The Banking Association South Africa is the representative voice of banking in South Africa. Its members include foreign, retail, merchant, investment and commercial banks. Its role is to "establish and maintain the best possible platform on which the banking groups can do competitive, profitable and responsible banking". Comments and submissions on regulatory changes, legislation, consumer concerns and policy documents, as well as research and study into best international practice, are core strategic activities of The Banking Association.
The Banking Association has allocated responsibilities to a number of divisions. One of which is the Payment Strategy Division of The Banking Association (PayStrat). PayStrat's role is to operate in the Cooperative - Interbank and Payment space in order to promote an accessible, responsive, and progressive payments industry in Southern Africa.
One of the options available to a life insured in the event he or she defaults on premium payments. Under this option, the cash surrender value of the policy at the date of default may be used to purchase insurance for a further period.