Abstract

This report is prepared on the basis of my two months practical experience at RENAPROV Finance S.A. 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 RENAPROV Finance S.A provides to its clients and customers. The result that is found is quite considerable.

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

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

In the 21st century, there is a gross increase in the number of financial institutions especially Credit Union and presently occupies 75% of the financial sector in Cameroon.

MFIs serve as an effective instrument in the fight against poverty. Microfinance is the provision of financial services to low-income poor and very poor self-employed people. It gives loan at a low interest rate, thereby increasing income which helps to empower women by supporting women’s economic participation and promotes gender equity.

The first Credit Union in the world was put in place by Rev Father Anthony Jasen in 1963 and performed the duty of granting loans in rural areas. The principal function is to meet the needs of farmers.

With the growth of Credit Unions, it became a spring board for MFIs between the 1950 and 70s governments and donors focused on providing agricultural credit to small and marginal farmers in hope of raising productivity and income.

Meanwhile, starting in the 1970s groups in Bangladesh, Brazil and a few other countries extended tiny loans to groups of poor women to improve in micro-businesses. It was not until the mid-1990s that the term “Micro-credit” began to be replaced by a new term that included not only credit, but also savings and other financial services.

To some people the term microfinance refers to credit, but it should be noted that it also offers savings and other services such as money transfer.

Micro finances in the form of traditional ‘njangis’ or ‘tontines’ has been around for about a hundred years in Cameroon. 1963 witnessed the creation of the first formal Credit Union in Anglophone Cameroon with under Dutch coaching and assistance.

MFIs only established their presence powerfully in Cameroon’s financial landscape following changes to the law in the early 1990s, which eased freedom of association and the creation of cooperatives.

At roughly the same time, Cameroon’s formal banks experienced a crisis; many banks closed down, leaving a big vacuum especially in rural areas. Senior staff and other workers from these collapsed banks took up the challenge to help both themselves and the rural communities.

1.2 Origin of the report

Internship Program of Buea University is an undergraduate requirement for the business students. This study is a partial requirement of the internship program of B.Sc. curriculum at the Buea University.

The main purpose of internship is to get the student exposed to the job world. Being an intern, the main challenge was to translate the theoretical concepts into real life experience.

The internship program and the study have following purposes:

1. To get and organize detail knowledge on the job responsibility.
2. To experience the real business world.
3. To compare the real scenario with the lessons learned in Buea University.
4. To fulfil the requirement of B.Sc. Program.

This report is the result of two months internship program conducted in RENAPROV Finance S.A.

1.3 Objectives of the Report

This internship report is prepared primarily to fulfil the Bachelor of Sciences (B.Sc.) degree requirement under the department of Economics and Management, Faculty of Social and Management Sciences, University of Buea.

More specifically, this study entails the following aspects:

1. To give an overview of RENAPROV Finance S.A.
2. To focus on the products, services of RENAPROV
3. To focus on the job profile and activities performed during the internship.