ABUJA, Nigeria (VOICE OF NAIJA)-The Nigeria Deposit Insurance Corporation (NDIC) has invited feedback from financial services stakeholders, policymakers, and the general public on the ongoing revision of the International Association of Deposit Insurers’ (IADI) Core Principles for Effective Deposit Insurance Systems.
In a statement issued Tuesday by NDIC’s Head of Communication & Public Affairs, Hawwau Gambo, the Corporation noted that the revision initiative launched by IADI in May 2025 aims to modernise the global framework to reflect structural changes in the evolving financial landscape.
Founded in 2002, IADI supports jurisdictions in enhancing the effectiveness of their deposit insurance systems by developing global standards and best practices, tracking their adoption, and gathering data on deposit insurance and bank failures.
The NDIC is a founding member of the organisation.
READ ALSO: NDIC Urges Collaboration To Curb Banking Fraud In Nigeria
“Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learnt from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis,” the statement read.
The updated Core Principles continue to serve as a key benchmark for jurisdictions like Nigeria, helping assess the robustness of their deposit insurance frameworks and identify necessary improvements.
They are also used by the International Monetary Fund (IMF) and the World Bank in evaluating deposit insurance systems as part of the Financial Sector Assessment Programme (FSAP).
The initial version of the Core Principles was released jointly by IADI and the Basel Committee on Banking Supervision in June 2009.
Since then, the framework has undergone periodic revisions to align with shifts in global financial practices.
The NDIC reiterated its commitment to safeguarding depositors through robust supervision and oversight to ensure the soundness of financial institutions.
Its mandate also extends to protecting the interests of both creditors and shareholders through its regulatory activities.