KYAMBOGO UNIVERSITY
SCHOOL OF MANAGEMENT AND ENTREPRENEURSHIP
DEPARTMENT OF ACCOUNTING, FINANCE AND MICROFINANCE
BACHELOR OF MICROFINANCE
A CASE OF GOLDSMITH FINANCE & CREDIT Co. Ltd
BY
EKOMU JOEL
REGNO:15/U/8712/MFE/PE
INTERNSHIP REPORT SUBMITTED TO THE SCHOOL OF MANAGEMENT
AND ENTREPRENEURSHIP IN PARTIAL FULFILMENT OF THE
REQUIREMENTS FOR THE AWARD OF BACHELOR’S DEGREE IN
MICROFINANCE OF KYAMBOGO UNIVERSITY
JULY 2024
DECLARATION
I EKOMU JOEL Reg No. 15/U/8712/MFE/PE hereby Confirm and declare to the best of my
knowledge and understanding that the material presented in this report is my original composition has
never been presented elsewhere for any academic award of Bachelor’s degree.
Name: EKOMU JOEL Sign: ………………………… Date: ……………………
APPROVAL
This is to certify that this report has been produced under my guidance as academic supervisor and the
company supervisor, and it is now ready for submission to the University for Examination after
approval from the academic supervisor and company supervisor.
Academic Supervisor Company Supervisor
Name: …………………………... Name: …………………………...
Signature: ………………………. Signature: ……………………….
Date: …………………………….. Date: ……………………………….
DEDICATION
I dedicate this report to my beloved Dad Olupot Francis and my Mother Akullo Grace for their sincere
support and for availing me all the necessary resources for my education, May God bless them
abundantly.
ACKNOWLEDGEMENT
My sincere heartfelt appreciation goes to the almighty God who has enabled this internship
period end successfully without any major challenges.
I extend my appreciation to Goldsmith Finance & Credit Co. Ltd that gave me a chance to do
internship with them. Particularly the Credit and finance department whom I closely worked
with.
My gratitude goes to my field supervisors Mr. Mugisha John who endured long hours of
concerted effort in ensuring that my internship training yields much to me.
I wish to express my appreciation to my parents Mr. Olupot Francis and Mrs Akullo Grace
who Supported me financially during my internship training.
I am also indebted to all those persons from whose hands every kind of came from. It is hard
to thank everybody by name but I am grateful to all of you in your capacities for the support
of all manners I received towards the end of this internship.
CHAPTER ONE
1.0 Introduction
"I did my internship in the credit and finance department of the Goldsmith
finance & credit company limited, located in in Swara road, Naguru,
Nakawa Division. I chose to do my internship there because I wanted to
work for a microfinance company, preferably in the credit sector, where I
could discover a wide range of professions and services. What's more, this
internship enabled me to learn more about the credit field, which is of great
interest to me at the start of my career and in the construction of my
professional project.
My internship took place from 4th, June 2024 to 12th, July, 2024, a period
during which I was able to gain a broad understanding of a company's
activities. I was part of the credit team, which manages the credit part of the
business, and my tasks involved Loan appraisal, loan disbursement and loan
verification and assessment. I also had the opportunity to discover many
other aspects of the business thanks to the one-off assignments I was given
and the small responsibilities they assigned me."
1.1 Objectives of the Internship
To Apply Knowledge and skills
To understand real-life challenges
To develop critical skills
To learn from experienced professionals
To participate in professional activities
To enhance professional self-awareness
1.2 Scope of the Internship
1.2.1 Content Scope
The training was based on application of knowledge and skills,
understanding real life challenges, development of critical skills,
learning from experienced professionals, participating in
professional activities and enhanced professional self-awareness.
1.2.2 Geographical Scope
The training was carried out in Goldsmith finance & credit
company limited located in Nakawa division, central region of
Uganda.
1.2.3 Time Scope
The training lasted for a period of 5 weeks from 4 th, June, 2024
to 12th of July 2024.
1.3 Organization Profile
1.3.1 Background of the Organization
Goldsmith Finance & Credit Company Ltd. (GSFC) was founded in 2018
in Uganda with the aim of offering comprehensive financial solutions to
the less privileged persons in the community especially the unemployed
youth and women who need financial support to boost small scale
business activities. The company full operation started in 2021 under
License No. ML 2285 and has been providing credit facility on a small
scale in form of motor cycle loans to the youth and micro lending to the
less privileged sector of the community to foster entrepreneurial activities
that could reduce poverty by increasing their level of income.
1.3.2 Nature of the Organization
Goldsmith Finance & Credit Company Ltd. (GSFC) is a private owned
registered company, providing credit facility on a small scale in form of
motor cycle loans to the youth and micro lending to the less privileged
sector of the community in the form of group loans and business loans to
foster entrepreneurial activities that could reduce poverty by increasing
their level of income.
1.3.3 Clients / Stakeholders
Goldsmith Finance and Credit Company Limited is operating in a market
niche targeting client who are in geographically spread locations hence
impacting on their operating costs. However, their response has been by
creating efficient operating plans that enables them to reduce such costs.
GSFC is still uniquely placed to serve low income persons, and has since
grown to over 260 clients by 2021.
CHAPTER TWO
Management For The Internship Exercise
2.1 Introduction
This chapter covers the role of the department of management and
administrative, reporting and induction process by the organization,
department of assignment, category of department, duties of the
department, title of the head of department, responsibilities that were
assigned, offices that I worked with and the relationships with other
departments.
2.2 Reporting and induction by Goldsmith Finance and Credit Company
Limited
The internee reported to Goldsmith finance and credit company limited on
4th, June, 2024. At the reception, I found the administrator who I was to
work with and he briefly explained to me what they do, the activities
within the organization and introduced me to some of the departments I
was to work with when carrying out my role in the company.
2.3 The Department One was Assigned to
This covers the category of the department, duties of the
department, title of the head of department, responsibilities
assigned, offices I worked with and relationship with other
offices.
2.3.1 Category of the Department.
The Internee was assigned to the Credit department as a credit officer.
2.3.2 Duties of the department
Evaluating creditworthiness
Credit officers and managers assess clients' financial status and credit
history to determine their creditworthiness and risk.
Approving loans
Credit officers and managers approve or reject loan requests based on
factors like credibility, potential revenues and losses, and the company's
risk appetite.
Managing the loan application process
Credit officers’ issues drafted loan applications to the applicants to fill in
the required sensitive information that is later on reviewed by the
committee to confirm eligibility of the applicant.
Negotiating loan terms
This includes loan requirements, repayment terms and the repayment
frequencies/ installments.
Following up with clients
This includes placing phones calls to clients either about top up eligibility,
reminding them when payment is due.
2.3.3 Title of the head of department
Credit department is headed by Manager Credit/Risk who happens to be
Ms Majorine Sseruwu
2.3.4 Responsibilities that have been assigned
Credit analysis
Monitor progress of existing loans
Review loan requests
Evaluate creditworthiness and risks
2.3.4 Offices Worked With and What They Do.
I closely worked with the Finance department in line with formulation of
the quarterly reports, process of loan disbursement since its finance to
always release the funds.
Captured the required data into the computer applications like excel that
the company used for soft storage of its data.
2.3.5 Relationship with other offices
Credit department worked hand in hand with the Finance department in a
way that all the loan a mounts applied for had to be provided by the
finance department to the the credit department where it was finally
handed to the loan applicant. The internal audits were conducted by the
finance department and this was to confirm if all the loan amounts
disbursed were fully recovered by the credit department along with the
expected interest.
CHAPTER
THREE
Findings and Observations
3.1 Introduction
This chapter presents the intern’s findings and observations during the
internship training in the administration department. This chapter reports
the new skills learnt in terms of skills, knowledge and also challenges
facing the workers, and the organization and the interne
3.2 What the internee learnt in the work place; in terms of:
3.2.1 Knowledge
The internee had the chance to balance the theory learnt in class and
the actual field as a core gained for career development
I also learnt how to conduct myself and relate with the employee and
clients of the organization.
The internship training also taught me how to co-exist with other
employees of the organization.
I also leant how to that it’s important to balance off the books of
accounts of the company because it helps to know the profits and
losses in the company.
3.2.2 Skilled gained.
During the internship, the internee gained various skills in the practical
exercise
Computer skills; this was done when the internee was capturing
clients data into the computer
Time management skill; internee had to be at the premises latest by
8:00 am Monday to Friday for duty, the time frame for accomplishing
tasks was to be followed systematically.
Decision making skills; It was such a big decision to make whether
the loan applicants do qualify for the loans or not, internee had to
decide if the pledged collateral was worthy the loan applied
