NDIC Calls for Public Input on Revised Global Deposit Insurance Principles

The Nigeria Deposit Insurance Corporation (NDIC) has urged stakeholders in the financial services sector, policymakers, and the general public to provide feedback on the newly revised Core Principles for Effective Deposit Insurance Systems released by the International Association of Deposit Insurers (IADI).

The revised document, launched by IADI in May 2025, is aimed at strengthening the global deposit insurance framework in response to rapid changes in the financial sector, including digital innovations and new challenges in banking supervision. It also incorporates key lessons from the global banking disruptions of March 2023, described as the most significant systemic stress event since the 2007–2009 global financial crisis.

In a statement signed by Hawwau Gambo, Head of Communication and Public Affairs, NDIC said the review represents a “critical step in enhancing the resilience and relevance” of deposit insurance systems globally, including Nigeria.

“The IADI Core Principles serve as a benchmark for evaluating the soundness of deposit insurance mechanisms in jurisdictions around the world,” the NDIC noted. “They are used not only by national authorities such as the NDIC but also by international bodies like the International Monetary Fund (IMF) and the World Bank, particularly in conducting Financial Sector Assessment Programme (FSAP) evaluations.”

Originally issued in June 2009 by IADI in collaboration with the Basel Committee on Banking Supervision (BCBS), the Core Principles are periodically updated to reflect emerging trends in financial services. The ongoing revision is expected to cover structural developments such as fintech-driven innovations, the expanding role of deposit insurers in bank resolution, and risk management strategies in the face of financial market volatility.

As a founding and active member of IADI, NDIC emphasized its commitment to global best practices in deposit insurance and called on all interested parties to engage with the review process.

Members of the public and institutional stakeholders are encouraged to download the draft revised document via the link: https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf and submit their comments and recommendations to the Corporation on or before June 30, 2025. All submissions should be sent in PDF format to iadi@ndic.gov.ng.

NDIC reiterated the importance of robust public engagement in refining the deposit insurance framework, noting that such collaborative input will help shape a safer and more inclusive financial system in Nigeria and beyond.

For more information, visit www.ndic.gov.ng.