CHAPTER ONE: GENERAL PRESENTATION OF THE

COMPANY
The chapter contains information about the historical creation
and evolution of the company ACE FINANCE S.A. It
mentions the company’s history, evolution, mission,
objectives, and services.
SECTION ONE: HISTORICAL CREATION AND
EVOLUTION OF THE COMPANY
Here, we shall discuss the general presentation of ACE
FINANCE S.A which encompasses of the history, mission and
evolution of the enterprise.
1.1.1. HISTORY OF ACE FINANCE SA
ACE A JEUDI was an association of young entrepreneurs who
met every Thursday of the month. It was created in 2003 and
was legally recognized in 2004, composed of 30 members. It
enabled them to gather a capital of 60,000,000. With this
capital, they fixed the objective of promoting economic and
social development in Cameroon, which gave birth to AFIB
S.A., with a capital of 350,030,000 CFA. ACE FINANCE S.A.
was created on the 12th of February 2007.
Due to financial crises, the company almost went bankrupt. In
2019, AFIB S.A. was replaced by ACE FINANCE S.A. with a
capital of 993,450,000 CFA.
The company has been legally entitled to operate as a category
2 microfinance institution in the Central African Economic
and Monetary Community since 11 May 2007, which was
granted and approved by the national monetary authority
(Ministry of Finance) and the Banking Commission of Central
Africa (COBAC) as at approval 07/414/C/MINEFT of 11 May
2007, with the head office locate Carrefour Ideal Akwa
Douala Cameroon, with accepting of deposits, granting of
loans, marketing of financial products and services as their
main activity, with the vision of developing the following
activities in all the regions of the country.
1.1.2. EVOLUTION OF ACE FINANCE S.A
The first branch of ACE to be opened was in Yaounde which
was the head office. In 2023 the head office was change from
Yaounde to Douala with a total of 3 agencies namely:
-Douala October 2010
-Yaounde
-Baffoussam January 2009 fасе SIPARCAM
In 2023 going to 2024 two agencies were opened
-Melon in September 2023
-Bertoua June 2024.
With two more agencies in progress, both in Douala and
Yaounde respectively.
1.1.3. MISSION, PRODUCT AND SERVICES OF ACE

 MISSION STATEMENT
The mission of ACE FINANCE is to develop a strong network of the
commercial and industrial the sector through a relationship of business
between members employing cross-investment, while contributing to
financial inclusion by respecting regulatory measures

 OBJECTIVES
ACE FINANCE has as objectives,
 To encourage its members to make regular savings by providing
them with the possibility of investing their money
  To provide members with loans for purposes of providence or
production, or both
 To ensure the progress of its members by educating them
continuously on the proper use of money
 To foster the economic and social interests of its members
 PRODUCT AND SERVICE OF ACE FINANCE
S.A
A: PRODUCT OF ACE FINANCE S.A
Here we will be laying emphasis on the various accounts and banking
system of ACE FINANCE S.A .They are as follows;
1. Savings account
It is an account where every customer is expected to save from time to
time. This account is opened by the counter. Here, the holders of this
account only make the financial deposit to the union without paying
deposit fees, but in return, the institute pays interest to the account.
Money saved in such an account can be withdrawn by giving a prior
notice of at least one month.
2. Curent Account
This is an account specifically held by legal entities or individuals
which generates no interest and could be withdrawn at any time
needed by the owner of the account. The account is one which
function with the cheque books because without the cheque you may
not be able to withdraw.
Requirements for opening of an account
The following information and documents will be used for the
opening of member’s account. They include;
 A valid form of identification such as a passport or a national
identify card
 4 by 4 pictures
  A proof of residence or a Localisation plan
 Letter of demand for opening an account
 A proof of income such as pay-in slip or bank statement
 A minimum deposit (for group accounts)
 A completed application form, which may include information
about the financial history of the individuals
 A signed agreement that outlines the terms and condition of the
account
3. ISLAMIC BANKING
Islamic banking is a financial system that operates according to the
principles of Sharia (Islamic law). It prohibits certain financial
practices considered unethical in Islam.
4. Sales of Prepaid VISA CARDS
A prepaid VISA card is a card which is not attached to any account
which permits you easily make withdrawals from any institution. To
cost yo have a prepaid VISA card is of 13000 (all tax include (.
B: SERVIVES OF ACE
Here we shall be discussing of the various services (financial
transactions) carried out by ACE FINANCE S.A.
 LOAN GRANTING
Loan refers to a credit facility offered to customer by the
institution. Before being able to be granted the loan the customer
must fulfill condition established by the loan policy of the
institution. If the loan contractor is proved worthy of the loan, an
interest is calculated on the loan automatically with the use of a
Software.
 PAYMENT OF SALARIES
ACE FINANCE S.A. permits its customers of enterprise current
accounts to domiciliate salaries into their various accounts both
within and in another institution.
  ASSIST IN CARRYOUT FINANCIAL TRANSACTIONS
ACE FINANCE S.A permits its customers to carry out transactions
from one account to another, both found in the institution and other
institutions, or from ACE FINANCE S.A to another institution.
 CHECK COMPOSTING
ACE FINANCE S.A permits you to be able to have your check
composted with your name, account….etc. Which facilitate customers
to carry out transaction.
 EXCHANGE OF FORIENG CURRENCY
ACE FINANCE S.A permits its customers to be able to carry out
exchange of currency. The main currency exchanged at ACE is
euros.

SECTION TWO: THE ORGANISATION AND OPERATIONS

OF ACE FINANCE S.A
In this section, we will emphasize the authority flow of ACE
FINANCE S.A. This will be illustrated using an organizational chart.
The organizational chart will show the managerial hierarchy, which
demonstrates the different organizational levels of ACE FINANCE
S.A. The various functions of the different organizational levels of
ACE FINANCE S.A. are as follows:
1.1.1. OPERATIONAL STRUCTURE OF ACE FINANCE
S.A
Here we are going to explain the flow of functions within the
enterprise. These include;
 THE GENERAL ASSEMBLY
It is the highest authority of the microfinance as it constitutes of all the
members shareholders of the enterprise. They meet at least 2 to 3 time
a year to discuss about important aspect and decions taken concerning
the microfinance, with each member having the same voting rights.
 THE BOARD OF DIRECTORS (BOD)
It is of a minimum of 3 Members and a maximum of 12 members,
who are elected during the annual general assembly. It is made up of
the president, vice president and secretary. They are in charge of
appointing the competent authority to manage the company within its
framework. It is split into 4 main committees which include:
 The specialised board committee in charge of governance and
strategy whose function is to ensure the application of good
governance practices within the enterprise.

 Specialized board committee in charge of managing

commitment: To carry out its duties and responsibilities, the
committee ensures that a robust enterprise risk management
framework including related framework, policies, procedures
and practices are in place for the management of the institution
main risk.
  Specialized board committee in charge of remuneration and
evaluation : These committee is to assist the BOD in all the
matters relating to the indemnities and remunerations of the
directors, general manager, deputy general manager, and other
employees of the enterprise

 Specialized board committee in charge of audit and risk: The

audit committee assist the BOD in supervising the internal
control system. He regularly gives reports on the performance of
his duties and informs them without delay or any difficulties
encountered.

 GENERAL MANAGER
The general manager of ACE FINANCE is appointed by the Board of
Directors depending on the technical know-how of the individual. The
general manager coordinates the work of the various branches and
reports to the board of directors for their final recommendation. He
drafts periodic management reports and keeps the board of directors
informed on all the institution's operations.
 DEPUTY GENERAL MANAGER
He is responsible to assist the general manager to plan, develop,
implement, oversees the enterprise initiative and projects.
 THE ASSISTANT GENERAL MANAGER
She carries out the job of the general manager in his absence. She is
also in charge of the Human Resources department of the enterprise.
She ensures the workers are on good footing and ensures of the
efficiency of the staff.
 INTERNAL AUDIT AND MANAGEMENT
CONTROLER
He is intended to check for errors, problem or breach of policies and
procedures. He also ensures that all these errors should not have great
repercussions on the enterprise.
 AGENCY MANAGER
She organise, leads and develop the function of the agency and its
personnel. She implements the commercial policy of the bank,
manages staff and defines objectives. She ensures the quality of the
reception, advice customers, monitoring various risks (securities, non-
compliance with internal procedures).
 CLIENTS ADIVISER
She retains advice and support customers’ day-to-day management of
their finances. She seeks to attract new customers as well as to offer
banking and financial services to customers.
 CHIEF OF OPERATIONS
She is charge of recording all the transactions carried out by clients on
their various accounts which involves charges like; financial
transaction, daily collect, cheque composting.
She is also in charge of recording, implementing and makes sure that
all the transactions carried out charges are been incurred and recorded
into the systems.
 CASHIER
She is the one managing any transactions done by cash, which
includes; withdrawal, deposits, purchase and sales of UV …etc.
 RISK AND ENGAGEMENT MANAGER
She identify, analyze, control credit files, monitors and asses risk.
Equally she identifies the risk of non-repayment.
 IN CHARGE OF LITIGATION AND
COLLECTIONS
Ensure compliance of business operations and transactions with all the
relevant internal and regulation rules. Also review employee work and
advice on compliance
 ADMINISTRATION AND FINANCE
MANAGER
Coordinate and supervise accounting and finance departments,
administrative and general services. Specifically, she is responsible of
tax and accounting declarations, cash management, provisional
budgets, the implementation of control and reporting tools that ensures
the reliability of financial data
 RISK AND ENGAGEMENT MANAGER
She identifies, analyze, control credit files, monitors and assess risk
and equally identify the risk of no repayment.
 ACCOUNTING AND TAXATION MANAGER
She records and collects the commercial, industrial or financial data of
the structure to make balances of accounts, income statement and
other balance sheet. She verifies the accuracy of the accounting entries
and report.
 EMPLOYEES PORTFOLIO EXPENSES
Some of the functions of the employee portfolio expenses include;
 Oversee a portfolio of regular clients.
 Build and maintain strong and lasting relationship with clients.
 Oversee the management of customer accounts, including
negotiations contacts and agreements to optimize profit
 AGENCY CONTROLLER
Its role is to verify the compliance of operations, organization and
internal procedures with the regulations in force, with professional and
ethical standards usage and with the guidelines of the executive body.

1.2.1. ENVIRONMENT OF THE COMPANY

(INTERNAL AND EXTERNAL(

1.2.2. THE INTERNAL ENVIRONMENT

These are elements present in the organisation that can affect the
choice, activities and decisions of the organisation. They include;
objectives, mission,…..etc.

1. Organisation Objectives
It refers to those objectives of the bank put in place to be achieved
which shows the reasons of its existence. ACE FINANCE has many
objectives as to encourage as customers to make regular savings by
providing them with possibilities of investing their money. And also,
to provide customers with loans for purposes of providence or
production, or both.

2. MISSION
The mission of ACE FINANCE is to develop a strong network of the
commercial and industrial the sector through a relationship of business
between members employing cross-investment, while contributing to
financial inclusion by respecting regulatory measures

1.2.3. EXTERNAL ENVIRONMENT

These are outside factors that affect the organization in one way or
another. They include micro and macro factors which are
1. Clients

ACE FINANCE primarily serves low-income individuals and

microenterprises. Understanding the needs and preferences of their
clients is crucial for ACE FINANCE to design and deliver appropriate
financial products and services. This involves conducting market
research, client surveys, and feedback mechanism so tailor offerings to
clients’ requirements.

2. Partnerships
ACE FINANCE often collaborates with various partners to enhance
their operations. These partners include; Ria Money Transfer, SUNU,
JUBA EXPRESS, Orange Money, MTN,
Strong partnerships can provide access to funding, technical expertise,
market network and shared resources enabling the institution to
expand its services and improve efficiency.

3. Competitors
ACE FINANCE operates in a competitive market, and understanding
the competitive landscape is crucial. Assessing the strengths and
weakness of competitors, monitoring market trend, and differentiating
their products and services and can help ACE FINANCE position
them to be effective and attract clients. Example of MFIs providing
the same services as include: FOCEP, MIGEC, UNITED CREDIT,
MUGIC.

CHAPTER TWO: EVOLUTION OF THE

INTERSHIP
Here we shall be discussing of how our internship was carried
out. That is the presentation of the host department, activities
carried out during the internship, and lastly justification of the
topic.
SECTION ONE: RECEPTION AND
PRESENTATION OF THE HOST DEPARTMENT
1.1. RECEPTION
On the day we started our internship, we were taken by the Assistant
director and in charge of Human Resources department with the
Assistance of human resource to be shown around the enterprise.
First we were taken to the agency where we were presented to each staff
member and their functions. Later we continued with the head office and
introduced to the staff and their functions. Finally we were taken to our
host department which is the internal control department where we given
the rules and regulations of the enterprise and later in our professional
 supervisor explained the ethics more detaily. Then we left for our various
homes.
1.2. PRESENTATION OF THE HOST DEPARTMENT
We were actually sent to the Internal control department. The
internal Control department is in charge of overseeing all the
transactions which are been carried out by the all the agencies
and the direction. Some activities carried by the internal
controller include;
 Check that all the transactions and activities carried out
during the day are accounted for.
 To ensure that all the transactions carried out were well
inserted into the system
 To record all the transactions and their justification in the
system
 To make a report of all those transactions carried daily into
the system for future use
 To carry out bank reconciliation of both liaison and bank
accounts.

SECTION TWO: ACTIVITIES OF THE

INTERNSHIP AND JUSTIFICATION OF THE
TOPIC

1.1. ACTIVITIES OF THE INTERNSHIP

PERIODS ACTIVITIES
From 1-2 August  We were introduced the company both the agency and the director
with the name and function of each staff
 We were give the rules and regulations of the enterprise and it’s ethics
to read which later in the day our professional supervisor gave us a
more detailed explanation
From the 5- 8  We were sent to the internal controller of the agency to drill us more
August on What is Bank reconciliation.
 We were taught the difference between the COBAC BANK PLAN
 and the OHADA Accounting plan.
 We were shown how to check and requirements for customer to open
an account in ACE FINANCE S.A.
 We were shown how to check a CO30(daily financial statement)
 We were thought how to carryout operational control.
11 August  We were sent to the person in charge of insurance on loans in the
enterprise who thought us the different types of insurance, what are
the requirements for an individual to be granted a loan, how interest
to paid were calculated on loans…etc.
 He also introduced us to Banking Insurance.
14 August We were thought in details what is bank reconciliation and how it is been
done.
From 15-20  We were giving practical case and were asked to carry out bank
August reconciliation mostly « pointage » that is checking that each
recording found in the bank statement are the same or matches the
one in the internal cash book, point out transactions not found in the
two books which were used to carryout reconciliation.
 We carried out our first bank reconciliation.
21 August  We were taught what are liaison accounts, how they function.
We were taught how to carryout photocopies
From 22August- We carried out bank reconciliation statements until the end of our
2September internship.
1.2. JUSTIFICATION OF THE TOPIC
During our stay in the internal control department, we noticed
that CO30 (daily financial statement) were majority of the
deposited lately to the internal controller and which makes it
difficult for him to analyze and record in the machine which
slows down the work of the controller.

Also there were cases justifications were not granted for some
transactions slowing down the work of the internal controller.

Also the breakdown of the software (PERFECT) also slow

down the work to be done making the internal controller to stay
late at night.

Also wrong and late record of transactions in the cash book

make it more complicated when doing bank reconciliation
Due to all this factors, it inspired us to choose the topic
“IMPORTANCE OF INTERNAL CONROL IN A FINANCIAL
INSTITUTION “.