The Nigeria Deposit Insurance Corporation (NDIC) has invited feedback from financial services industry stakeholders, policymakers, and the general public on the ongoing revision of the Core Principles for Effective Deposit Insurance Systems, developed by the International Association of Deposit Insurers (IADI).
This call for input was announced on Tuesday in a statement issued by Hawwau Gambo, NDIC’s Head of Communication and Public Affairs.
According to the NDIC, the revision, launched by IADI in May 2025, is part of a broader effort to modernize the global deposit insurance framework in light of structural shifts in the financial system, such as digital innovation, the expanding role of deposit insurers in resolution frameworks, and lessons drawn from the banking turmoil of March 2023 the most significant global banking stress event since the 2007–2009 financial crisis.
Strengthening Global Financial Stability
Established in 2002, IADI plays a central role in enhancing deposit protection systems globally by:
- Developing and promoting core international standards
- Monitoring their adoption in member jurisdictions
- Collecting and analysing data on deposit insurance operations and bank failures
The NDIC, a founding member of IADI, noted that the Core Principles serve as a benchmark for jurisdictions including Nigeria to assess and improve the quality and resilience of their deposit insurance systems.
“The IADI Core Principles are also used by the International Monetary Fund and the World Bank as part of the Financial Sector Assessment Programme (FSAP) to evaluate the effectiveness of jurisdictions’ deposit insurance regimes,” the NDIC statement noted.
Keeping Pace with Industry Evolution
Originally released in June 2009 through a joint effort by IADI and the Basel Committee on Banking Supervision, the Core Principles are periodically revised to reflect emerging trends and industry disruptions in the global financial ecosystem.
The current revision is a strategic response to evolving challenges and opportunities, such as:
- The digital transformation of banking
- The increasing need for cross-border regulatory cooperation
- The growing relevance of deposit insurers in managing and resolving failing banks
NDIC Reaffirms Its Mandate
The NDIC reaffirmed its commitment to protecting Nigerian depositors by aligning local policies with internationally accepted best practices. Through its supervisory role, the Corporation works to maintain financial system stability, ensuring the safety of depositors’ funds while safeguarding the interests of creditors and shareholders.
Stakeholders wishing to contribute to the ongoing review can submit feedback through channels to be provided by the NDIC in collaboration with IADI.
“As the financial landscape continues to evolve, inclusive dialogue and stakeholder engagement are essential to shaping effective deposit protection systems that are both resilient and future-ready,” the Corporation added.
