The Nigeria Deposit Insurance Corporation (NDIC), has called on stakeholders in the financial services industry, policymakers, and members of the public to provide feedback on the ongoing revision of the Core Principles for Effective Deposit Insurance Systems, issued by the International Association of Deposit Insurers (IADI).
The revision, launched in May 2025 by IADI, marks a significant update to the global standards guiding deposit insurance, with a focus on improving resilience and relevance amid an evolving financial landscape.
According to NDIC, the revised principles aim to address key structural changes in the financial sector, including the rise of digital innovation, the expanding role of deposit insurers in crisis resolution, and critical lessons drawn from the global banking stress experienced in March 2023 and the most severe systemic event since the 2007–2009 financial crisis.
In a statement released on Tuesday, NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, notes that the IADI Core Principles serve as a benchmark for assessing the strength and effectiveness of deposit insurance frameworks.
The Core Principles are also used by global institutions like the International Monetary Fund (IMF) and the World Bank under their Financial Sector Assessment Programme (FSAP) to evaluate the robustness of countries’ deposit insurance systems and related practices.
The NDIC encouraged broad engagement with the consultation process, highlighting the importance of inclusive input in shaping a modernised, globally aligned framework for protecting depositors and strengthening financial system confidence.
About the Author
