Executive Summary

This report is based on a month industrial training carried out in Mmockmbie cooperative credit union. It was aimed at margin theory and practice. However, the internship was a success as objectives were achieved. The intern carried out er internship in MMOCCUL, this credit union was created in 2016 by a group of 39 cooperators who recognized the need to create a financial institution.

The branch in Douala village was created in 2019 and it has as objectives to encourage entrepreneurship and self-sufficiency for the underprivileged, to ensure regular service and borrow wisely. They offer services like SMS banking. The major activity the intern carried out was in the teller department where she recorded daily transactions in member accounts and her focus area is loan delinquency.

MMOCCUL stands out among its competitors because of this flexible and reliable nature. Also, the strong brand name they have been able to build has increased their sphere of influence. They have drawback of not separating the manager and accountant in different offices and the accountant also works as the manager and also a member, not being able to meet up with their loan policies. Thus, the intern will recommend the union to build separate offices for the accountant and employ a new manager so as to increase efficiency.

CHAPTER ONE

INTRODUCTION

1.1 Background of the Internship Program

An internship program provides a vital opportunity for students to apply their academic learning in a practical work environment. It serves as a crucial link between theoretical knowledge and real-world application, allowing students to gain hands-on experience in their chosen fields. Internships are not only a platform for practical learning but also play a significant role in career development.

For university students, internships are essential for several reasons. They offer practical experience that complements academic studies and helps bridge the gap between classroom theories and professional practices. At the Higher Institute of Management Studies (HIMS) Buea, internships are a mandatory component of the Bachelor of Technology (B-Tech) program. This requirement underscores the importance of real-world experience in preparing students for successful careers.

This report presents an overview of the internship experience at Mmockbie Corporative Credit Union Ltd., detailing the activities and projects undertaken by the intern. The objective of this internship was to apply academic knowledge in a professional setting, contribute to the organization’s goals, and gain valuable insights into the field.

Typically, internships range from one to three months and involve an exchange of services for experience between the intern and the organization. This arrangement allows interns to explore their field of interest in a practical context, assess their ongoing interest in the profession, and develop essential professional skills.

Internships also offer an invaluable opportunity to build a professional network, which can be crucial for future career advancement. Interns often have the chance to make connections that may lead to future employment opportunities or provide strong letters of recommendation.

Intern

An intern is someone who temporarily works for an organization to gain practical experience and fulfill requirements for their field of study or career path. Internships are a way for students and new graduates to learn more about their chosen profession and build valuable skills.

Characteristics of an Internship

Internships have several key characteristics:

Professional Experience: Interns gain hands-on experience by performing tasks and responsibilities similar to those of full-time employees. This helps them develop both professionally and personally.

Fixed Duration: Internships are usually for a set period, which can range from a few weeks to several months. This time frame is designed to provide a focused learning experience.

Work Experience: Internships offer real-world work experience that can be added to a resume. This experience helps interns understand the workload and responsibilities associated with their desired job.

Learning from Professionals: Interns have the opportunity to observe and work alongside experienced professionals. This exposure helps them learn industry practices and gain insights into the profession.

1.2 Aims and Objectives of the Internship

The main aim of the internship is to complete the partial fulfillment of the requirements for the 2024 session of the Bachelor Degree program in banking and finance

Objectives of the internship

To enable the students apply the theoretical knowledge acquired in the class in a real work management

To expose the student to the employment market such that they can be able to create a healthy relationship with employees in order to secure job.

To acquire practical skills of office management such as human and non human resources management.

To enhance or expand the intern knowledge of a particular area of banking .

To blend theory and practice.

To create a network in the professional filed which will help expose the intern to job opportunities.

1.3 Operational definition of terms and list of abbreviations

Operational definition of terms

Perforator: It is a machine use for stamping line or holes in  sheet of postage stamp or paper leaves, as in a cheque book or receipt book to facilitate separation .It main purpose is to make a material like tear of bend.

Prospection: It is the act of sensitizing potential customers where by the interns or agent of a company goes out to the field to convince customers to come and open and account and also to advertised their products and services they offered to the public which will enables customers to save their money and to withdraw any time they wants with an interest rate of 5% in the savings account at the end of every year with a charges of 1.5% every months, this is mostly done in MMOCCUL

Withdrawal slip: It is also called a cash out slip, it is a form supplied by a bank for a depositor to fill out, designed to document a categories of items included in the deposit transaction before the money is been withdraw from the system and been granted to the customers. The withdrawal slip has a red color whereby the purposes comes before the cash analysis see appendices one in chapter 5.  it  has the following procedures of filling it which are as follows

• Account number
• Account name
• Number of the withdrawal
• Date
• Purpose of withdrawal
• Amount in word
• Cash analysis
• ID card number and issued at
• Name of the withdrawal
• Signature of the withdrawal

Pay-in slip:  It is also known as a deposit slip. It is a document or a small form which relates all bank transactions. it is use when a customer wants to deposit his or her money in to their account for safe keeping . The pay-in slip has a green color and the cash analysis comes before the purpose see appendices 2 in chapter 5. Below are  the  steps use in filling a customer pay-in slip

• Account number
• Account name
• Name of the depositor
• Number of the depositor if he or she is present
• Date
• Amount to be deposited in word and in figure
• Purpose
• signature

Loan form: It is a legal document which spills out the terms and conditions of a loan contract between the lender and the borrower. Before a bank give out loan to its customers, the customer have to fill and sign a loan application form which is used to get information from a potential borrower to determine if a loan can be approved or not.

Sales: it is the act of selling goods and services either on credit or by cash.

Loan: It is a contractual agreement between two parties that is the lender and the withdrawal on an amount of money granted at a particular interest rate for a specific period of time. In MMOCCUL loan are base on purpose, duration and amount.

Category one credit union: These are financial institution that accept and grant loans only to their members or customers who has an account in their institution.

Purchase: It is the act of buying goods and services either by cash or by credit

Global bank: It is a computerize system software for banking that has been customize for banking purpose only. This system software is use by Mmockbie Coperative Credit Union to post in and update all the transactions of their customers in to the system.

Signatory: it refers to a person who has access to a customer account that he or she is entitled to.

Lending: It is the act of allowing a person or an organization the use d of a sum of money under an agreement to pay it back with an interest rate of 1.5% which is the minimum lending rate in MMOCCUL to be paid on a specific period of time. Lending involves the lender who gives out loan to the borrower and it has the following principles which are safety, liquidity, profitability, purpose, and security.

Risk: It is the probability or possibility that a person will be harmed or experience an adverse health effect if exposed to a hazard.

Credit risk: It is a possibility that a borrower might not repay a loan.

Portfolio: it refers to the collection of financial investment like stock, bonds, MMOCCUL is the loan diversification.

Automatic transfers: This deals with the transfer of one account to many accounts, that is transferring a daily saver name under the various daily collector or agents.

Pass book: It is a book issued by a bank or financial institution to an account holder which is use to record the deposited and withdrawn money by the members or customers. It is made up of the name of the customer, occupation, ID card number, telephone number of the customer who owns the pass book and the name of the agent who is to collect from that customer.

Intern: a student or fresh graduate who attaches his or herself to a corporate body to acquire practical experience in his or her filed.

Check out: Internships Reports with Materials