By Chioma Obinagwam
The Nigeria Deposit Insurance company (NDIC) has called for inputs from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
Confiance News gathered from a statement on Tuesday.
Launched by IADI in May 2025, this revision aims to strengthen deposit insurance frameworks to address changes in the global financial landscape, including digital innovation, the expanded role of deposit insurers in crisis resolution, and lessons from the March 2023 banking turmoil—the most significant systemic stress since the 2007-09 financial crisis.
Confiance News also learnt that the IADI Core Principles serve as a global benchmark for evaluating deposit insurance systems, helping jurisdictions like Nigeria identify and address gaps. They are also used by the IMF and World Bank in Financial Sector Assessment Programmes (FSAP) to assess the effectiveness of deposit insurance practices.
Initially developed by IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009, the Core Principles are periodically updated to reflect global financial trends.
As a founding IADI member, NDIC urges stakeholders and the public to review the draft document at https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf and submit feedback in PDF format to iadi@ndic.gov.ng by June 30, 2025.
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