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The East African Development Bank (EADB) has started talks with Burundi and Rwanda in a move intended at wooing them to join the EADB as member states.

Even though these two countries have not yet made any official application in order to be incorporated as member states, the bank is at present studying requirements that would see these states included as members.

The chairman of the EADB governing council, Dr. Ezra Suruma who is also Uganda’s minister for finance, planning and economic development alleged that capitalisation of the bank had considerably amplified that there was need to, through overtures to Rwanda and Burundi to join as members.

“We have reviewed the progress in operation and profitability and we are opening our membership reach by inviting our brothers Rwanda and Burundi to join us,” he said.

Dr. Suruma made this communication at a Nairobi hotel last week during the closure of a two day EADB general council meeting, and hinted that the bank was studying the principle and provision of the charter to allow the new members to join.

“We are following the procedure in the EAC and the charter of the bank to include these two countries as members,” said Dr. Suruma.

At the same time the bank approved US$30 million (Ksh2.01billion) for the funding of Small and Medium Enterprises (SMEs) in venture capital for the promotion of SMEs within the East African Community (EAC).

He said the considerable capitalisation of the bank enabled it to venture into other income generating activities such as housing and construction which will start by the end of year.

The meeting was attended by Kenya’s minister for finance Mr. Amos Kimunya, Tanzania’s deputy minister for finance Mr. Abdisalaam Khatiba and EADB’s director general Mr. Godfrey Tumusiime.

With courtesy of the commercial bank of Rwanda (BCR), phone banking has finally come to Rwanda.

During a function held at the Hotel des Mille Collines, the marketing and communication manager of bcr, Mr. Hannington Namara announced the introduction of phone banking to the country.

“This is the first of its kind in the banking industry in the country. People in the diaspora can now call the bank and get real information on their account without having to go through a relative or a manager who might be busy,” he exposed during the press conference.

This innovation of voice over phone will aid in of the banking services including cheque request, transaction inquiries, balance inquiry, product information and account opening information. This service is to reduce on the hassle of going to the bank physically on issues concerning one’s account.

Subscribers to Rwandatel will dial 227 while those using MTN will dial 3227 and this will be free facility to all account holders in this bank.

Rwanda’s bank of the year 2006 according to “The Banker magazine” and “Financial Times” of London has initiated this first step in technology banking and hopes to advance up to sms and internet banking.

“The service will be available from 7am to 8pm on weekdays and 7am to 2pm on Saturdays. If a client calls after 8pm, they can leave a message and we will get back to them later,” said Ms. Vivian Kayitesi the call centre manager.

For privacy requirements, each client will be required to field a secret question and answer in addition to the system generated personal identification number or PIN code.