Are you in search of people who provide ‘Proof of Funds’ (POF) in Nigeria to assist you in convincing a Visa official at the embassy that you have solid financial capabilities to enable you to travel out of the country?
Below, we make a list of seven of the cheapest proof of funds providers in Nigeria to give you the necessary financial assistance for your visa application to study anywhere abroad you want to go study such as UK, Canada, USA, Finland, etc. Also contained in this article are detailed information necessary to make this go seamlessly for you.
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About Proof of Funds Providers in Nigeria
These companies loan you the amount you require, add an interest and collect their funds back after you have successfully traveled.
The Importance:
In order to provide your proof of funds to an embassy in Nigeria, you basically need to make available verifiable documentation such as; bank statements, investment portfolios, or other financial records that show that you have funds available.
This particular documentation is very much required because before an intending traveler is being granted visa to a foreign country by the embassy, said traveler must be capable of proving that they truly posses the financial muscle necessary to see them through their stay in the desired country.
However, this aspect of one’s travel processing has become more crucial than ever before because of the current Dollar exchange rate in Nigeria.
Types of Proof of Fund Providers in Nigeria
We can help you secure proof of fund in various ways. There are various kinds of platforms and financial institutions that can assist you in obtaining proof of funds documentation for your travel. They are typically classified into the following:
1. Banks
Your own bank can provide you with official bank statements or letters that confirm your account balance.
2. Investment Firms
If you have investments such as stocks, bonds, or mutual funds, your investment provider can provide the documentation which shows your holdings and their current value.
3. Accountants/Financial Advisors
These professionals can help you put together and verify your financial records for the purpose of providing you with your proof of funds.
4. Other Financial Platforms
There are some online or offline financial platforms that specialize in helping individuals to obtain verifiable proof of funds documents for specific purposes such as; immigration or real estate transactions.
In this article these are the categories of proof of funds providers we will be looking at.
Tips for Choosing the Right POF Provider
In considering a Nigerian proof of funds provider, you should ensure that they have a good reputation and are recognized by the relevant authorities for the purpose you need the documentation.
You should always exercise caution in order to avoid the possibility of being scammed or being a victim of fraudulent services.
The probability of Yahoo boys posing as proof of funds organizations is very high, they would be lurking in the shadows waiting for a desperate or unsuspecting young Nigerian to deceive.
Imagine a scenario of one of them requesting for access to your Bank Verification Number (BVN) to send money into your account, only for them to hack into your bank account and use your identity/steal so be very careful.
Tips to Consider When Choosing a Proof of Funds Provider in Nigeria
1. Legitimacy and Reputation
Do your research on the provider and find out how legitimate and reputable they are by checking reviews, testimonials, and any other means of finding potential red flags. You can also ask around to know if other people have used them before.
2. Accreditation
Ensure that the provider is accredited by the relevant financial authorities in the country.
3. Transparent Fees
Look for providers who have clear and reasonable fee structures. Stay cautious of hidden charges.
4. Verification Process
Make an effort to understand the provider’s process for verifying funds and make sure it aligns with your needs.
5. Quick Turnaround
Consider working with providers that have a track record of providing proof of funds quickly, especially if you have limited time. You would want to go for something between 48 to 72hrs max.
6. Customer Support
You should evaluate the quality and availability of customer support. It is very important to have assistance if any issues arise along the way.
7. Security Measures
Make enquiry about the security measures the provider has in place to protect the sensitivity of your financial information.
8. Experience and Expertise
Make sure to choose a provider with experience in the field and a solid understanding of proof of funds requirements.
9. Sample Documents
Request for samples of proof of funds documents to be certain that they meet the required standards by institutions.
10. Contract and Terms
You should carefully review the contract and terms of service to avoid any misunderstandings or misinterpretations. If they do not provide one, demand to see one.
11. Recommendation
Go all out and seek recommendations from sources that you trust or professionals who have experience in this area.
12. Comparative Research
This is where you compare multiple providers to make a well informed decision.
List of Proof of Funds Providers in Nigeria
Disclaimer: It is solely your duty to thoroughly investigate each company or entity that is listed here by using the above tips and others available to you to ascertain that the one you choose is truly legit. This writer will not be held liable for your use of the information contained herein. This does not constitute legal or financial advice.
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The proof of funds providers are listed as follows:
- Proofoffund.ng
- Glow Visa
- Fundall
- Edfin MFB
- POF Collateral
- EmeraldShine
- Pay4Me
How Much Interest Do Proof of Funds Providers Charge?
Although this figure may differ based on the provider, the estimated figure that is to be expected is around 3.5% of the total funds you will need.
For instance, if you need the amount of N15 million, you will pay an interest fee of N525,000. This interest fee is usually paid upfront before you are given the “loan”.
How to Get Proof of Funds for UK, Canada & US Student Visas
There are various methods that Nigerians use to travel abroad but one of the most popular method is the ‘Study’ route.
This is when a person gets a visa for the purpose of traveling abroad to gain a degree, be it a Bachelors, a Masters or a PHD degree.
For you to be able to acquire Proof of Funds to enable you study in the UK, Canada or US as a student, you need to take the following steps:
Calculate Required Funds
Determine the amount of money you need to show as proof, considering tuition fees and living expenses for your chosen course and the duration of your stay.
Open Bank Account
Your proof of funds provider will usually require you to open a new bank account to hold the necessary funds for at least 28 consecutive days before submitting your visa application to the embassy.
Gather Documents
Collect the documents that are required, which basically includes bank statements, financial sponsorship letters, scholarship award letters, or loan agreements that demonstrate that there is availability of funds.
Be certain that your documents are accurate and complete. You can even double-check that they meet the financial requirements set by the UK Home Office.
Online Application
You should begin your visa application process by creating an account on the official website of the Government Visa and Immigration.
Accurately fill out the visa application form by providing all necessary personal and financial details. Make sure that you select the correct visa category (Tier 4 Student Visa).
Alternatively, you can just hire the help of a Nigerian Visa agent to go through this process for you, after which, you pay the required visa application fee online and remember to keep a copy of your payment receipt.
Biometrics Appointment
Schedule and attend a biometrics appointment at a Visa Application Center in Nigeria, your fingerprints and photograph will be taken during this appointment.
Submit Documents
Here you submit your visa application form and every required document at the Visa Application Center. You may be required to provide your original bank statements or certified copies.
Attend Interview (if required)
In some cases, you might be asked to attend an interview at the Visa Application Center and in other cases you may not. But be prepared to answer questions about your study plans and financial circumstances.
Wait for Decision
After submitting your application, wait for the decision that will be made. You can track the status of your application online as you wait.
Upon approval of your application, you will be issued a vignette sticker in your passport or an Entry Clearance Certificate (ECC). This will enable you to travel to the UK.
If, God willing, they approve your visa and all goes well, you will have to return the funds you loaned back to the account of your benefactors.
There have been reported instances whereby a traveler who sought the services of a Proof of Funds company squandered the entire amount of money placed in his account.
These days, the chances of that happening is very unlikely. This is one major reason why they require you to open a brand new bank account.
In Conclusion, remember to exercise due diligence and take your time to carefully choose a reputable and reliable proof of funds provider in Nigeria that best suits all your requirements.
Do not allow yourself to be led by desperation or eagerness to travel as this can land you in the net of fraudster.
Be reminded that we will not be held liable for your use of the information contained herein should it go sideways. So you will be using this information at your own risk.