TECHNOLOGY
How to Get Proof of Funds in Nigeria

How to Get Proof of Funds in Nigeria
Securing proof of funds is crucial in various financial and legal processes, whether you’re planning to embark on a significant investment, apply for a visa, or fulfill other financial obligations in Nigeria.
This guide will delve into the essential steps and documentation required to obtain legitimate proof of funds in Nigeria.
Whether you’re a business owner, an investor, or an individual seeking to demonstrate your financial capacity, this comprehensive exploration will equip you with the knowledge and insights necessary to navigate this critical aspect of financial documentation.
What is Proof of Funds in Nigeria
In Nigeria, “Proof of Funds” refers to documentation or evidence demonstrating an individual or entity’s financial capability or capacity to cover a specific financial obligation or investment. It is commonly required in various situations, including:
- Visa Applications: When applying for certain types of visas, particularly for immigration or travel to other countries, immigration authorities often request proof of funds to ensure that applicants can support themselves during their stay.
- Investment: Investors may need proof of funds to show they have the necessary capital for investment purposes, such as starting a business, purchasing real estate, or participating in financial markets.
- Tenders and Contracts: In business and government contracts, bidders may be required to submit proof of funds to demonstrate they have the financial capacity to complete the project or deliver the goods or services.
- Banking and Finance: Financial institutions may request proof of funds as part of their due diligence process when opening accounts, granting loans, or facilitating certain financial transactions.

How to Get Proof of Funds in Nigeria
Proof of funds can take various forms, including bank statements, letters from financial institutions, investment portfolios, or other financial documents confirming funds’ availability. These documents should be genuine, up-to-date, and verifiable to satisfy the requirements of the requesting party or authority.
Why is Proof of Funds Important?
Proof of funds is essential for several reasons, as it serves various purposes in both personal and business contexts:
- Visa and Immigration: Many countries require individuals applying for visas to provide proof of funds to ensure they can financially support themselves during their stay. This helps prevent visa applicants from burdening the host country’s resources.
- Investment and Finance: In finance and investment, proof of funds demonstrate the financial capacity to participate in various opportunities, whether buying real estate, investing in stocks or starting a business. It builds trust between parties and reduces the risk of fraudulent transactions.
- Contract Bidding: In business and government contracts, proof of funds is often a prerequisite for participation. It assures the contracting party that the bidder has the necessary financial resources to fulfill the contract terms, reducing the non-performance risk.
- Banking and Loans: When opening bank accounts or applying for loans, financial institutions may request proof of funds to assess a customer’s creditworthiness and determine eligibility for various financial services. This helps mitigate the risk of defaults.
- Legal and Compliance: Proof of funds can be essential in legal matters, such as settling estates, fulfilling court-ordered payments, or complying with financial regulations. It provides transparency and accountability in financial transactions.
- Real Estate Transactions: Buyers in real estate transactions often need to demonstrate that they have the funds required to purchase a property. Sellers and their agents may request proof of funds to ensure the seriousness of potential buyers.
- Security and Fraud Prevention: Verifying the authenticity of funds helps prevent financial fraud, money laundering, and other illegal activities. It adds a layer of security to financial transactions.
- Personal Financial Planning: On a personal level, maintaining proof of funds is valuable for budgeting, financial planning, and setting financial goals. It provides clarity on available resources and helps individuals make informed financial decisions.
In essence, proof of funds is critical for ensuring financial transparency, mitigating risks, and facilitating various financial and legal processes. It helps establish trust and credibility in financial transactions and is often a fundamental requirement in many aspects of personal and business finance.
Documents Needed for Proof of Funds Bank Statements
- Investment Account Statements
- Balance Certificates from Financial Institutions
- Letters from Financial Institutions confirming fund availability
Cost of Proof of Funds in Nigeria
The cost for proof of funds varies depending on the specific purpose and destination country. For Canadian immigration, it’s often around 2.9%, while for the
UK and other countries, it may be approximately 3%.
Please note that prices can vary, and it’s advisable to check with the relevant authorities or service providers for the most accurate and up-to-date information regarding fees.
How to Get Proof of Funds in Nigeria
Obtaining proof of funds in Nigeria involves several steps:
- Find a Proof of Funds Provider:
Start by identifying a trusted proof of funds provider. Look for reputable companies or services that offer this documentation.
- Open a New Bank Account:
Depending on the provider’s requirements, you may need to open a new bank account. Ensure the version is in your name or the name of your business.
- Pay an Interest Fee:
Providers may charge an interest fee, usually a percentage of the total amount you intend to use as proof of funds.
- Fund Your Account:
Deposit the required funds into the newly opened bank account. These funds will serve as the basis for your proof of funds document.
- Use Your Account:
Begin using the bank account immediately. This can involve depositing your income, having friends or family deposit money, or conducting financial transactions.
- Print Your Bank Statement:
Print a bank statement that shows your account balance and transaction history for the relevant period, confirming the availability of the funds. Ensure the report includes a signature and an official bank stamp. Printing a complete 30-day bank statement starting from the date the account received its funds is crucial.
How Long Does It Take to Get Proof of Funds (POF)?
The processing time for obtaining proof of funds can vary depending on the bank or provider. However, most authorized providers in Nigeria typically process requests and disburse funds within 24 to 48 hours. Ensure that your contact information on the proof of funds letter is up-to-date to avoid delays.
Proof of Funds Providers in Nigeria
Several reliable proofs of funds providers in Nigeria include:
Fundrepublic. co
This financial services company specializes in providing proof of funds to assist individuals in achieving their migration goals or for international business purposes.
Prooffund. ng
Prooffund. ng offers a seamless process for obtaining proof of funds disbursing over 50 million Naira into your account for visa application or international business needs.
LoanSpot
LoanSpot connects individuals with trusted proof of funds providers, making the process straightforward and hassle-free. While LoanSpot does not directly provide proof of funds, it facilitates connections with reputable providers.
EdFin Microfinance Bank
EdFin Microfinance Bank offers proof of funds with a maximum loan of 20 million Naira, making the application process fast and convenient.
These providers offer various options for obtaining proof of funds in Nigeria, depending on your specific needs and goals.
Canada Proof of Funds in Naira for International Students
International students applying to Canada should have a minimum of N10,500,000 or more as proof of funds in Naira. These funds should be consistently available in your account throughout your application process and for a brief period after your relocation. This financial requirement is in place to demonstrate that you possess sufficient funds to cover your living expenses for at least six months following your arrival in Canada.
Alternatives to Proof of Funds
While proof of funds is a common requirement for various purposes, there are alternative options that can be used to demonstrate financial capability:
- Scholarship Letter:
Fully funded scholarships often cover living expenses. Applicants can provide an official scholarship letter detailing the award amount and terms. Applicants may need to show additional funds for partially funded scholarships to cover the remaining expenses.
- Sponsors’ Account:
Applicants can use a sponsor’s account instead of relying solely on their accounts. Sponsors, typically close relatives like parents or siblings, can provide a letter explaining their willingness to financially support the applicant’s education and demonstrate their financial capacity.
- Study Loan Letter:
Students who secure loans from organizations specializing in lending to international students can present a study loan letter as an alternative to proof of funds. It’s essential to understand the loan terms and ensure compliance, such as having a creditworthy cosigner or meeting enrollment criteria.
- Gift Deed:
A gift deed serves as documentary proof of a financial gift. If a family member or friend transfers funds or assets, a gift deed can explain the purpose of the present. This option is handy when a lump sum is received before obtaining a bank statement.
- Defer Admission:
As a last resort, applicants can consider deferring Admission to the next academic year or term. This allows time to accumulate the required funds. However, deferring Admission should be considered only if other alternatives are not feasible.
These alternatives provide flexibility for applicants who may have less than the total required amount in their accounts but have access to other financial resources or support. It’s essential to check the specific requirements of the institution or authority requesting proof of funds to ensure that the chosen alternative is acceptable for your situation.
FAQs
What happens if you need proof of funds for Canada?
Suppose you are not required to provide proof of funds for your Canadian immigration application. In that case, you should provide a letter explaining that you have been invited to apply under the Canadian Experience Class or have a valid job offer. Proof of funds is typically required for various immigration programs to demonstrate your financial capacity.
How many months is proof of funds?
Providing at least six months’ worth of bank statements is advisable for proof of funds. These statements should show consistent income deposits and the gradual growth of funds in your bank account. If you have multiple savings accounts, you should provide six months’ statements for each of them.
Who issues proof of funds?
Reputable financial institutions, including banks and trade finance companies, can issue proof of funds (POF). These documents indicate that an individual or entity has the financial capability to perform a transaction or meet specific financial requirements.
What can be used as proof of funds?
Standard documents that can be used as proof of funds include:
- Bank statements.
- Investment account statements.
- Balance certificates issued by financial institutions.
- Letters from financial institutions confirm fund availability.
The specific document required may vary depending on the context and purpose.
Do banks provide proof of funds?
Banks can provide proof of funds (POF) through bank security or custody statements. These statements can be obtained from your bank or the financial institution where your funds are held. Bank statements are often the most commonly used document for POF.
What is accepted as proof of funds for Canada?
For Canadian immigration, federal skilled workers can typically submit bank statements or letters from financial institutions as proof of funds.
These documents should also include the current balance in joint accounts. It’s important to consider any outstanding payments on loans and credit card debts when calculating your proof of funds.
Can I immigrate to Canada without proof of funds?
If you are moving to Canada as a new permanent resident, providing proof of settlement funds is usually an essential immigration requirement. These funds demonstrate your ability to support yourself and your family during your initial settlement in Canada. It’s a vital part of the immigration process.
How do you get proof of funds for Canadian immigration in Nigeria?
To obtain proof of funds for Canada immigration, you should acquire official letters from reputable commercial banks or financial institutions where you hold accounts. These letters should confirm your financial capacity and meet the requirements outlined by the Canadian embassy or immigration authorities.
Final Wrap Up
Obtaining proof of funds in Nigeria is crucial for various financial and immigration-related endeavors. Whether you’re applying for a visa, pursuing investment opportunities, or fulfilling financial requirements, the documentation serves as a tangible demonstration of your financial capacity.
This comprehensive guide has shed light on the importance of proof of funds, the types of documents accepted, and the necessary steps to obtain them. By following the guidelines provided, individuals and businesses in Nigeria can confidently navigate the process, ensuring compliance with regulations and facilitating smoother financial transactions, investments, and immigration endeavors.”
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TECHNOLOGY
Europe’s Network and Information Security (NIS2) directive raises the stakes for African businesses to comply with European Union’s (EU) cyber security standards

The European Union’s NIS2 cyber security directive has significant implications for African businesses trading with the continent. This is according to Check Point Software Technologies (www.CheckPoint.com), a leading AI-powered cloud-delivered cyber security provider, which urges African businesses with strong ties to the EU to take steps to comply with this new, stringent cyber security regulation.
The European Union’s NIS2 Directive, came into effect this month and requires member states to amend their national legislation. The NIS2 Directive imposes strict cyber security requirements, including enhanced management liability, reporting to authorities, risk management, and business continuity planning, placing African companies trading with the EU under increased scrutiny.
CheckPoint-NIS2-infographic-EN (1)
The NIS2 Directive builds upon the original NIS1 Directive introduced in 2016, expanding its scope to cover a wider range of sectors including Energy, Banking, Transport, Digital Infrastructure, Healthcare, Food Production, and Research. More than 80% of European enterprises are now within the scope of this legislation, which extends to global supply chain partners—including many businesses in Africa.
Collins Emadau, Check Point Partner and Director at Westcon, explains, “Europe is still Africa’s leading trading partner. African businesses, particularly in leading economies such as South Africa, Kenya, and Nigeria, need to understand the far-reaching impact of NIS2. Compliance is not just about meeting EU standards—it’s about securing their future in a globalised market. Failure to comply will result in not only heavy fines but also the potential loss of critical trade partnerships with EU member states.”
What’s at Stake for African Businesses?
The EU remains the largest trading partner for Africa, with over 18 Economic Partnership Agreements and trade worth billions annually. African businesses, especially in sectors like Energy, Banking, Transport, and Manufacturing, are key partners in the EU’s supply chains. To continue doing business with EU companies, African organisations must comply with NIS2, which mandates strict cyber security measures to protect critical infrastructure and supply chains.
Issam El Haddioui, Head of Security Sales Engineering: Africa, Check Point Software Technologies, says, “NIS2 sets a new standard for cyber security, and African businesses must act now. Many organisations are unaware of the depth of these requirements, which go beyond local regulations. Compliance is essential not only for maintaining business relationships with the EU but also for enhancing the overall resilience of African economies against cyber threats.”
Compliance will exact a cost for African organisations, which according to Interpol’s 2021 Africa Cyberthreat Assessment Report, spends an average of only 0.05% of their revenue on cyber security, far below the global average of 0.3-0.5%. The Report also estimated the financial impact of cyber crime in the region at over $4 billion USD, representing about 10 percent of Africa’s total GDP.
Tougher Penalties and Personal Responsibility
NIS2 introduces personal liability for business leaders in the event of a cyber attack, meaning that executives themselves can be held financially accountable for breaches. Penalties include fines of up to EUR 7 million or 1.4% of a company’s global annual turnover, whichever is higher. This goes beyond the GDPR, placing even more responsibility on corporate leadership to ensure robust cyber security practices are in place.
NIS2 mandates that organisations must report cyber incidents to authorities promptly and inform their stakeholders, suppliers, and customers. Therefore, African businesses must ensure they have a comprehensive incident response plan in place, along with regular cyber security training for both IT and leadership teams.
Steps for African Businesses to Ensure Compliance
To successfully implement NIS2 and avoid devastating penalties, Check Point recommends the following four steps for African businesses:
- Knowledge: Business leaders must gain a basic understanding of cyber security to effectively communicate with their IT teams and ensure sound decision-making.
- People: Establish an agile IT security department, including key roles such as a Data Protection Officer (DPO) and a Chief Information Security Officer (CISO), to manage and distribute responsibilities efficiently.
- Audit: Conduct regular risk assessments and audits to identify and mitigate vulnerabilities. Continuous monitoring is essential to stay compliant with evolving threats.
- Incident Management: Develop clear procedures for responding to cyber incidents, including swift reporting to national authorities, suppliers, and stakeholders.
Long-Term Commitment to Cyber Security
Compliance with NIS2 is not a one-time process; it requires a long-term commitment to cyber security. From 2028, organisations will be required to annually document their NIS2-compliant IT infrastructure and demonstrate that their cyber security measures are aligned with the latest technological advancements.
“African countries, especially economic leaders like South Africa, Kenya, and Nigeria, should also consider using the NIS2 framework as a model for strengthening their own national cyber security regulations. By improving cyber-readiness, African businesses can not only comply with international standards but also protect their data, operations, and reputations from evolving threats,” El Haddioui continues.
El Haddioui, concludes, “The NIS2 Directive marks a significant shift in the cyber security landscape. African business leaders must recognise that cyber security is now a matter of survival, not just compliance. By taking proactive measures, they can safeguard their future, avoid heavy penalties, and ensure their organisations thrive in an increasingly interconnected global economy.”
CheckPoint-NIS2-infographic-EN (1)
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TECHNOLOGY
VFS Global appointed to roll out Australian biometric collection centres in Sub-Saharan Africa
With the recent addition of Sub-Saharan Africa and Europe, VFS Global has become the exclusive biometrics collection service provider to Australian visa applicants across all nine regions globally.
CAPE TOWN, South Africa, October 16, 2024/ —
Services to be rolled out at 12 locations in seven countries in Sub-Saharan Africa by February 2025
VFS Global becomes the exclusive biometric collection service provider for Australian applicants in all the nine regions globally – Americas, Europe, Mekong, Middle East and North Africa, Pacific, South Asia, South East Asia, North Asia, Sub-Saharan Africa
Core services include Biometric Collection and Identity Verification, Digital Assistance with online visa applications submission and Online Payment Assistance.
Additional (as required services) include remote interview hosting, document and claim checking, paper digitisation and local addressing and document delivery.
The Department of Home Affairs, Australia has appointed VFS Global to provide biometric collection services for Sub-Saharan Africa. VFS Global is the world’s leading outsourcing and technology service specialist for governments and diplomatic missions. This is in addition to the seven regions awarded in August 2023 to provide biometric collection services –the Americas, Mekong, Middle East and North Africa, North Asia, Pacific, South Asia and Southeast Asia. With the recent addition of Sub-Saharan Africa and Europe, VFS Global has become the exclusive biometrics collection service provider to Australian visa applicants across all nine regions globally.
The Sub-Saharan Africa region includes seven countries in total with Australian Biometric Collection Centre services to be rolled out at 12 locations in 13 countries by February 2025. This includes setting up Centres in Ethiopia, Ghana, Kenya, Nigeria, South Africa, Uganda and Zimbabwe.
According to the agreement, VFS Global’s core services include Biometric Collection and Identity Verification, Digital Assistance with online visa applications submission and Online Payment Assistance on the Department’s ImmiAccount portal. The company would also provide additional (as required services) such as remote interview hosting, document and claim checking, paper digitisation and local addressing and document delivery.
“We are pleased to extend our Agreement with VFS Global to include Europe and Sub-Saharan Africa. We will continue to work closely with VFS Global to ensure the delivery of high-quality biometric collection and visa support services for our visa applicants worldwide.” said Anthony Phillips, Director Offshore Service Delivery Partners Section, Department of Home Affairs.
“Securing these two regions is a testament to our dedication, expertise, commitment to excellence, and trusted partnership with the Department of Home Affairs, Australia. This decision not only reflects our ability to meet highest standards but also reinforces our resolve to deliver innovative solutions. Under the Department’s guidance, we will continue to elevate the experience of Australian applicants across the world,” said Jiten Vyas, Chief Commercial Officer and Head of Business Development, VFS Global.
Distributed by APO Group on behalf of VFS Global.
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ENVIRONMENT
Nigerian Company MMNL to invest $50 Million to scale up its Tubular Batteries Production to 100,000 with backward integration in Next 5 years

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors
To cater to the rapidly growing demand of Nigeria’s energy sector; Metal Manufacturing Nigeria Limited (MMNL), Nigeria’s largest tubular battery company is aiming to double its expansion capacity to 60,000 pcs per Month in the next financial year. The company is planning to invest around $50 million in capacity expansion, new greenfield projects in the energy backup segment, R&D, Mining & Beneficiation, Plastic container and carton manufacturing units along with brand building and channel partner engagement to accelerate its ambitious growth target.
Being the First Company to produce the Tubular Batteries in Nigeria; MMNL have had its fair share of challenges & hurdles. Over the past 5 years, MMNL has conquered several obstacles including a lack of skilled manpower, a duopoly of supply chain vendors, hurdle of sourcing raw materials, unstable power supply, exorbitant hike in electricity tariff & gasoline price and machinery and scarcity of spare parts in the region. Despite of providing thousands of employments of opportunity; battery manufacturing sector is struggling for survival and desperately in need of government policy support such as raising import duty of foreign importers and export duty for raw materials.
These problems would often demoralize and demotivate any company in tubular battery manufacturing sector and make it unviable for any business to operate in such a situation. Despite their 14 years of manufacturing experience in Nigeria, it found itself in a despondent situation which has led the company to explore other verticals to optimize the supply chain cycle. MMNL has taken several initiatives to address the stated challenges. For example, to address the issue of lack of skilled manpower, the company has conducted hundreds of technical training sessions to locals to enhance & upgrade their skill set and it is continuing to invest in manpower training. Similarly to ensure a steady supply of raw materials, the company has ventured into the mining business, beneficiation plant and other business verticals like plastic container & carton manufacturing. The company has also launched its dedicated service centre to resolve customer issues.
“Despite several challenges; the company has achieved stable production of 30,000 units per Month by 2024. MMNL is proud of the fact that it is the first & only Made-in-Nigeria inverter battery company which dominates over 35% to 40% of market share. It means every 5 batteries sold in Nigeria; 2 batteries are from MMNL”, said Mr. Amit Kumar, CEO of Metal Manufacturing Nigeria Limited. “As an Industry leader; company is continuously striving to delight the customer with quality and innovation in the product and making significant contributions in local employment opportunity as well as saving foreign exchange”
MMNL is bound to focus on completing its end-to-end supply chain cycle with a backward and forward integration expansion to proliferate its growth plan and to survive in the highly volatile environment. MMNL has already invested $25 million in Battery production, lead & Oxide manufacturing plant in Shagamu, Ogun state. MMNL’s current production capacity is 30,000 units of inverter batteries. Company is all set to boost its battery production capacity to 60,000 at the start of the new financial year and over 100,000 production capacity by opening a new battery greenfield production plant by 2027-2028 along with backward integration including lead-zinc ore mining and beneficiation.
To make the brand available and accessible for the end customers across Nigeria, MMNL is also expanding geographically across the country, forging multi-channel partnerships, executing its retail strategy and to make use of eCommerce & digital channels.
Being an Industry leader with 14 years of manufacturing experience in Nigeria; MMNL has certainly created a high entry barrier for both existing and new players which are considering to start their tubular battery manufacturing operation. Metal Manufacturing Nigeria Limited is a shining example of how a true leader can sail through turbulence of political, economical, social & technological hurdles.
About Metal Manufacturing Nigeria Limited (MMNL)
Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company. MMNL is the most trusted and ‘Proudly Made in Nigeria’ brand with over 14 years of industry experience. Recently; MMNL won 3 awards in a row 1) ECOWAS Inverter Battery Company of the Year 2) ECOWAS Inverter Battery Manufacturing Company of the year and 3) ECOWAS Renewable Company of the year. MMNL provides over 1000 direct and indirect local employment opportunities.
The Company also got pioneer status accreditation from Nigerian Investment Promotion Commission (NIPC). Currently MMNL is present across 6 major locations along with a strong network of channel partners consisting 3000+ Installers, 1000+ Dealers and 100+ Distributors and over a half million of satisfied & happy customers.
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