In search of Proof of Funds providers in Nigeria to help you convince a Visa official at the Embassy of your financial capabilities to enable you travel out of this country? Below, we list the best, most trusted and cheapest Proof Of Funds companies and providers in Nigeria for UK student visa and more.
About Proof of funds providers In Nigeria
These companies loan you the amount you need, add an interest and collect their funds back after your travel has been successful.
To provide proof of funds to an Embassy in Nigeria, you typically need to present verifiable documentation, such as bank statements, investment portfolios, or other financial records that demonstrate your available funds.
This particular documentation is very important because before an Embassy grants an intending traveler Visa to a foreign nation, they must be able to prove that they indeed posses the financial muscle and means to see them through their stay. With the current Dollar exchange rate in Nigeria, this part of one’s travel processing becomes more crucial than its ever been before.
Types of Proof of Fund providers
There are various types of financial institutions and platforms that can help you obtain proof of funds documentation for your travel. They are typically classified into:
1. Banks: Your own bank can provide official bank statements or letters confirming your account balance.
2. Investment Firms: If you have investments, such as stocks, bonds, or mutual funds, your investment provider can supply documentation showing your holdings and their current value.
3. Accountants/Financial Advisors: These professionals can help you compile and verify your financial records for proof of funds purposes.
4. Other Financial Platforms: Some online (or offline) financial platforms specialize in helping individuals obtain verifiable proof of funds documents for specific purposes like immigration or real estate transactions.
These are the category of P.O.F providers we will be looking at in this article.
Tips for choosing the right POF provider
When considering a Nigerian proof of funds provider, ensure that they are reputable and recognized by the relevant authorities for the purpose you need the documentation. Always exercise caution to avoid potential scams or fraudulent services.
The probability that Yahoo boys posing as Proof of Funds organisations, would be lurking in the shadows in wait for a desperate young Nigerian is very high. Imagine one of them requesting access to your BVN for the purpose of sending you funds only to hack your bank account.
When choosing a proof of funds provider in Nigeria, consider these tips:
- Legitimacy and Reputation: Research the provider’s legitimacy and reputation by checking reviews, testimonials, and any potential red flags. Ask around to know if other people have used them before.
- Accreditation: Ensure the provider is accredited by relevant financial authorities in Nigeria.
- Transparent Fees: Look for providers with clear and reasonable fee structures. Be cautious of hidden charges.
- Verification Process: Understand the provider’s process for verifying funds and ensure it aligns with your needs.
- Quick Turnaround: Consider providers with a track record of providing proof of funds quickly, especially if you have time constraints. You’d want to shoot for something between 48-72hrs max.
- Customer Support: Evaluate the quality and availability of customer support. It’s crucial to have assistance if any issues arise.
- Security Measures: Inquire about the security measures the provider has in place to protect your sensitive financial information.
- Experience and Expertise: Choose a provider with experience in the field and a solid understanding of proof of funds requirements.
- Sample Documents: Request sample proof of funds documents to ensure they meet the standards required by institutions.
- Contract and Terms: Carefully review the contract and terms of service to avoid any misunderstandings. If they don’t provide one, demand for it.
- Recommendations: Seek recommendations from trusted sources or professionals who have experience in this area.
- Comparative Research: Compare multiple providers to make an informed decision.
List of Proof of Funds providers in Nigeria
Disclaimer: it’s your duty to thoroughly investigate each company/entity listed here using the above tips and more to ascertain that the one you choose is truly legit. TravelRichee will not be held liable for your use of the information contained herein. This does not constitute legal or financial advise.
- Glow Visa
- Edfin MFB
- POF Collateral
How much interest do Proof of Funds providers charge?
While this figure may differ from provider to provider, the ballpark figure to expect is around 3.5% of the total funds you’d need. For example, if you need N15 million, you’d be paying N525,000 in interest fees. This fee is usually paid upfront before the “loan” is disbursed.
How to get proof of funds for Uk student Visa
One of the most popular methods Nigerians use to travel abroad to the UK is the Study route. This is when you get a Visa for the purpose of going overseas to gain a Bachelors, Masters degree or PHD degree.
To be able to acquire Proof of Funds to enable you study in the UK as a student, you need to follow the steps below:
To obtain proof of funds for a UK student visa from Nigeria, follow these steps:
- Calculate Required Funds: Determine the amount of funds you need to show as proof, considering tuition fees and living expenses for your chosen course and duration.
- Open Bank Account: Your POF 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.
- Gather Documents: Collect the required documents, which typically include bank statements, financial sponsorship letters, scholarship award letters, or loan agreements that demonstrate the availability of funds. Make sure your documents are accurate and complete. Double-check that they meet the financial requirements set by the UK Home Office.
- Online Application: Begin your visa application process by creating an account on the official UK government’s Visa and Immigration website. Fill out the visa application form accurately, providing all necessary personal and financial details. Make sure to select the correct visa category (Tier 4 Student Visa). Alternatively, you can just hire the help of a Nigerian Visa agent to do all these for you. Next, pay the required visa application fee online and remember to keep a copy of the payment receipt.
- Biometrics Appointment: Schedule and attend a biometrics appointment at a Visa Application Center in Nigeria. During this appointment, your fingerprints and photograph will be taken.
- Submit Documents: Submit your visa application form and all required documents at the Visa Application Center. You may need 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. Be prepared to answer questions about your study plans and financial circumstances.
- Wait for Decision: After submitting your application, wait for a decision. You can track the status of your application online. If your application is approved, you will be issued a vignette sticker in your passport or an Entry Clearance Certificate (ECC). This will allow you to travel to the UK.
If, God willing, your Visa is approved and all goes well, you’d need to return the funds you loaned back to the account of your benefactors. There have been reported instances whereby a traveler who engaged the services of a Proof of Funds company squandered the N11 million naira placed in his account.
The chances of that happening nowadays is very unlikely however. This is one of the major reasons why they require you open a brand new bank account.
Remember to exercise due diligence and take your time to choose a reputable and reliable proof of funds provider in Nigeria that best suits your requirements. Do not be led by desperation or eagerness to travel as this can land you in the net of fraudsters.
Remember, we will not be held liable for your use of the information contained herein should it go side so use at your own risk…or don’t.