NDIC Calls for Stakeholder Input on Revised Global Deposit Insurance Standards

The Nigeria Deposit Insurance Corporation (NDIC) is inviting financial sector stakeholders, policymakers, and the general public to contribute to the ongoing review of global standards for deposit insurance. This comes as the International Association of Deposit Insurers (IADI) released a revised draft of its Core Principles for Effective Deposit Insurance Systems in May 2025.

The updated principles aim to strengthen deposit insurance frameworks in light of emerging global financial challenges. Key focus areas include the impact of digital innovation, the expanding role of deposit insurers in resolution processes, and key lessons from the March 2023 banking crisis — described as the most severe episode of systemic stress since the 2007–2009 global financial crisis.

In a statement issued by the NDIC’s Head of Communication & Public Affairs, Mrs. Hawwau Gambo, the Corporation stressed the importance of the IADI Core Principles as a benchmark for evaluating and improving national deposit insurance systems. These principles are also used by international financial institutions, including the International Monetary Fund (IMF) and the World Bank, during Financial Sector Assessment Programme (FSAP) reviews.

“The IADI Core Principles serve as a global standard for jurisdictions like Nigeria. They help identify gaps in deposit insurance practices and propose corrective measures to strengthen financial stability,” Gambo said.

The Core Principles were initially developed in 2009 by IADI in collaboration with the Basel Committee on Banking Supervision. Since then, they have undergone periodic revisions to keep pace with shifts in global finance.

As a founding member of IADI, the NDIC is encouraging active participation in the review process. Interested stakeholders can access the draft revised document via the NDIC website at: https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf.

All feedback should be submitted in PDF format to iadi@ndic.gov.ng on or before June 30, 2025.

The NDIC says the input gathered will help shape policies that ensure Nigeria’s deposit insurance system remains responsive, resilient, and aligned with international best practices.

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