When applying for visas, admitting into foreign schools, real estate deals, or business contracts, embassies and partners often demand proof of funds (POF).
Typically this means showing bank statements or having a bank account with a certain minimum balance or a document verifying financial capacity.
Most people go to well-known banks that are big shot in Nigeria but often at higher cost, stricter documentation, slower processing, and higher interest.
On the other hand, newer non-bank service providers (often called POF agents or fintechs, micro finance) like those using Globus, Parallax bank, or agents funding your account temporarily, tend to offer more flexibility, faster turnaround, and much cheaper rates.
Below are 10 relatively cheaper POF options / providers in Nigeria, plus a comparison with bank-based options, and tips to choose wisely.
What Makes Non-Bank POF Cheaper
Before listing providers, it helps to understand why these non-bank POF services are often cheaper:
- They are more streamlined: less bureaucracy, fewer internal bank protocols.
- Cheap processing because many operate digitally/online: lower overhead.
- They often charge interest or fees for a short term, unlike banks which may demand more formal “locked” balances, longer verification periods, etc.
- They may use lenders or microfinance partners, rather than full commercial banks.
These are providers known (as of mid-2025) for offering relatively low rates / competitive terms, especially compared with traditional banks.
How Banks Compare
Big banks such do offer POF in some ways (via official bank statements, maintained balances, etc.). But compared to the non-bank providers above, their “cost” often is higher in one or more of these ways:
- Higher Interest / Fee for POF or for maintaining “locked” funds.
- Longer verification period – getting statements, signed letters, references often takes more time.
- Strict Requirements – you may need proof of longstanding account history, good standing, large balances, etc.
- Less Flexibility – less willing to do temporary funding just for visa purposes; tend to expect actual owned funds (not just temporarily deposited).
- Embassy/Sponsor Scrutiny – if POF is via agent or non-bank, embassies might reject unless document meets their standard; banks’ documents more readily accepted—but for a higher total cost.
Estimated “Cheapest vs Bank” Cost Comparison
Here’s a hypothetical sketch (numbers just illustrative) to show how much you might save:
| Scenario | Bank | Non-Bank Provider (e.g. Easify, EdFin, etc.) |
|---|---|---|
| POF requirement: ₦5,000,000 for visa | Bank statement generation, possible charges, waiting time, maybe interest/commission ~ 2.5% – 4% + fees (2-3 days) | Non-bank provider offers ~ 2.5-3.5% flat, disburse in 24-48 hrs, minimal documentation |
| POF requirement: ₦30,000,000 | Bank may require higher fees, more documents, possibly higher % or stricter terms | Non-bank may still offer < 2.5 – 4% for large amounts, with fast turnaround |
So, using a non-bank provider might save you 1-2% (or more) plus time, effort, documentation.
Things to Watch Out For (Risks / Tips)
Cheap isn’t always best; you want your POF to be accepted and legal. Here are things to check:
- Bank used: some embassies prefer statements from certain banks. If your provider is funding via “smaller” or newer banks, ensure embassy accepts them.
- Interest Fee Structure: is it always monthly paid upfront fee. Make sure no hidden charges.
- Timeframe: need it well before visa deadlines.
- Bank Statement Durations: many visa requirements specify that the statement shows funds for a certain number of days (often 28-90). If non-bank provider gives a letter instead with short duration, it might not satisfy.
- Transparency: make sure the POF provider spells out rate, bank, how the funds are held, etc.
How Non-Commercial Banks Fit In
Agents often use small upcoming non-commecrial banks that are newer/emerging finance house or fintech-partnered banks because their requirements are lighter, documentation faster, and their internal fees lower. Thus an agent might offer at 2.5-3.5% or similar, which is cheaper than Compare to others that charge like 4-5%.
Conclusion
- If you don’t have urgency or strict embassy rules, going through big banks like GTB, Access etc. ensures trust—but expect higher cost and more paperwork.
- If you want speed, low cost, and flexibility, non-bank providers and agents using newer banks through an agent is your best bet.
