NDIC Calls for Stakeholders’ Input on Revised Global Deposit Insurance Standards

The Nigeria Deposit Insurance Corporation (NDIC) has called on stakeholders in the financial services industry, policymakers, and the general public to provide feedback on the proposed revisions to the Core Principles for Effective Deposit Insurance Systems issued by the International Association of Deposit Insurers (IADI).

In a statement issued on June 3, 2025, the Corporation said the revision process—launched by IADI in May 2025—aims to strengthen the global deposit insurance framework in response to emerging challenges in the financial system. The review focuses on addressing key structural developments such as digital innovation, the evolving role of deposit insurers in bank resolution, and lessons drawn from the March 2023 banking turmoil—the most significant global financial stress since the 2007-2009 crisis.

According to the NDIC, the IADI Core Principles serve as a benchmark for assessing the strength and effectiveness of deposit insurance systems in countries like Nigeria. They are also used 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 June 2009 by IADI and the Basel Committee on Banking Supervision (BCBS), the Core Principles undergo periodic reviews to align with the dynamic nature of the global financial environment.

"As a founding and committed member of IADI, the NDIC recognises the importance of this global effort and invites all stakeholders to participate by reviewing the revised principles and submitting feedback," said Hawwau Gambo, Head of Communication and Public Affairs at NDIC.