The Nigeria Deposit Insurance Corporation has called for feedback from financial services industry stakeholders, policymakers, and the general public on the ongoing revision of the International Association of Deposit Insurers’ Core Principles for Effective Deposit Insurance Systems.

In a statement issued by the NDIC Head, Communication & Public Affairs, Hawwau Gambo, on Tuesday, the initiative, launched by IADI in May 2025, seeks to update the global framework to address structural changes in the evolving financial landscape.

Established in 2002, IADI helps jurisdictions improve the effectiveness of deposit insurance systems by developing effective policies and standards, monitoring their adoption in member jurisdictions, and collecting and analysing data on deposit insurance and bank failures. The NDIC is one of the founding members of the IADI.

“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,” part of the statement read.

The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision in June 2009, while the document is subjected to periodic revision in order to keep it up-to-date with evolving trends in the global financial system landscape.

The NDIC is mandated to protect depositors. Through supervision to ensure the safety and soundness of banking institutions. Through its activities, the interests of creditors and shareholders are also protected.