Professional Documents
Culture Documents
FACULTY OF COMMERCE
SUPERVISOR MR A NYANDORO
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MARGRET FARAYINASHE M165983
DECLARATION
I declare that this Work Related Learning Report for UNDERGRADUATE BACHELOR
HONORS OF ECONOMIC AND FINANCE is my own work and that all the duties I
delegated mentioned have indicated the delegator. Courses that I have used through the
application of skills and knowledge have been indicated and acknowledged by the means of
complete course name.
ACKNOWLEDGEMENTS
I would like to express my sincere appreciation and thanks to the Faculty of Commerce
Department of Economics lecturers who contributed both directly or indirectly towards this
ongoing long academic journey that finally brings this work related learning report. It was
because of the skills and knowledge that you imparted in me which gave me value to
excellently perform in industry.
This attachment was made possible because of the cooperation and support of a number of
people, who have enabled me to gain much more than what the scholastic or industrial
aspects of the program could have given. I am grateful to them all, and would like to express
my appreciation to the following people:
Mr Admire Nyandoro, Mr Evans Simakani and Mr David Chieza who were my immediate
supervisors , for sharing enthusiastically with me their operations experiences in
understanding the duties that l was assigned to do. I am sincerely indebted to them for taking
great pains to keep me on the right track. Their support and assistance contributed to the
success of the attachment.
I would like express my sincere gratitude and appreciation to management and staff at
Steward Bank Limited who made my attachment at the organisation a success. Much
appreciation goes to my family and friends not forgetting my beloved ones Josephine Jawi,
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Mercy Rangwana and Blessing Bhiri who inspired me throughout the attachment period by
giving me moral support.
EXECUTIVE SUMMARY
This report was prepared in partial fulfillment of the Bachelor of Commerce Honours Degree
in Finance offered by the GREAT ZIMBABWE UNIVERSITY (GZU). It is a prerequisite
that all students undertaking an undergraduate programme undergo a period of attachment on
their third year of the degree.This report outline the attachment period for the undersigned
student at Steward Bank Limited from the year 2018. It gives a background and general
information about the organisation as highlighted in Chapter One of the report. Chapters two,
three and four focuses on the activities and the departments I went through during my
attachment at Steward Bank Limited, their relevance and similarities to economics and
finance degree. The subsequent chapters focus on constraints and recommendations to the
identified problems. The conclusion chapter will highlight the most important aspects of the
report as per student assessment.
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LIST OF ABBREVIATIONS
HR Human Resources
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CDD Customer Due Diligence
SECTION PAGE
NUMBER
Acknowledgements..........................................................................................................
Executive Summary.........................................................................................................
REPORT SECTIONS
1. 0 Introduction................................................................................................................
1.1Background.........................................................................................
1.4financial performance………………………………………………………….....
2.1Back Office……………………………………………………………………….
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3.0Perfomance criteria and targets set for the industrial attachment programme……..
3.2External …………………………………………………………………………
3.3Internal…………………………………………………………………..
4.1Analysis of relevance…………………………………………..………..
4.2Industrial reality…………………………………………………………..
5.3Conclusion
BIBLIOGRAPHY
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CHAPTER 1
1 INTRODUCTION
This chapter explains the company background which includes its foundation history, vision,
mission statement and its core values, the structure of the company, business units as well as
the sources of competition.
Steward Bank, whose official name is Steward Bank Limited, is a commercial bank in
Zimbabwe. It is one of the regulated banking institutions licensed by the Reserve Bank of
Zimbabwe, the national banking regulator .It was launched in 2013 in 2009 following Econet
Wireless Zimbabwe‘s acquisition of TN Bank , a subsidiary of TN Holdings Limited (now
known as Lifestyle Holdings). Following its launch, the bank has since positioned as a mass
bank focused on providing banking solutions through the use of technology.
Steward Bank is the first bank in the country to have convergence with telecommunications
and together with its technology focus the bank is set to change the way Zimbabweans view
banking. It had been a company which existed as a finance house since 1999.
In 2006, the bank executed a merger with Trustfin Financial services Limited.
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TN Holdings Limited, besides owning TNF Limited also owned TN Bank, TN
Medical, TN Asset Management and TN Harlequin.
In July 2012, Econet Wireless ,the largest mobile network provider in Zimbabwe
acquired 45%shareholding in TN Bank
In February 2013, Econet acquired the remaining 55% shareholding, thereby turning
TN Bank into a 100% subsidiary of Econet.
This included setting up of a new board of directors, creating a new corporate logo,
launching a new website and relocating its branches away from Lifestyle Holdings
locations.
During 2012 and early 2013, Econet Wireless whose shares are listed on the ZSE
acquired controlling shareholding in Steward Bank, the successor of TN Bank.
Steward Bank handles Econet Ecocash transactions and provides a variety of other
banking products for its customers.
Steward Bank has 8 branches across major metropolitan areas in Zimbabwe and
many agencies.
COMPANY PROFILE
MISSION
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The mission of the bank is to provide customized innovative world class products and
services through convenient channels, technologies and dedicated employees. Steward Bank
Limited also is one of the banks with most products offered to clients and is a leading
innovator of new and improved products in the market.
VISION
To become one of the biggest banks in Zimbabwe by customers and balance sheet size by
2019.
VALUES
• Hunhu or Ubuntu.
-In Ubuntu we respect all mankind and take another person’s challenge as our own. We are
not individual we are a community.
• Excellence
-our standard of service surpasses the ordinary, perfection is unattainable however we strive
for excellence.
• Professionalism
-every sphere of operation, continuously learning and improving on service quality. We are
experts and have specialized knowledge in our area of operation, performing our work with
dedication.
• Innovation
-we will innovate and continuously develop life changing products and services that create
value for all our customers.
• Integrity
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-as a bank our actions, methods, principles, expectations, and outcomes are ethical,
honorable, truthful and accurate.
Payoff line
OBJECTIVES
Attracting goodwill by providing good customer service which helps Steward Bank to retain
clients and generate more revenue.
The organization is more technologically advanced, we use computers and company telephones
rather than the use of mobile phones. These are the phones used to make calls when there is
need, when communicating with the superiors or with customers. Seminars are also held to
provide new information and to educate new employees and attaches. For old workers seminars
are mostly held if the company send its auditors and identify certain problems which will be
done by several branches whereas to new workers it will be just the imparting of the knowledge
required for workers to have in steward bank, these seminars are also known as workshop.
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Steward Group keeps abreast with the latest technologies trending in the market to be able to be
competitive. There are vast advancements made in technology which have revolutionarised
communication and the way of doing business.
T24
This is a core banking system mainly used for retail and banking. The subsystem is used for
payments and receipts of funds from and to financial institutions in and out of Zimbabwe. The
system at the end of the day feeds into E-financials so that the information is always updated in
all systems.
These are financial packages used for keeping financial track of the group’s clientele. They are
used to check balances, post figures, make entries and other related tasks.
Team viewer
This is the software that gives one access to another computer on the same network. It is used to
reduce telephone costs when the IT department need to fix machines.
This is an SMS banking platform that enables one to transact through their mobile phone.
Internet Banking
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Steward Bank has their own email signature which they use to intercommunicate within and
outside the organization. The signature carries the Steward Bank brand which makes it easy to
identify where the email originated from.
Another platform used by Steward bank especially in facilitating loan processing or account
opening. It helps detect whether client is credit worth and also helps whether client doesn’t
hold another loan with other institutions.
There is effective two way communication that is if you report to your supervisor you will get
the feedback shortly. More so, the chain of command also exists in communicating, the
subordinates are not allowed to report straight to the functional manager skipping the branch
manager, if the information to be reported is not supposed to be known by the branch
manager or if it took long to be passed on the subordinate is allowed to take the shortcut,
report straight to the functional manager. Under normal circumstances the subordinate report
to the branch manager, the branch manager to the cluster manager, the cluster manager to the
functional manager, functional manager to the managing director and the feedback spins back
in that same path from the top to the bottom. The span of control decreases as we go up the
hierarchal ladder.
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GROUP STRUCTURE
Branch Manager
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Therefore the theoretical part of my study matches the practical at Steward Bank, such
matches motivated me to carry on with my studies as it shows me that there is meaning in
what l learnt and what lm going to learn. There is also horizontal communication where
employees communicate at branch level for instance branch head of another branch to the
other.
1.4FINANCIAL PERFORMANCE
STEWARD Bank has registered a 232,17% increase in profit after tax to $8,52 million at the
end of the half year period ending August 31 on the back of the bank increasing mobile-
centric transactional banking. The increase in profit for the period was from $2, 56 million
recorded in the same period last year. The banking subsidiary of Econet Wireless Zimbabwe
leveraged off the fact that the telecommunication group enjoys a monopoly in mobile money
in the country. The bank’s performance reflects the significant progress we have made in
delivering the shareholder’s vision to offer mobile-centric transactional banking closely
aligned to the Econet Group’s mobile money operations. The bank has remained steadfast
and committed to its core strategy, providing affordable and easy to access financial services
to every Zimbabwean.
“This approach, which we believe delivers real value to our customers, has resonated with a
number of Zimbabweans who in turn have selected us as their bank of choice.
Management styles are characteristic ways of making work done by subordinates. At steward
bank democratic management style is used whereby the subordinates are given the chance to
explore their ideas in decision making. After exploring ideas, they are discussed and at the
end the responsible management will give a final decision basing on that discussion and this
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is usually done at workshops. Democratic leadership style motivates works as it gives them
the chance to participate at workshops although the decisions will be bound by the company’s
objectives. This makes the workers to feel that they are part of the organization and it also
matches the theoretical part of my studies.
However when it comes to implementation of the passed decision the managers will be so
strict or will be closely monitoring the workers to make sure that they are being implemented
well not taking into consideration the negative effects associated by close monitoring such as
frustration which may increase labor turnover. As a result of being motivated we always
meet our target set for each day, errors reduced and damage of properties at work.
BACK OFFICE
The back office is a wing of the operations department. Transactions relating to no-cash items
are processed at this department such filing, funds transfers and reconciliations of suspense
accounts. It is the duty of the back office personnel that handling of transfers, bank cheque
processing, filing and reconciliation of suspense accounts are properly handle. The main
duties concerned at the back office were as follows:
Processing of cheques
Processing of TT’s
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Filing
Keys register
Making sure that the following suspense accounts are always at zero everyday
Zetts suspense
Weekly checks
Monthly checks
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INTERNAL TRANSFERS
Internal Funds Transfer is the process of transferring funds between Accounts held within the
Bank. The system is used by all account holders to transfer funds from one account to another
of the same bank. Any amount can be transferred through this facility. Funds transfer facility
can also be used where a client instructs the bank to close an account and the closing balance
transferred to another account within the bank
The Funds Transfer application form must be completed in duplicate, the original will be
retained by the Bank and the second copy is the customer’s copy. There should be no
alterations when completing the form and staff must not take delivery of altered forms.
However, in exceptional cases, the alterations should be signed for in full by the account
holder or the authorized signatories.
The completed forms should be handed in by the account holder. If the forms are handed in
by a third party, an indemnity form supported by the photo, identification documents and
proof of residence should be on file. This is done at the information counter which I also did
as heighted later on the next chapter. If this transfers are submitted to a non-domicile branch
the receiving branch shall scan the documents to the domicile branch with an ID of the
submitting person seeking authorization to process after all prudential checks. Upon receipt
on the information counter, authorization shall be given by the branch manager or operations
manager to process (capture on web branch). After capture the clerk shall submit to the
operations manager or branch manager for authorization in the system.
RTGS TRANSFERS
The Real Time Gross Settlement (RTGS) is the Reserve Bank of Zimbabwe (RBZ) electronic
system of transferring funds between financial institutions and is also known as the
Zimbabwe Electronic Transfer Settlement System (ZETSS). The system which is controlled
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by the RBZ is used by all financial institutions to transfer large amounts and the minimum
amounts are set by the Bank and or RBZ from time to time.
The RTGS application forms are printed by a reliable and proven professional printing
company. These forms are in pads and bear serial numbers at all times Bulk stocks for each
unit must be held as reserve stock in the strong room under dual custodianship as is the case
with reserve stocks. Ready to use stock must be under the control of the relevant officer who
is responsible for issuing out the RTGS forms. The application form should only be released
to an authenticated customer of the branch concerned who should have an ID. It therefore
follows that customers should deal with their parent branch regarding RTGS transactions
except in exceptional circumstances where prior authority is granted by management.
Upon receipt of the application form, information officer or customer consultant shall carry
all prudential checks on completeness of the form, verification of the authorized signatures
and the balance in the account can fully fund the transfer (money to be paid and the charges
concerned plus the minimum balance to be held in the account as highlighted in chapter 1).
The officer shall seek authorization to capture in the system from the branch or operations
manager. After authorization has been granted the forms were handed to the clerk for capture
which I was I deed perfectly and then submit it to the managers concerned for authorization
in the flexcube.
RTGS funds transmissions have finality of payment and cannot be unwound hence the need
for Treasury Back Office Unit to exercise extreme care when verifying the correctness of
details on the RTGS payment instructions forms. Due diligence should be exercised when
posting as a wrong post will result in the funds being remitted back and one who posted
reimbursing the charges involved to the client. This process is inconvenient to the client thus
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as per mission statement doing things at the first time creates partners for success which is the
payoff line
TELEGRAPHIC TRANSFERS
This are electronic payments made to other nominated banks outside the country. Clients
transacts in foreign currency for various reasons that include paying expenses for imported
goods and services purchase of capital expenditure. All purchases of foreign currency are
done on behalf of the Reserve Bank of Zimbabwe. Transacting in the multi-currency system,
the Bank will continue to operate within the confines of the relevant regulatory authority. TT
charges are automatically charges in the system as you input the amount to be transferred.
Suspense accounts opened in the Bank’s books are used for holding amounts (credit or debit)
temporarily either for the convenience of the Bank or on behalf of customers until such a time
as the amounts can be paid away or recovered according to laid down procedures or
instructions received. In exceptional circumstances suspense accounts are opened for
temporarily accommodating differences in the Bank’s books, lost items, possible frauds and
forgeries .etc. and items for which a proper place is still to be determined. Strict control and
supervision is to be maintained over suspense accounts. Each branch/unit owns suspense
accounts in their section and is responsible for ensuring that suspense accounts are cleared
daily. Finance is responsible is responsible for monitoring suspense accounts.
The most commonly and daily used suspense accounts that l was exposed to in this
department was the Manual entries and the Sundry Debtors suspense. The Manual Entries
suspense account was used for suspending expenses and incomes, for example, suspending
change from cash collected for a particular purpose. Also for monies deposited in iSave
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ordinary the money would be held in the manual entries account waiting for the client to
upgrade to iAccount.
For each day I prepared reconciliations for POS, World Remit, Western Union and Forex
notes and coins. It was my duty to balance between the physical cash and the system balance.
In cases where there were not tallying up I would reconcile (bringing together the cause of
difference and preparing journal entries to correct the difference).
PROCESSING CHEQUES
At Steward Bank we processed two types of cheques namely internal cheques (cheques from
Bank) and cheques in transit. The first one after posting and authorization, they are ticked for
verification and then send to centralized ledgers for archiving. Cheques in transit are used for
recording cheques drawn against our customers to beneficiaries of other banks. After posting
and authorization they are send to head office for cheque clearing with a three day lagging
day for clearance.
Branch expenditure mainly processed by the back office was in the form of:
Branch rent
Local licensing
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Staff stationery purchases
Guard charges
The branch incurred all these expenses on its own as a unit. It was the responsibility of the
operations officer to make sure that expenses were minimised so that it doesn’t eat on the
branch income. The staff was encouraged to conserve the branch resources so as to minimise
on the branch expenditure. After processing of the branch expenditure the BM would
authorise the transactions.
POSTING ENTRIES
Posting entries were mainly done for reversals, recovery of charges manually or posting
manually if the system didn’t update automatically. Reversals are mainly done due to wrong
postings or as per customer instructions if they have written wrong account numbers on the
vouchers. Posting of salaries using multi offset system, (paynet) demanded recovery of
charges manually thus need to pass journal entries to respect accounts. Also on doing
reconciliation if there was no automatic updates I also passed manual journal entries. Also
applying induplum rule I also used manual journals so as to reverse the interest. Correct
dating, value dates and correct narration was to be diligently considered in passing this
entries in the ledgers.
FILING
This seemed to be an easy task but it was one of the banks defense against fraud and forgery
and correct filing will result in the documents being verified as per attached file concerned.
All relevant branch material were to be correctly filed in date order to facilitate audit and
order in the branch.
MAIL DISPATCH
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Important documents are send through this facility thus care should be done in handling this
material. This process seemed so easy but it was a process which required my full attention
and care. Proper documentation of all mail send and received was to be kept (I had a mail
register to keep track of all mail send and received). If mail is lost I was held accountable and
I had to give proper signed documentation as proof.
This was a process of verifying the physical vouchers, account numbers, account name and
the amount written by customers with what was captured in the system. This also acted as a
operations risk management (minimize fraud and forgery). Also entries that need to be
reversed were picked in this process.
Suspense accounts
I did appreciated how suspense accounts work in the real accounting world as reconciling
items which had not been discovered yet or errors were temporarily held in the suspense
accounts.
Funds transfer
I also gained the practical appreciation on transferring funds local and abroad as to the theory
we acquired at school
Reconciliations
With a daily routine of doing forex recons, I fully grasped the procedures on reconciling all
branch accounts which at my disposal.
Voucher ticking
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As a risk management tool and checking for errors, fraud and forgery it was an applicable
concept.
FRONT OFFICE
This is the place where customers come in place with staff. It’s more like the mirror or face
of the bank thus a smile and well warming environment should be always be in place. Front
office personnel can do marketing of the banks products which may be then be negotiated in
the back offices where dealing in done. At Steward Bank Avondale Branch the office
comprises of the information counter, customer consultation/accounts opening and the cash
department that is tellering.
This is the first port of call where new and old clients come in to ask, enquire, complain,
verify, check, apply for bank products and services. All slips are issued at the information
counter and how they can be assisted on completing the slips. The information counter is also
responsible on marketing the banks products and services as highlighted in chapter one
(Steward Bank products and services).
Clients who need to do funds transfers are serviced at the information counter. The officer
will verify the client’s detail who has submitted the transfer either third party who has been
authority to transact as per client and banks satisfaction. The officer verifies the systems ID
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and signature as to the one that has been signed on the transfer and the check for availability
of funds to fund that payment.
Bank statement requisitions are also done at the information counter. Officer verifies the
signatures on the statement requisition and the balance as overdrawing the account as in not
permissible and print the statement and hands it over to the signatory. It can be noted that
indemnified personnel can only collect statement on behalf of signatories but shall not
request statements as they are not signatories of the account.
At the information counter the officer is also responsible for the custodianship of ATM cards.
Clients who need their ATM cards consult the information officer who verifies identity of the
collector (account holder). The cards are to be kept under lock and key on a still cabinet.
Officer shall ensure that no ATM card stays in the branch for a period exceeding three
months. ATM cards that have overstayed should be destroyed and Certificate of Destruction
completed and filed.
The officer ensures that clients are interviewed, and all account opening documents are
scrutinized and verified upon submission prior to opening of the account at all times and also
ensure an FCB is obtained within 24hrs of submission of account opening form. He ensures
that all account opening forms are properly completed and correct documentation attached,
forms are signed of evidence of having checked, and also ensure that references given by
clients on forms are followed up through a tactful telephone or written enquiries. Officer will
ensure that the account is opened within 48hrs of submission of the applicant forms and
clients are advised accordingly by issuing or dispatching approved or declined letters.
Officer will ensure that customer queries are attended to within 48hrs, and ensure a
turnaround time of at least 15 minutes on a single client daily. Also phone calls relating to
information about the bank are to be handled by the information officer though other Steward
Bank staff member can also assist as they are aware of the products
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After opening the account he ensures that signature and photo scanning is done within 24hrs
of opening account at all times. All customer instruction amendments should be done 24hrs
and authorized by the manager and then filed ready for inspection at any time.
Information officer ensures that ATM Cash reconciliations are done daily and are brought to
management for daily basis. Cheque books, cash deposit book orders should be processed
accurately 24hrs of receipt on daily basis. Also deposit books and cheque books should be
issued out on arrival to intended recipient by either a phone call advising the client or by mail
dispatch
Information and the account opening department’s work was tiresome but enjoyable. At the
information counter I had to interact with clients marketing the banks products and services
to the extent that some other clients were no longer coming to the bank but transacting at the
comfort of their home as they were now aware of the banks products.
Cash Department
This department creates nerves as it tends to service as the banks backbone. All loan facilities
are financed by this department thus care is to be exercised in manning the required
operations and ensure that all policies and procedures are met.
At Avondale Branch I was first introduced to the vault where cash was safely kept under still
vault. The cash is manned with dual custodianship of the cash officer and chief teller.
Custodians are responsible for all the cash in the vault thus care should be exercised in
manning this department.
Cash security
Cash is the most liquid of the bank’s asset thus is the prime target of robbers. Therefore strict
measures are in place to ensure safety of cash. Tellers ensures that under their custodianship.
Cash should not be accessible to clients (public). Movement of cash should always be under
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lock and key in a still basket if internal or steel trunk if it is cash in transit. After day end
balancing cash should always be locked up in the vault as quick as possible.
Tellers’ responsibilities
Before taking over cash, it is the duty of the teller to sign a Teller’s Declaration Form
(TDF).
It is the duty of the teller to make sure that the cubicle door key as well as keys to the
canister are in functional order
The teller must count in detail and verify all notes received from customers through
the use of fake note detectors
The teller must pay out to Vault all cash at the close of each business day
Tellers are responsible for their cash in hand and also it must be balancing with bank
records at any given time.
It is the duty of the teller to make sure that all cash under their control is securely
stored
Tellers should always ensure that their keys are kept in a safe place at all times
Start of day
At the beginning of each business day, the tellers were supposed to:
Clip money and change dates on the stamp and be ready to serve customers when the
Bank opens the doors
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Be in the branch fifteen minutes before opening time. This was done in order to make
sure that tellers clear their work stations including switching on their computers
before customers come in and to log in to the system.
To collect cash from the cash officer and verify it by counting it.
Cash withdrawals
Before accepting any cash withdrawals it was the duty of the teller to, greet and accept the
withdrawal from the client with a smile. Once the withdrawal was presented, a form check of
the withdrawal was done. The check would include the account name, branch, date, account
number, customer’s signature, amount in figures and words and type of account
Special attention was to be made as to tick all above fields so as to ensure correctness and
form check. After the above form check the teller was supposed to:
Capture the withdrawal in the system, verify account validity, account balance and
signature verification
As the Bank has got many branches in the country, sometimes clients from other branches
came to withdraw cash from branches that are not their branches. So as to create convenience
for the client these withdrawals are accepted regardless of where the home branch of the
client is situated. Security measures are therefore incorporated so as to make sure only the
authorized and the right person collected funds from the relevant account. Upon receipt of
such withdrawals, the responsibilities of the paying branch were as follows:
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Do a thorough form check on payment voucher prior to scanning and sending to
domicile branch for confirmation
Establish reason why the client is not using their home branch
Check authenticity of the ID, special attention being made on the date the ID was
issued
Scan the transaction document and customer’s ID and send to the domicile branch for
authorization
Once all these checks were made all rested on the confirmation branch to authorize the
withdrawal. The responsibilities of the confirming branch were as follows:
Ensure that it is the account holder intending to transact by confirming with the client
by use of mobile calling as per details on the system
Clients sometimes request different currencies that are not their base account currency. For
example a client may have a USD account but upon withdrawal request a RAND withdrawal.
In this case the teller follows the following steps:
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The teller uses the rates from the daily rates sheet that is supplied from the Treasury
Department. The teller picks the relevant selling or buying rate for the appropriate
currency and converts the amount. Once satisfied the withdrawal is posted.
After posting the teller takes the voucher to the Cash Officer (CO), who verifies and
authorizes the withdrawal
There are sometimes instances where the client requests for a different rate from that in the
rate sheet. The CO then calls Treasury asking for the better rate and the rate is then used in
posting the withdrawal.
Cash deposits
Unlike cash withdrawals which are only done by signatories and the indemnified personnel,
cash deposits can be done by anyone as long the beneficiary account is correct. The following
are therefore the steps in accepting cash deposits:
-The date, that is, the date of the deposit should be current
-Total amount
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Count the cash denomination by denomination
After counting all the money, verify that the total on the deposit slip is the same as the
physical cash counted.
After verification the deposit can be posted in the system and a customer copy is
printed and the bank copy is spiked.
Individuals and corporate clients deposit other currencies into their accounts. As long as the
currency being deposited is different from the base account currency, then the deposit is
deemed as a cross currency deposit. The currencies that the bank accepts are the following:
The EURO
In accepting the above currencies into a USD account the teller had to follow the following
procedures:
Use the rate sheet to determine the rate for the relevant currency
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Calculate the equivalent USD amount and write it on the deposit slip with the rate
used
There were also instances where BWP were deposited into ZAR accounts. In this case the
teller had to notify the CO who would call the Treasury Department, that is, the Dealers
asking for the BWP/ZAR rate. The responsible dealer quotes the rate which would then be
used in these instances. This was so as the rate sheet only catered for currencies using the
USD as the base currency.
Cheque deposits
The cash department is not only responsible for cash, but is also responsible for accepting
transfers in the form of cheque deposits. The following are the feature of cheques:
Cheques to other banks have a value date of five working days. This means that the
cheque can only be liquidated in five working days
Internal cheques by Steward Bank clients have a value date of three working days
Therefore in accepting the cheques it is key that tellers be careful so as not to accept any
unfunded cheques, crossed cheques and cheques exceeding the authorized limits for
individuals and corporate clients. Therefore in accepting the cheque deposits it was vital to do
form checks, that is, verify the cheque deposit slip’s correctness by checking the following:
Account name
Account number
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Total amount
Ensure that the client writes the beneficiary account number on the back of the cheque
Accept the cheque if everything is correct and refer it to the back office clerk
At each day end the teller was supposed to balance the cash on hand and prepare cash to
transfer to vault. At this point no cash was allowed to be left on the teller till in the system
and in the canisters.
Cash reconciliations
Cash reconciliations were done so as to detect errors and correct any discrepancies. The
branch cash account consisted of all the currencies separately. Each currency was reconciled
separately. This was done by comparing the General Ledger Balance to the Vault Book. That
is comparing the physical cash to what is in the system. If errors were detected these were
reconciled and catered for in the system to update the cash account.
At Steward Bank operations department I got the exposure as to the real life work
environment as I was treated as a full time employee and was required to follow the firm’s
strict code of conduct. It also gave me a good grooming on professional dress code, work
place manners and professional practice.
Communication skills, improved from handling different issues from different kinds of
people who are at different levels at different organization. All this involved a lot of
communication which required appropriate communication skills. Hence I managed to
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properly communicate with other organizational staff professionally, present ideas and
information accurately, and concisely.
Time management under business management, this was my weakness before but since I
started working at steward bank limited I am a good time keeper. The key to success in an
industry is to make efficient and effective use of one’s available time.
CREDIT DEPARTMENT
INTRODUCTION
In line with developments in the market and as part of the Bank’s thrust to stimulate
economic growth by ensuring that customers have access to credit facilities to cater for their
incidental expenses, the Bank put in place the following credit facilities:
Existing Customers
The minimum loan amount will be USD500.00 and the limit per qualifying customer will be
calculated as applicant’s net salary x 3 and times 10 net salary. A minimum qualifying net
salary of USD180.00 is required.
New Customers
The minimum loan amount will be USD1500.00 and the limit per qualifying customer will be
calculated as applicant’s net salary x 3 and x10 net salary. A minimum qualifying net salary
of USD500.00 is required
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Repayments are for 6 months for school fees loans, 12 months and a maximum of 36 months.
For clients who are unable to meet the above requirements and they have been conducting
their accounts to satisfaction branch manager may write a memorandum to the regional
manager as motivation to disburse the loan.
Eligibility
It is a requirement that the applicant’s salary is routed through the Steward Bank customers
account for at least 6 months prior to consideration and conduct of the account must be
satisfactory for one to qualify for the loan. A letter of confirmation of employment and an
undertaking by the employer that the salary will be deposited through applicants account in
our books will be required.
Furthermore, an applicant should submit a recent pay slip, copy of proof of residence in the
form of utility bills and a copy of the ID upon submission of the application. In the absence
of a utility bill as proof of residence, the letter of confirmation from the employer may also be
accepted as proof of residence if there is confirmation within the letter of the applicant’s
residential address and a letter of confirmation and undertaking and employment which
guarantees that the client will definitely be employed during the loan repayment period and
his salary will be channeled through our bank.
Pricing
Interest will be calculated at 18% per annum on the outstanding daily balance and will be
applied once a month. Establishment fees will be recovered at a rate of 3.5% as a once off
payment on disbursement of the loan. Minimum establishment fees will be USD17.50
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All consumer loans should be secured by an insurance cover through the Steward Credit Life
scheme. The premium of the insurance cover is automatically deducted upon disbursement of
the loan.
Customers who will enjoy the facilities referred to above will be expected to conduct their
account operations within agreed parameters making sure that they meet their obligations
when due as any violation of the set terms and conditions will result in the Bank considering
withdrawal of the facilities from such customers
Customers will be required to complete the relevant application forms, submit all the required
documentation and lodge the applications with their Branch for processing. The following
procedures are conducted on processing of a loan:
Credit scoring
Credit analyst should thoroughly check all applications to ensure that all the details and
necessary documents are attached on the application form. Using a pre-designed score card,
the credit analyst must impartially score all application forms. Care must be taken in
verifying age, occupation, history with other financial institution, accommodation, and time
in current employment, debt ratio and account maintenance with Steward Bank. Minimum
qualifying score is 100 points provided that debts do not exceed 25% of the client’s net salary
Financial clearing
A financial clearing procedure is done through the Financial Clearing Bureau (FCB). This
procedure postulates the degree of credit risk that is associated with issuing a loan to the
applicant. If client is cleared we then proceed to signing an offer letter.
Offer letter
This a contractual agreement formality which have clauses or conditions for the loan.
Conditions such as period of the loan to maturity, repayments and establishment and
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insurances fees are boldly highlighted in the contract. After signing by both the bank and
applicant the loan is then disburse after seeking disbursement approval from the regional
manager.
Disbursements of funds
Disbursement of funds should only be done after the customer has signed the offer letter, and
approval to disburse the loan received from the Regional Manager. The following procedure
should be adopted:
An overall limit is a ceiling beyond which the customer’s total value of all facilities is not
allowed to go. If a client has an overall limit of USD10 000.00, it means that the customer is
allowed to borrow up to that amount regardless of the breakdown of the facility types
A facility limit is the link that connects the overall limit to the loan account. This is where the
user defines the type of the facility that will be utilizing the overall limit e.g. executive
overdraft, personal loan etc. and the period during which the limit will be available for
utilization
This is a 16 character alpha numeric account number that includes the branch code, product
code, number of days elapsed during the year and loan sequence number. It is at this stage
that the customer’s account is actually credited with the amount disbursed There are two time
lags which are differentiated by the first due date of instalment.
After disbursement the loan application form is filed. For every month the credit should
check in the source journals that all repayments are paid in the month which they are
incurred. Missed instalments are not treated casually as it is a breach of contract. The Credit
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Analyst and Managers must always convey to defaulters the gravity and implications of a
missed instalment to the Bank.
3. Sub-standard -Client’s repayment capacity is insufficient and the branch must look
for alternative sources of repayment to achieve full recovery. Debt is 90 days past due
but less than 180 days past due. A provision in respect of the exposure is necessary.
4. Doubtful- Exposure not adequately secured. 180 days past due but less than 360 days
past due
5. Loss -Advance considered uncollectable. Debt is 360 days or more past due
NB. Advances in this category should be written off in terms of the Steward Bank Write off
Policy.
SSR are done for decision making purposes and ascertain no-performing loans. This are done
when the bank is doubtful of recovering the principal plus the interest on the loan. The report
shows the loan status what amount was availed to the client, in the repayment which he
obliged to through an offer letter and what has made the loan to perform dismally for
example retrenchment, death or any other cause. They also give position whether they are to
be regarded as bad debt or there are measures which may be taken to recover at least the
principal loan amount.
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Also for loans which the interest amount has surpass the principal amount to which it has
breached the induplum rule the loan interest shall be reversed with authority from credit
monitoring department.
Risk management
Reports should be daily checked to minimize perpetration of fraud. Clients with loan arrears
to be followed every day to avoid total loss
This a common law rule that provides that interest on debt (loan) will cease to run where the
total amount of the arrear interest has accrued to an amount equal to the outstanding principal
debt. This law respond to the considerations of public interest, and seeks to protect borrowers
from exploitation by lenders who permit interest to overshoot unchecked and also encourage
borrowers to repay promptly without delay.
Amortization
This is a paying off debt method with a fixed repayment schedule in regular installments over
a period of time. The principal repayment amount remains the same but the interest reduces
as after every repayment as it is calculated on the loan balance after every repayment. An
amortization formula is used to calculate the repayments
Where
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P = initial Principal (loan amount)
An amortization schedule can also be used which is simple than the theoretical part which we
CHAPTER 3
PERFORMANCE CRITERIA
My mentor Mr A Nyandoro played a crucial role in making myself achieve the targets set for
me at work. He sometimes assigned me duties that may need to be done without his close
supervision, for instance, uploading of corporate, personal and diaspora accounts and he
correct me when I left any important information. We also have papers like weekly action
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plan where one will write all the defaulters whom you wish to visit during that week. The
weekly action plan papers are used as guidelines and working parameters on which the
scheduled activities will be accomplished as per targeted.
Sometimes we extended working hours in order to meet a day’s working target. During my
first days I found it difficult to work late hour but as time goes on I was able to work under
pressure. My mentor always supports me by giving me his hand when I face a challenge.
TARGETS SET
The Faculty of commerce expects the student on industrial attachment to apply all the
relevant theory learnt at the university in order to familiarize himself with the job. Moreover,
it encourages the student to put his best effort to acquire extensive knowledge and skills at
workplace. The university also want the student to conform to the company’s regulation and
keep all good relations with all the staff of the company and promote the images of the
university.
By the end of the industrial attachment the student will be able to;
EXTERNAL
This is the means of monitoring from the faculty of commerce, whereby the lecturer performs
two visits in order to offer support and assessment of the attached student. The visiting
lecturer mainly looks at the industrial attachment or targets set by for the attachment period.
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On their visits, the lecturers gave me enough support and poured various questions on the
extent to which targets were being met.
INTERNAL
There are many ways in which the performance of each branch is monitored at Steward Bank.
This section will basically describe and analyses factors that are used at Steward bank to
monitor branch performance.
Cash Registers
This is a daily report which summaries the branch`s transaction during a specific day. This
report is prepared at the end of each day and should be sent to head office (accounts
department and managing director) and witnessed by each employee at the branch. This
report shows the branch`s opening balance, loan repayments, establishment fees, remittance
to head office, daily sales(loans granted), administration expenses, capital expenses and
closing balance for the day.
These shows the total loans granted per month, total interest charged and the total claimable
balance. These reports also summaries performance for the month comparing against the
previous months sales and budgeted sales for that month. A corrective action is then
suggested to close the gaps between goals and performance. This monthly report is sent to the
accounting department at the head office for compiling with other branches to see the overall
performance of the company as a whole.
This is a summary of the previous daily loan repayments versus matured loans for the day,
cumulative defaulted sales comparing against same period last day, month or year and even
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against expected, planned activations if any as well as the reviews of previous activations in
terms of the results obtained.
This is the reports that show evidence that the credit control department is keeping abreast
with defaults. It explains which defaulter has been visited and which results have been
obtained that is which payments being made. These reports are sent to head office on daily
basis for the senior management to determine which credit controller is effective and what
should be followed in order for the company to recover its funds lost through defaults.
This includes income and expenditure, statement of financial position and statement of
comprehensive income. The income and expenditure, and statement of comprehensive
income help the management to measure performance, productivity and profitability of the
branch and company as a whole when they compiled branches financial statements. These
reports are used to make financial performance reports for the company and the Reserve
Bank of Zimbabwe.
These are reports send to the credit control department at head office. The reports contains
information comprises of debtors` list, bad debts, cumulative arrears and running active
loans. Head Office uses these reports to measure the credit risk level of the company as a
whole. Moreover these reports are used by accounting and credit control department to
measure productivity, effective, efficient and profitability level of branches and the whole
organization.
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Budget for the next month and Budget Variance for that month reports.
At the end of every month the branch send budget for the following month to accounting
department at the Head Office to seek approval. This is where as a branch we prepare
targeted sales, administration expenses, capital expenses and targeted loans
collections/repayments.
Moreover we prepare budget variance for the month in order to determine what the causes of
budget variance are and why those variances exist. This help to have corrective measures for
the following month because if the budget variance is negative it adversely militates against
the branch profits and the whole organization.
CHAPTER 4
PROGRAM
In operations department, was allocated my desk and work tools to perform my tasks. These
tasks includes validation of captured data of opened accounts to check if there are no errors
made and correct them. I am required to send a daily report which carriers the number of
accounts that I have validated. I also attach an excel document which have the information of
accounts opened with mistakes.
I also open accounts that is current and savings account to ensure smooth transaction of
funds that is I check all the data captured and complete the procedure of opening an account.
I do a background check on individuals and companies to check if they are eligible to open an
account with us. If the result is adverse this means the particular client cannot open an
account with us unless he/she clears the debt owed.
I also verify KYC documentation, conduct FCB credit check clearance and forward verified
and cleared application to the Data Capture Clerk for processing. Amendment of pre opened
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ISave accounts in the system T24 (Temenos 24). Then construct excel sheet for all amended
ISave accounts with econet numbers and send them to Econet for banking services.
In this section the writer is going to assess the relevance of theory learnt as part of the degree
programe to what is being practiced in the real corporate world. The writer’s analysis will be
focused on the practical realities she encountered in the Banking environment as well as the
realities she did not get hands on experience but observed being practiced at higher levels in
the banking system.
At college theory staff was learnt. It proved to be difficult to put theory into practice since
very few things learnt at college applied to the practical part. Theory is skeletal without any
experience from working environment. However the writer had to use the little information to
tackle all the situations.
Corporate Finance
Overally Steward Bank have securities subsidiary responsible for facilitating investment and
financing decisions. Perhaps owing to the sensitivity of this information, not much
information was given out except to advice on decisions that have been taken by
management. Moreover, the risk, return and Portfolio theory was fully applied at the credit
department. The knowledge of loan amortization schedule and annuities was of paramount
importance. For one to arrive at the monthly repayments of the loan, the annuity formula is
applied.
Furthermore, an amortization schedule is used to determine both the capital and interest
portion being paid monthly. This also gave me scope in aspects of corporate finance when
clients where being rated for how much they qualify for loans. I had to look at different
factors which affect the creditworthiness of clients.
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Macro and microeconomics
I had a practical experience that interest rates are the cost of borrowing. From the course there
was an appreciation of how banks make money, and how the macro and micro economic
environment impacts on the bank. The clearing system, central bank functions and other
topics covered in the course helped the student to appreciate the banking system as a whole.
In adition financial institutions are firms seeking to maximise their profits in the face of many
constraints, some endogenous and some exogenous. A number of financial products such as
personal loans, processing of electronic transactions and POS machines their contributions to
revenue and profits are accessed at the end of every month at branch meetings.
Principles of Management
There was extensive use of information systems such as Oracle Flexcube, Bip, FCB,
Sanctions listing to provide information for decision making at various levels of authority.
Excel knowledge was also vital in the preparation of the tracker, interest in suspense
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accounts, customer loan account, loan amortization estimator, expenses claim as well as loan
book updating. More so, the intern refreshed daily reports for the operations manager to assist
and check on suspicious transactions which are against the AML Policy.
Business Communication
Good communication skills were a prerequisite both internally and externally. I did much of
external communication during the period where l was delegated to the information
department and some front offices where l did much of face to face communication with the
clients. Business communication aided the intern in improving communication and
interpersonal skills using various techniques and skills from the module.
Treasury management
The steward group have a centralised treasury department with the very functional front,
middle and back offices. The intern could seek foreign currency exchange rates to facilitate
transfer or payments. Financial instruments with their relative returns and maturity are
provided included treasury bills (TBs), NCDs, corporate bonds and many other instruments.
Accounting
Financial Accounting comes in very handy when one is working in the ledgers department.
The principle of double entry says for every debit entry there should be a credit. This is very
true in processing transfers and clearing cheques as the giver is debited and the receiver is
being, credited as the branch will not balance at the end of day if this is not done so. The
narrations written when doing Journal Accounting are also very important especially when
writing General Ledger entries. It is important for managers to know the components of
financial statements so that they are able to do their work effectively.
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INDUSTRIAL REALITY
The stay with the company resulted in the student gaining a lot of skills, which include
technical skills, communication skills, analytical skills, human relation skills and conflict
handling skills.
Technical skills
Working at Steward Bank Limited helped the student in acquiring new skills. Prior to
attachment little knowledge about Microsoft Excel was acquired and during such period more
knowledge was acquired. The student was also introduced to the core banking software
system known as Oracle Flexcube version 11. At first it was difficult to use such systems but
with time more exposure was gained. More so the student got access to BIP, FCB and
Sanctions listing. Inputting information, refreshing different reports, for example general
ledger report for different clients, became faster and accurate as it was daily task.
Communication skills
Communication skills were also acquired both internal and outside the organisation. I was
tasked to operate the switchboard during my training period, to communicate with clients
attending to their requests and any other business related queries they needed to be attended
to. As a result the student attaché learnt to be polite, patient and tolerant with different
characters.
Good communication improves the company’s image to its outside world. With particular
attention to verbal skills, the student noticed a big improvement.
Analytical skills
Analytical skills were acquired during the attachment period. Accounts must not be analysed
just at the surface but right from the bottom up to the top. The student was able to analyse
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things in detail that is what they brought them about and the consequences. The supervisor
played a major role in installing this skill in the student. During marketing intelligence
findings the student gained a skill of critically examining the competitor’s environment in a
broad spectrum. Through such analysis the student realized that there are some blind spots,
which people may exempt as if they do not affect them whilst they have significant impact on
the organization.
Interpersonal skills
The student interacted with people of different backgrounds and personalities. This improved
my interpersonal skills. The student had to meet the clients on the information desk and deal
with their problems. He had to run around all departments looking for documents,
information and sometimes disseminating the information. Due to these interpersonal skills I
began to realize the relevance of teamwork. I was prepared to accept outcomes of my actions
and admit where negative results had emerged.
Meeting skills
I attended and participated in each and every monthly meeting held by the branch. Though
they were formal meetings the manager tried to be informal so that students could be
accommodated since they were unfamiliar with such meetings. The prominent skill I grasped
was that the agenda should be followed. Whenever one gets the platform to say something he
or she should to stick to the agenda. Failure to do so would lead to stray discussions, which
would not accomplish objectives of the meeting. Apart from that I learnt that for one to
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contribute meaningful suggestions he should listen when others are passing their own
opinions and it is a skill to abide by the chairperson orders not just uttering when it’s not
called for. I also managed to practice minute taking in one of the meetings.
Self Confidence
During the first periods I lacked this skill when I was talking to my supervisor or even to
those who wanted to be served. However, later on I became adapted to the working
environment. I could even complete tasks from one department to another under the clear
notion that I was doing the right thing. As I began to settle my confidence got built up and in
meetings I became able to say out my findings, explain them in detail and defend them
against criticism.
Self -initiative
I had a driving force in me that pushed me to execute my tasks. I would not wait for the
supervisor to coerce me carrying out my duties. In some trivial cases, which needed a quick
decision to be made, I had to pass decisions to avoid curbing the process by consulting my
assistant supervisor.
Personal development
At first it was difficult calling my workmates using their first names. This is because it
conflicted with my culture, to call my elders using their first names, but it was the bank’s
policy to call each and every one by their first names whether young or old. I had to put away
this culture so that I could quickly fit in. The use of first names removed the age gap between
employees and it enabled everyone to say out their views without feeling that they were
disrespecting anyone below or above them
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At first I made quite number of mistakes in all the departments l was deployed to,
as I was still trying to understand and appreciate everything that I practiced. As
time went by I adapted to the systems and I did my work perfectly without making
any uneccesary mistakes.
Multi- supervision: I noted that when you maximize your effort in every task everyone will
be actually demanding your input in his or her office. It was a great challenge to me that
managers and other officers were demanding my input in their work even when I am not
necessary at the end of the day conflicts within offices start existing thus why it was too
mobile in the field.
Lack of motivation: I got demotivated though I wasn’t after money because some of the
tasks were so challenging and needs specialists but because of my commitment and
sacrifices, I ended up doing it and sometimes working long hours without any compensation
in terms of food or any appreciation.
Organizational politics: I got demotivated when I get affected by the organizational politics
without any contribution or influence that I made. I get to understand that when one of the
managers reminds me that finance people are always on fire and they usually affected by
every financial decision that implemented.
Irrelevance of some tasks: it was one of the challenges that I faced when sometimes you just
delegated some tasks that are not relevant to your program due to lack of employees in the
organisation. I was just running around with the task without considering all other issues just
for the sec of being multi-tasked.
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Threats: sometimes it was hard when some employees call themselves bosses just threatens
you just because you are a student. I noted that working on people’s salaries and other
benefits it happens because it is one of the spot areas that caused many threats and attempts to
just tarnish someone’s name. However, I was so perfect and confidential information keeper
so it wasn‟t affects me a lot.
Difficultness of tasks: some tasks were so challenging that I wasn’t expect to do it alone as
an attaché but I managed to do everything that I was delegated regardless of position , level
or age.
CHAPTER 5
The time spent at Steward Bank was not just a formality so as to adhere to the Bachelor of
commerce Honours in Economics and Finance degree programme. Rather it was a productive
learning process that exposed the student to the real working environment. Practical business
situations that are often presented at college were made real through this process. However I
would recommend Steward Bank to improve on the certain areas which are stated below to
improve on efficiency and service delivery:
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To implement and promote the use of plastic money during such periods of cash crisis the
bank has to find a way to produce cards at each branch set up to avoid inconvenience and
irregularities to the customers.
The industrial attachment programme for students should be spelt out to the
employer with a clear training program that benefits students directly. Time in
each department should be pro-allocated so as to avoid spending more time in one
department more than the other.
At least 3 or 4 visits to check on whether student are really having the industry
experience.
CONCLUSION
The year of my work related learning was so loaded, very informative and interesting. I
managed to learn and apply with limited challenges and this is marked by my level of
performance and achievements. I managed to overcome all the organizational challenges
both those that was affecting me directly and indirectly. All in all I managed to accomplish
all tasks that delegated to me given limited resources and time frame because most of the
time I work under serious pressure due to shortage of human labour in the organisation. I do
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conclude that a journey to success starts with positive attitude coupled with work hard,
dedication and drive to success.
Bibliography
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SIGNED: ……………………………… SIGNED: ………………………………
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