system and practices.
The first set of the core principles was issued jointly by the IADI and the Basel Committee on Banking Supervision in June 2009, while the document is subjected to periodic revisions in order to keep it up-to-date with evolving trends on the global financial system landscape.
As a founding and committed member of the IADI, the NDIC says in a statement by the Head, Communication and Public Affairs, Hawwau Gambo, it recognises the importance of the ongoing revision and invites stakeholders and the general public to actively participate in the process by reviewing the document on the link https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf.
It added that stakeholders’ feedbacks should be forwarded to the corporation on or before June 30, 2025 via email to iadi@ndic.gov.ng in PDF format
