The Banking Association South Africa is an organisation that promotes the enablement of a conducive banking environment. It was incorporated to address a range of industry issues.
As a country renowned for its highly efficient banking system, South Africa has been steadily building systems and policies that are designed to make banking simpler and fair for consumers, while also ensuring that baking institutions remain fully compliant with regulations.
It also oversees several business forums and sub-committees.
Founded in March 1992, it initially comprised of four separate associations that merged, forming what was then known as The Council of South African Banks. In March 1998 it became known as The Banking Council of South Africa.
In March 2005, one final name change resulted in The Banking Association South Africa.
The numerous issues within the sector are addressed by the Association through:
- Lobbying and Advocacy
- Policy influence
- Guiding transformation in the sector
- Engaging with critical stakeholders
Some of the highlights of achievements of the Association include the founding of the office of the Banking Ombuds
2009 saw the signing of an Accord with SARS to manage the relationship between the banking sector and SARS.
In 2012 the association tackled bad practice in the unsecured credit environment by signing an agreement with the National Treasury. This ensured that consumers would no longer be offered loan solutions that are beyond their affordability, thus leaving them over-indebted.
The Banking Association South Africa continues to work towards creating a banking industry that is transformed and effective in providing services. Through its work, the sector will keep on growing, while also developing systems and processes designed to make the process easier for consumers and business owners.
For more information, visit: www.banking.org.za