The Nigeria Deposit Insurance Corporation (NDIC) has urged financial services stakeholders, policymakers, and the public to contribute to the ongoing review of the Core Principles for Effective Deposit Insurance Systems by the International Association of Deposit Insurers (IADI).
The revision, initiated in May 2025, marks a critical effort to strengthen deposit insurance frameworks in response to structural shifts in the global financial system. Key updates address the growing influence of digital innovation, the expanding responsibilities of deposit insurers in crisis resolution, and key lessons drawn from the March 2023 banking turmoil—considered the most severe financial stress event since the 2007–2009 global financial crisis.
The IADI Core Principles serve as a global benchmark, guiding countries like Nigeria in evaluating the strength and resilience of their deposit insurance systems. They are also employed by international financial institutions such as the International Monetary Fund (IMF) and the World Bank under the Financial Sector Assessment Programme (FSAP).
Originally issued in 2009 in collaboration with the Basel Committee on Banking Supervision, the Core Principles are reviewed periodically to reflect emerging risks and evolving dynamics in financial systems worldwide.
As a founding and active member of IADI, the NDIC reaffirmed its commitment to the principles and is encouraging broad participation in shaping the revised framework. The Corporation invites stakeholders to review the draft and submit their feedback in PDF format by June 30, 2025.
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