A Proof of Fund (POF) is an official document that shows that a person has the ability to cater to or fund a specific transaction. In the context of studying abroad, a Proof of Fund is an official bank document that shows that you have the ability to both fund your trip, pay your tuition fees and cater to your needs while in your destination country.
Before you are granted a visa to study as an international student, you need to present a bank statement containing your tuition fees and money that shows that you can cater to the cost of living during your stay. It is important to note that POF isn’t your cars, land, or houses. It is an official letter from the bank where your money is saved. Your POF also shows that you are able to access the money saved anytime you need it.
Unfortunately, a lot of people have gotten in trouble and truncated their chances of studying abroad by going with the “Japa wave” and rushing out of the country by any means. Using sneaky ways to get out of your home country only complicates issues and stresses you out.
There are ways to get proof of funds that don’t involve getting into trouble. We’ll share them below:
- Personal Funds: One of the ways to get proof of funds is by getting a job and saving up money.
- Private Sponsors: This could be your parents or any other guardians who are willing to sponsor you through school.
- Approved loan certificates: It is important to understand that letters indicating loan applications are invalid. The letter/certificate must prove that your loan request has been approved.
- Awards: These are awards received such as scholarship programs, grants, and awards to join fellowships.
What is it about proof of fund loans that gets people into trouble?
Sometime in January, an article surfaced stating that the UK no longer trusts the Proof of Funds tendered by Nigerian students especially because Universities began noticing that students were unable to complete their tuition fee payment when they got into the UK (See negxyconcept.com to read more). This made them question the authenticity of proof of funds tendered by international students.
Due to the desperation to migrate, a lot of people just look for how to get out of their home countries without thinking it through and saving up properly. It is important to understand that destination countries protect their economy and citizens by ensuring that you are not coming into their country to become a liability.
It is also not a wise thing to:
- take a loan to study abroad without any means of paying back
- Take a loan that doesn’t cover the amount your destination country wants to see in your account
- Borrow money with the intention of returning it when you reach your destination and just show the visa agencies that you have money saved in order for them to grant you a visa.
One way to get proof of fund loans is by seeking loans from commercial banks or other financial institutions licensed by the Central Bank of Nigeria.
- It is important to understand the terms and conditions that form the parts of your loan agreement.
- Once your loan is approved, you want to ensure that you have looked up the duration of which money must be in the bank account to prove to your destination country that you are legible for a visa.
- NEVER collect a loan from individuals. Collect loans from accredited loan organizations. This is because these organizations will not give you a loan without collateral. So your chances of collecting a loan without the intention of paying back are zero.
According to CBN, to be considered eligible for loans from commercial banks or other accredited financial institutions in Nigeria, you must:
- Have a bank account
- Be mentally fit
- Be of legal age
- Be credible
- Have a good credit rating
- Meet Know Your Customer (KYC) requirement
- Be able to repay
As it is, some international students are required to submit some other document like a picture of the front of their bank card showing the holder’s name alongside the proof of funds. This is just to prove that the money saved up in your account can be accessed by you.
