The Nigeria Deposit Insurance Corporation has invited feedback from financial services stakeholders, policymakers, and the general public on the ongoing revision of the Core Principles for Effective Deposit Insurance Systems by the International Association of Deposit Insurers.
In a statement issued on Tuesday, by NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, the Corporation noted that the initiative—launched by IADI in May 2025—aims to update the global framework to reflect structural changes in the evolving financial landscape.
Established in 2002, IADI works to strengthen deposit insurance systems worldwide by developing international standards and policies, tracking their implementation, and analyzing data on deposit insurance and bank failures.
“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 IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them. The Core Principles are also used by the International Monetary Fund and the World Bank in the context of the Financial Sector Assessment Programme to assess the effectiveness of jurisdictions’ deposit insurance systems and practices,” part of the statement read.
The first set of the Core Principles was issued jointly by the International Association of Deposit Insurers and the Basel Committee on Banking Supervision in June 2009.
The document is subject to periodic revisions to ensure it remains aligned with evolving trends in the global financial system.
The Nigeria Deposit Insurance Corporation is mandated to protect depositors by supervising banking institutions to ensure their safety and soundness.
Through its supervisory activities, the NDIC also safeguards the interests of creditors and shareholders.
