Market News

The UK Home Office has announced an increase in the monthly proof-of-funds requirement for student visa applicants, raising the amount to £1,483 (approximately N3 million) starting January 2, 2025.

This adjustment aims to address inflation and reflect the rising cost of living in the UK.

In an official document, the Home Office outlined that the maintenance level will increase from the current £1,334 per month for students in London to £1,483.

For those studying outside London, the requirement will rise from £1,023 to £1,136 (around N2.4 million).

New Financial Requirements for Student Visas

Under the updated regulations, international students must demonstrate they have adequate funds to cover their living expenses throughout their stay in the UK.

According to the Home Office, this change aligns the financial requirements for international students with those for domestic students, ensuring all students can sustain themselves independently during their studies.

What is Proof of Funds?

Proof of funds is a document that confirms an individual has sufficient financial resources to meet future obligations or complete a transaction without relying on external borrowing.

For student visa applicants, proof of funds is a mandatory requirement, providing immigration authorities with assurance that students can financially sustain themselves while studying abroad.

Failure to present valid proof of funds can lead to visa rejection, jeopardizing study plans.

Acceptable sources of proof of funds include:

Personal savings Family sponsorship Scholarships Educational loans

Impact on Nigerian Students

Nigerian students represent a substantial proportion of the UK’s international student population. In the 2022/2023 academic year, 53,790 Nigerian students were enrolled in UK universities, accounting for 6.5% of the international student body.

This placed Nigeria behind only China and India in the ranking of international student populations.

However, the increased proof-of-funds requirement is expected to reduce the number of Nigerian students pursuing education in the UK. With the Naira’s persistent depreciation against the pound, many Nigerian families may find it increasingly challenging to meet tuition fees and living expenses under the new rules.

The adjustment underscores the importance of financial preparedness for prospective international students and the need for targeted support systems to enable access to global education opportunities despite economic challenges.