Abstract

This report is prepared on the basis of my two months practical experience at NKWENCCUL. This internship program helped me to learn about the practical scenario of a micro finance and banking company.

This report has been presented based on my observation and experience gathered from the company. The organization has many divisions and departments but he focus is given more to accounting and finance department as I only got the opportunity to work in this department.

The report mentions about the facilities and benefits NKWENCCUL provides to its clients and customers. The result that is found is quite considerable.

The result of the research is described in detail in this report in the later chapters. After knowing the scenario of NKWENCCUL, the report also consists of recommendations and a conclusion according to my point of view, which I think would improve the environment of the organization if implemented.

CHAPTER ONE

GENERAL INTRODUCTION

1.1 Background to the study

Cameroon has a vision of emerging in 2035 and this will lead to the creation of jobs which will require educational skills and these educational skills cannot function without professional skills. So by this, professionals have to undergo a training called internship.

Internship is an activity through which students gain professional skills by combining theory with practice and also to create a link within the job market after graduation. These skills are required in order to enter into a particular career field as well as to get exposure, to determine if they have genuine interest in the field.

An internship is a temporal job that offer training and good supervision, other words used to describe it are: on the job training or apprentice. Since different terms are used, one can say an internship is a work experience that offer guidance and supervision by a train professional. Internship is usually organized with the main objective being to blend theory with practices.

The characteristics of a formal internship are; it provides a substantive and challenging work experiences, it is an opportunity to observe professionals in action; participate in staff meetings and attend presentations. Equally, it is an opportunity to develop specific skills (i.e. research, writing, computer, presentation skills).

Internship has it merits and demerits. The merits are; it helps us to get real work experience, also help us to get a taste of our chosen field, it enables us to start networking, it boosts your CV. The demerits are that you are being treated as an assistant; it makes you to have low earning potentials, keeps you from entering the workforce.

Internship is mostly carried out by undergraduates and the type of internship is work experience internship. The intern is to take this exercise seriously as if it were a job opportunity. In some organizations, interns are compensated for their time.

This report is based on a dynamic owned financial institution operating on sound cooperative and business principles. It trains students (interns) on various banking and accounting operations such as loan department, accounting department and membership department etc. in recording business transaction.

1.2 Objectives of the internship

Practice: The main aim of the internship was to blend theory with practice. To be able to ascertain that what we learnt and did in class is actually what is performed in the field. This was experienced in the granting of loans were all the criterion and procedures we learn in class to access before granting a loan to a customer were seen. Taken the collateral security, capacity to pay, character (5Cs)

Resume Building: Internship helps us to gain experience and more accomplishments and this makes it more attractive to potential employers. It is also necessary for interns to work extra hours and participate in organizational meetings and contribute his/her quota to the growth of the organization. Through this, he or she can be employed or be referred to another person thereby building his resume.

Network Contacts: Another aim of internship is developing business contacts. These people can help us find a job later, act as reference or help you with projects after we are hired somewhere else. It is also all about meeting people who have jobs we will like to have some day by asking them how they started their careers, how they got to where they are now and if they have any suggestions for you to improve your skills.

Potential Job: Internship can lead to a potential job placement if you excel well in the company. Companies are more confident hiring a person they know rather than some body they know nothing about. It is important to do more than we are required to do, learn the office politics and interact with key people that matters which can increase your chances of landing a job there.

To identify weakness within an organisation: To identify the problem of a real life business and come out with recommendations in solving these problems.

1.3 Operational Definition of Terms

Cash Withdrawal Slip: This is a leaflet that is being used by customers whenever they want to withdraw money from their accounts or they can still use the leaflet when they want to receive money sent to them by another person through Nkwen Cooperative Credit Union Ltd (NKWENCCUL).

Cheque: A cheque is a written order by a customer of a bank to his bank to pay or transfer a specific sum of money to a named person on the cheque.

Deposit Slip: Members use this slip to fill in their individual information when they want to deposit money in their accounts.

Loan File: This is a booklet that contains all the necessary documents which are needed by a customer to seek for a loan. A loan booklet is given to the customer, a localization plan, photocopy of ID Card, photocopy of census receipts, certificate of effective service, two recent pay-slips, transfer order and surety bond.

Loan: A loan is a contractual agreement between the lender and the borrower on an amount of money loaned at a specific interest rate, over a given period of time.

Passbook: This is an individual booklet for members that carries their personal information and transactions carried out which the union has recorded for reference.

Income Statement: This is a financial statement which shows Company’s financial performance over a specific accounting time period usually annually or semiannually by the union.

Interest: This is a reward for capital and also an amount paid to the bank for loan taken by a member.

Savings Account: This type of account is mostly operated by individuals and small businessmen who save a little of their earnings for future proceeds. Customers can save any amount and can equally do withdrawals at any time without necessarily notifying the bank. Interest is paid on this account but very minimal as compared to deposit and current accounts.

Check out: Internship Report Topics with Materials