The Nigeria Deposit Insurance Corporation has asked for feedback from the general public on the ongoing revision of the International Association of Deposit Insurers’ Core Principles for Effective Deposit Insurance Systems.
The initiative, launched by IADI in May 2025, is set to update the global framework to tackle structural changes in the evolving financial landscape.
Set up in 2022, IADI helps jurisdictions to enhance the effectiveness of deposit insurance systems by developing effective policies and standards, tracking their adoption in member jurisdictions, and collecting/analysing data on deposit insurance and bank failures.
Speaking via a press statement, the NDIC Head, Communication & Public Affairs, Hawwau Gambo, called on financial services industry stakeholders and policymakers to provide feedback that will help the corporation determine where to improve.
According to him, the revision will help to address structural changes, including digital innovation, the increasing role of deposit insurers in resolution, and lessons learnt from the banking turmoil 2 years ago.
He stressed that the IADI Core Principles give Nigeria a benchmark to gauge the quality of its deposit insurance systems, while also helping to identify gaps in its deposit insurance practices and measures to tackle them.
“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,” he said.
The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision in June 2009.
The document is subject to revision from time to time to keep it up-to-date with evolving trends in the global financial system landscape.
