NDIC calls for Feedback on Revised IADI Deposit Insurance Principles
By Patience Ikpeme
The Nigeria Deposit Insurance Corporation (NDIC) has invited stakeholders from the financial services industry, policymakers, and the general public to contribute their feedback on the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for an effective deposit insurance system.
This call for inputs reflects NDIC’s commitment to ensuring that Nigeria’s deposit insurance framework remains robust and aligned with global best practices.
The revision of the IADI Core Principles, launched in May 2025, aims to address significant structural changes in the financial landscape. Key areas of focus include the impact of digital innovation, the expanding role of deposit insurers in bank resolution processes, and lessons learned from the banking turmoil experienced in March 2023—the most severe systemic stress event since the 2007-09 global financial crisis.
These updates are designed to enhance the resilience and relevance of deposit insurance systems worldwide.
IADI’s Core Principles serve as a critical benchmark for jurisdictions like Nigeria, helping to assess the quality of their deposit insurance systems and identify areas for improvement. International organizations such as the International Monetary Fund (IMF) and the World Bank also rely on these principles during the Financial Sector Assessment Programme (FSAP) to evaluate the effectiveness of countries’ deposit insurance practices. This underscores the global significance of the ongoing revision.
Originally issued in June 2009 by IADI in collaboration with the Basel Committee on Banking Supervision (BCBS), the Core Principles have undergone periodic updates to keep pace with evolving global financial trends.
NDIC, as a founding and dedicated member of IADI, recognizes the importance of this revision and seeks to ensure that Nigeria’s deposit insurance system remains effective and responsive to new challenges.
NDIC encourages all interested parties to review the draft revised Core Principles available on its website and submit their feedback by June 30, 2025.
Contributions should be sent in PDF format to iadi@ndic.gov.ng. This inclusive approach aims to foster collaboration and ensure that the revised principles reflect diverse perspectives, ultimately strengthening Nigeria’s financial safety net.
