The Nigeria Deposit Insurance Corporation (NDIC) has called on financial sector stakeholders, policymakers, and the general public to actively participate in the ongoing review of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance Systems. The Corporation emphasized that this review process is vital to strengthening the resilience and relevance of deposit insurance mechanisms in the face of evolving global financial dynamics.
In a statement issued on Tuesday, the NDIC highlighted that the IADI commenced the review of its core principles in May 2025 to reflect recent global developments, particularly in digital finance, resolution frameworks, and the critical lessons from the financial turbulence of March 2023. That crisis, widely regarded as the most significant shock to the global banking system since the 2007–2009 financial meltdown, exposed systemic vulnerabilities that the revised guidelines aim to address.
According to the NDIC, the IADI Core Principles serve as an internationally recognized benchmark for assessing the robustness of deposit insurance systems. They also guide evaluations conducted by institutions such as the International Monetary Fund (IMF) and the World Bank under the Financial Sector Assessment Programme (FSAP), underscoring their importance in maintaining global financial stability.
“These principles help to promote financial system safety and soundness. They are fundamental tools in assessing the effectiveness of a jurisdiction’s deposit insurance practices and frameworks,” the Corporation noted.
Developed originally in 2009 in collaboration with the Basel Committee on Banking Supervision, the IADI Core Principles are periodically updated to align with rapid transformations in the financial landscape. This latest review is expected to capture the expanding role of deposit insurers in resolution processes, the rising influence of fintech, and other structural shifts within the global banking ecosystem.
Reaffirming its role as a founding member of IADI, the NDIC restated its dedication to advancing international best practices in financial protection and called on stakeholders to contribute meaningfully to the current reform exercise. It emphasized that Nigeria’s active involvement would ensure that local perspectives are adequately represented in shaping global deposit insurance standards.
Interested participants are urged to examine the draft revised document, which is available on 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 [email protected] on or before June 30, 2025.
The statement was signed by Ms. Hawwau Gambo, Head of Communication and Public Affairs at the NDIC, who encouraged all stakeholders to seize this opportunity to help shape a deposit insurance system that reflects both global standards and national interests.
