Banking Internships Programme
Banking Internships – In conjunction with BANKSETA, Guarantee Trust is running a program to help unemployed Matriculants enter into employment with banking or microfinance firms. These opportunities are based in Eastern Cape, Free State and Mpumalanga.
We supply actual work experience in our Virtual Bank internships program.
Vital life skills and technical skills are delivered as one program. This is a fully sponsored program that does not cost you anything.
To qualify for the program, you must have passed English, Mathematics (or maths literacy) and Accounting at Matric level.
Come and train with us for 5 months and we will assist you to get employment in a banking or microfinance firm.
Please note that disabled candidates are welcome to apply for this program.
To apply for the program, send your CV and a copy of your ID and Matric certificate to: [email protected] or call
Eastern Cape: 041 365 1456
Free State: 051 430 0263
Mpumalanga: 013 753 2703
Headoffice: 011 466 3312
Click Here to Apply in Port Elizabeth
Click Here to Apply in Bloemfontein
Click Here to Apply in Nelspruit
Click Here to Apply in Mafikeng
What is Banking Internships
Banking internships began with the first prototype banks of merchants of the ancient world, which made grain loans to farmers and traders who carried goods between cities and this system is known as a barter system.This began around 2000 BC in Assyria and Babylonia. Later, in ancient Greece and during the Roman Empire, lenders based in temples made loans and added two important innovations: they accepted deposits and changed money. Archaeology from this period in ancient China and India also shows evidence of money lending activity.
The origins of modern banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de’ Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy.
Modern banking practices, including fractional reserve banking and the issue of banknotes, emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London, who possessed private vaults, and charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee; these receipts could not be assigned, only the original depositor could collect the stored goods.
Sealing of the Bank of England Charter (1694), by Lady Jane Lindsay, 1905.
Gradually the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking practices; promissory notes (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith. The goldsmith paid interest on these deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith’s customers were repayable over a longer time period, this was an early form of fractional reserve banking. The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith’s promise to pay, allowing goldsmiths to advance loans with little risk of default. Thus, the goldsmiths of London became the forerunners of banking by creating new money based on credit.
The Bank of England was the first to begin the permanent issue of banknotes, in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century a bankers’ clearing house was established in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of the Suez canal for the British government