The Nigeria Deposit Insurance Corporation (NDIC) has urged stakeholders in the financial services sector, to contribute their views on the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance Systems.
This is contained in a statement, the global revision, initiated by IADI in May 2025, aims to strengthen the resilience of deposit insurance systems in response to rapid changes in the global financial environment. The updated framework is expected to address critical developments such as digital innovation, expanded roles for deposit insurers in bank resolution, and key lessons from the banking crisis of March 2023—regarded as the most serious systemic financial stress since the 2007–2009 global financial crisis.
The IADI Core Principles serve as an international benchmark for evaluating deposit insurance systems. They are widely used by countries, including Nigeria, to assess the soundness of their deposit protection measures and identify areas for improvement. The International Monetary Fund (IMF) and the World Bank also employ these principles under their Financial Sector Assessment Programme (FSAP) to evaluate the effectiveness of national deposit insurance frameworks.
Originally released in June 2009 in collaboration with the Basel Committee on Banking Supervision (BCBS), the Core Principles are periodically reviewed to remain relevant in a dynamic financial landscape.
As a founding member of IADI, the NDIC is actively supporting this revision process. The Corporation is encouraging all interested parties to review the draft revised document, available at: https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf, and submit their feedback by June 30, 2025. Submissions should be sent in PDF format to iadi@ndic.gov.ng.
