Requirements
Here’s a comprehensive list of the typical requirements to get a Proof of Funds (POF) in Nigeria, whether you’re applying through a bank, financial institution, or a POF service provider:
General Requirements for Proof of Funds in Nigeria
Valid Means of Identification
International Passport (preferred for study abroad/immigration cases)
National ID Card (NIN Slip/Plastic)
Driver’s License or Voter’s Card (sometimes accepted)
Bank Account Statement / Deposit Evidence
Some institutions require your own account statement to validate source of funds.
Others may provide a dedicated POF account where the funds are locked.
Letter of Request / Application
A formal application stating why you need the POF (e.g., visa application, study abroad, immigration, business transactions).
BVN (Bank Verification Number)
Mandatory for all financial transactions in Nigeria.
Proof of Source of Funds (depending on amount)
Salary slips, business income, loan agreements, or other legal proof.
Payment of Service Fees
For POF services, a non-refundable fee is often required to issue or maintain the proof.
Duration Requirement (for Study Abroad & Immigration)
The funds usually need to sit in the account for a minimum of 28 to 90 days, depending on the institution or country’s visa requirement.
Minimum Fund Threshold
Amount depends on purpose:
Study Abroad: Tuition + Living Expenses (varies by country, e.g., ₦5m – ₦15m).
Immigration (Canada, UK, etc.): Varies by number of family members.
Business/Contracts: Based on transaction size.
Passport Photograph (sometimes required for account opening).
Signed Agreement / Undertaking
If using a POF provider, you may need to sign an agreement that funds are not for withdrawal, only for showing proof.
Example for Study Abroad (Canada or UK)
International Passport
Admission Letter / School Invoice
Minimum balance requirement (e.g., CAD $20,000+)
BVN + Valid ID
POF Service Fee (if using a provider)
28–90 days seasoning of funds
⚠️ Important Note:
Different banks, embassies, and POF service providers have slightly different requirements.
For immigration purposes (Canada, UK, etc.), the proof must be verifiable, consistent, and meet the official minimum settlement funds.
For business or tender POF, the requirements may be lighter but still need legitimacy.