- To drive effective deposit insurance coverage
BY COBHAM NSA – To enhance the resilience and relevance of deposit insurance frameworks amid current global financial trends, the Nigeria Deposit Insurance Corporation (NDIC) is seeking industry stakeholders’ inputs to facilitate ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for effective Deposit Insurance System.
According to the Corporation, feedbacks from financial services industry stakeholders in the country, policy makers and the general public are required to further bolster the proposed revision launched by IADI in May 2025.
A statement by the Head, Communication and Public Affairs of NDIC, Hawwau Gambo said in the face of an evolving global financial landscape, the revision aims to comprehensively address structural changes in the IADI Core Principles.
These changes include 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 statement further said that 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.
Additionally, the Core Principles are deployed by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance system and practices.
It also stated that the first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.
The statement said as a founding and committed member of IADI, NDIC recognizes the importance of the ongoing revision and hereby 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 said the stakeholders’ feedbacks should be forwarded to the Corporation on or before 30th June 2025 via email to iadi@ndic.gov.ng in PDF format.
