Friday, June 6, 2025
25.2 C
Lagos

NDIC Seeks Stakeholders’ Input to IADI Core Principles for Effective Deposit Insurance

The Nigeria Deposit Insurance Corporation (NDIC) has called for feedbacks from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.

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, 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 system and practices.

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 subjected to periodic revision order 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-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf Stakeholders feedbacks should be forwarded to the Corporation on or before 30th June 2025 via email to [email protected] in PDF format.

 

spot_img
spot_img
spot_img

Hot this week

Union Bank, PAPSS Simplify Cross-Border Transactions

To deliver simpler, smarter banking solutions, Union Bank of...

Nominations Open for 2025 Almond Insurance Industry Awards

The stage is now set for the 2025 Annual...

NCDMB Exec Sec, Felix Ogbe, Appointed Member of APPO Board

The Executive Secretary of the Nigerian Content Development and...

NHEA 2025 Announces PharmAccess SafeCare Award Categories, Unveils Nominees

Njide Ndili Country Director PharmAccess Foundation The Nigerian Healthcare Excellence Award (NHEA)...

Topics

MTN Connects 240m Subscribers, 30m Data Users

MTN Group has announced an encouraging set of results...

VISA Unveils Secure Payments Plan for Internet of Things

Visa says that it is expanding its Visa Ready...

PenOp Elects Christopher Bajowa as New President

Following the retirement of the previous PenOp President and...

Facebook Kicks Off Global Initiative on Women’s Safety

Facebook hosted a Women’s Safety roundtable in Kenya on...

NCC Approves Harmonised Short Codes, Directs Implementation

  In line with its consumer-centric approach to telecoms regulation,...

Profit Taking in Banking Stocks Drags Market Performance… NSE ASI down 10bps

The negative performance of the local bourse was sustained...
spot_img

Related Articles

Popular Categories

spot_imgspot_img