In today’s financial world, Proof of Fund (POF) has become a vital requirement for many purposes — whether you’re applying for a student visa, preparing for international travel, bidding for contracts, buying property, or meeting immigration requirements.
But in Nigeria, the process is often misunderstood. Many people don’t know what to expect, what documents are needed, or how the system really works.
At POF NG, we’ve simplified the entire process into clear, practical steps.
In this article, we’ll explain how Proof of Fund works in Nigeria, step by step, so you know exactly what to expect.
Step 1: Identify the Purpose of Your POF
Before anything else, you need to clearly define why you need proof of funds. Different purposes have different requirements, and understanding your specific need will guide the entire process.
Common POF purposes include:
- Education — Student visa applications, tuition payment proof, or study abroad requirements
- Tourist Travel — International tourism visa applications showing financial capacity
- Business Trip — Business visa applications or proof of funds for international meetings
- Business Contracts within Nigeria — Local tender applications, project bids, or supplier agreements
Each purpose may have specific documentation standards and financial thresholds, so it’s crucial to be clear about your exact need from the start.
Step 2: Determine How Much You Need
Once you’ve identified your purpose, the next step is to determine the exact amount required for your proof of funds.
This amount is usually specified by:
- Educational institutions (schools, colleges, universities)
- Embassies or consulates (for visa applications)
- Travel companies (for tour packages)
- Contract issuers (for business bids and tenders)
- Immigration authorities (for residency or travel permits)
Make sure you confirm the exact amount needed before proceeding. Having insufficient funds in your statement can lead to rejection or delays.
Step 3: Identify Which Bank Account to Use
Now that you know your purpose and the amount needed, it’s time to choose which bank account you’ll use for your POF.
Use an Existing Bank Account
If you already have a bank account with any of the following CBN-licensed commercial banks, you can use it, i.e
- Access Bank
- GTBank (Guaranty Trust Bank)
- Providus Bank
- Globus Bank
- First Bank
- UBA (United Bank for Africa)
- Zenith Bank
- And other commercial banks
Important Note on Microfinance Banks and Fintechs
Do not use microfinance banks or fintech accounts such as:
- OPay
- Kuda
- PalmPay
- Moniepoint
Bank statements from these platforms are not recognized as valid Proof of Funds by most embassies, institutions, and contract issuers.
Don’t Have a Suitable Bank Account?
If you don’t currently have an account with a recognized commercial bank, you can open a new bank account, and we can help you in opening it if the bank is not within your state. Make sure long as your POF submission date is still within a reasonable timeframe. This gives you time to build your bank statement history with the funded amount.
Step 4: Talk to POF Agents to Get the Best Rate
Different banks offer different rates for holding proof of funds. To get the best deal, it’s important to compare rates across the banks where you already have accounts.
At POF NG, we provide transparent, competitive rates for all major Nigerian banks. You can:
- Contact us to request rate quotes for your existing bank accounts
- Compare the rates and choose the bank with the most affordable option
- Decide whether to open a new account if it offers better rates
Our goal is to help you get the best rate that fits your budget while ensuring your POF is legitimate and acceptable.
👉 Chat with us on WhatsApp to get your personalized rate quote today.
Step 5: Provide the Required Documents
After choosing your bank and agreeing on the rate, the next step is to provide us with the necessary information and documents.
At POF NG, our requirements are simple and straightforward. Here’s what you’ll need:
- Personal or company details (full name, account number, BVN, NIN, contact details)
- Valid means of identification (International Passport, Driver’s License, or National ID)
- Proof of address (recent utility bill)
- Next of kin information
- Passport photograph and signature on plain paper
You can submit your documents either via WhatsApp or through our online form. Our compliance team will verify your information securely and begin processing your request.
Step 6: Make Payment for the First Month’s Interest
Once we receive your documents and confirm everything is in order, we’ll send you our company account details for payment.
You’ll need to pay the first month’s interest fee before your account is funded. This payment ensures that the POF amount is credited into your account on time.
Renewal and Extensions
If you need to hold the funds beyond the initial month, you’ll pay the interest fee again at the beginning of each renewal period. We’ll notify you two days before your tenor expires, so you have time to decide whether to extend or let it mature.
Step 7: Your Account is Funded with a Mandate (Lien) Placed
After your payment is confirmed, the agreed POF amount will be transferred into your bank account as real money. This is not a fake balance — it’s an actual credit that will appear on your bank statement.
Important: Funds are Earmarked (Blocked)
Once the funds are credited, a mandate (lien) is placed on the account. This means:
✅ The funds will show in your account balance
✅ The funds will appear on your bank statement
❌ You cannot withdraw the exact POF amount during the agreed tenor
However, if it’s your salary or business account, you can still:
- Receive other deposits
- Make transfers
- Use your debit card
- Pay bills
- Conduct normal banking transactions
Only the specific POF amount is blocked from withdrawal.
Step 8: Understanding Transaction Narrations
When the POF funds are credited to your account, the transaction will include a narration that explains the source of the funds. These narrations are important for credibility and transparency.
Common acceptable narrations include:
- Liquidation of Investment
- Investment Proceeds
- Liquidation of Assets
- Dividend Proceeds
- Salary
- Sales or Purchase of Property/Land
- Payment of Goods
- Gift from [Name] to [Name]
- Educational Funds/Sponsorship
- IFO Customer’s Name
- Assets Proceeds
- Rent
- Other legitimate business or personal transactions
These narrations help to ensure that your bank statement looks authentic and professionally documented.
Step 9: Activate Your Account (For New Bank Accounts)
If you opened a new bank account for your POF, it’s important to activate it before the funds are credited.
Simply transfer a small amount (e.g., ₦1000 – ₦5000) into the account to test that it’s active and working properly. This ensures there are no issues when the POF amount is deposited.
Step 10: Maturity and Withdrawal of Funds
On the agreed maturity date, the POF amount will be automatically withdrawn from your account by our partner bank.
At this point, you can:
- Generate your bank statement directly from your mobile banking app
- Visit your bank branch to request an official stamped statement
The statement will show the full period during which the funds were present in your account — this becomes your verifiable proof of funds to present to embassies, schools, contract issuers, or any other institution.
Common Mistakes to Avoid
Many people make avoidable errors when applying for Proof of Funds, especially for UK visa applications and other international requirements.
To help you navigate this process smoothly, we’ve compiled a detailed guide on the most common mistakes and how to avoid them.
👉 Read: Common Mistakes in 28-Day Proof of Funds for UK Visas and How to Avoid Them
Frequently Asked Questions About POF
Still have questions? We’ve answered 37 of the most commonly asked questions about UK visa proof of funds, covering everything from account types to documentation requirements.
👉 Read: 37 Commonly Asked Questions About UK Visa Proof of Funds (With Answers)
Final Thoughts
Proof of Fund services in Nigeria may seem complex, but when broken down step by step, the process is straightforward.
At POF NG, our goal is to provide a secure, transparent, and professional POF service that meets international standards. Whether you’re a student, business owner, investor, or traveler, we ensure that your proof of funds is legitimate, verifiable, and hassle-free.
Ready to Get Started?
Don’t navigate this process alone. Our team is here to guide you every step of the way.
👉 Contact us on WhatsApp now to get your personalized rate quote and begin your POF application today.
Frequently Asked Questions (FAQ)
How can I get proof of fund?
You can get a Proof of Fund by working with a trusted agent like POF NG or directly through your bank. Once you provide the required details, documents, and interest payment (if applicable), your account will be funded, and you can generate your bank statement as evidence.
Is POF available in Nigeria?
Yes. Proof of Fund services are available in Nigeria and widely used for visa applications, international business transactions, and investment credibility.
What documents can I use for proof of funds?
The common documents include:
- Valid government-issued ID (matching BVN)
- Bank account details
- Utility bill
- Passport photograph
- Signature on plain paper
Additional documents like international passport or company details may also be required depending on your use case.
Can I get a proof of funds online?
Yes. Once your account is funded, you can easily generate your bank statement from your bank’s mobile app or online banking platform to present as proof.
What can I show as proof of funds?
Bank statements showing available balance are the most accepted proof of funds. In some cases, investment statements, savings account balances, or a Proof of Fund letter from your bank can also be used.
How do you request proof of funds?
You request Proof of Fund by contacting your bank or a registered Proof of Fund agent like POF NG. You’ll need to provide your personal or company details, required documents, and agree to the terms (such as interest payment for holding funds).
Who can provide a proof of funds letter?
Only licensed banks and financial institutions in Nigeria can issue a Proof of Fund letter. Agents help you process it by facilitating the funding into your account with the bank of your choice.
How many months bank statements for proof of funds?
Most embassies and institutions request a 6-month bank statement. However, this varies depending on the specific requirement of your visa application, business transaction, or financial obligation.
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