NDIC Seeks Stakeholders’ Feedback on Revised IADI Core Principles
The Nigeria Deposit Insurance Corporation (NDIC) has called on industry stakeholders in the financial services sector to provide input in the form of feedback toward the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
Head, Communication & Public Affairs, Hawwau Gambo, appealed in a statement on Tuesday.
According to Gambo, the proposed revision launched by IADI in May 2025 is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, she said the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned 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 (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
Gambo said the first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009, while the document is subject to periodic revision to keep it up-to-date with evolving trends on the global financial system landscape.
“As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the link https://ndic.gov.ng/wp-
“Stakeholders’ feedback should be forwarded to the Corporation on or before 30th June 2025 via email to iadi@ndic.gov.ng in PDF format,” the statement read.
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