This follows last week's resignation of Nomaxabiso Majokweni who will leave the organisation at the end of the month.
It is understood that Coovadia will spend part of his time each week at Busa and the rest of his time at the Banking Association.
Once a permanent person is found to head Busa‚ Coovadia will return full time to his role at the Banking Association‚ a position he has held since 2005.
There is speculation that Coovadia might eventually move to Busa given his long tenure at the Banking Association.
His caretaker role comes at a crucial time for the business organisation. It is looking to reshape itself and play a more important role in helping to unite the country's various business bodies.
Busa president Jabu Mabuza said at the time of Majokweni's resignation the Busa board had agreed on a revised strategy that would focus on "policy issues" that are pertinent to the broader South African business environment.
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