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Micro finance banking has been instituted as a major component of the global banking system. Countries have different policies and frameworks for the operationalization of micro finance banking. What seems to be universal is that micro finance banks are established to render various financial services mainly to those that are somehow disconnected from the mainstream banks. In many countries, small and micro businesses are mainly funded through micro finance banks, which have yielded positive impacts in some countries and have proven harmful in some others. This paper vigorously examined the extent to which loans from micro finance banks facilitate the survival and growth of small and micro businesses in South Africa. It also pursued an understanding of the challenges faced by small and micro businesses and the economic importance of micro finance banking in South Africa. Data was sourced through manually and electronically dispatched questionnaires, and the research participants are owners of small, micro and medium businesses, and some officials of 15 selected micro finance banks. A total of 185 out of the distributed 250 questionnaires to business owners, were recovered and utilized for analysis. Over 82.5% of the respondents have collected loan from a micro finance bank at Northern Cape within a period of 5 years. The primary location for the research is Northern Cape. Mixed methods (qualitative and quantitative) were adopted and simple regression analysis, using graphs was conducted. Findings were made. It was discovered that the main challenge faced by small and micro businesses at South Africa is finance. Also, responses from the participants indicate that loans from micro finance banks are very harmful to small and micro businesses. A such, there is a gap between government policies on micro financing of small businesses at South Africa and the translating impacts of the policies on the growth and survival of small businesses. It is thus recommended that policy makers should restructure micro finance banking in South Africa to translate to the growth of the small businesses. 

Keywords: Micro-financing and microfinance banks, small, micro and medium businesses, impact of loans, micro finance banking policies, impact, growth.

Most governments in African countries today often blamed their non- performances on the huge debts inherited from successive governments and the irony of it is that most of them will thereafter add to the burden of debt instead of reducing it. This scenario necessitated the study to investigate the impact of foreign debt on economic development in Nigeria for the period 1981-2019 using time series data. The study test for both long and short run using Augmented dickey fuller unit root test, Bound test, ARDL model, Restricted Error Correction Mechanism(ECM) and Granger Causality Test. An empirical investigation was conducted on Real per capita income, external debt stock, debt servicing, foreign direct investment inflows and gross fixed capital formation. The results on external debt produced negative impact on economic development and there is no bi-directional causal relationship that exists between external debt and economic development. The study recommends that prompt payment of debt will help to avoid its accumulation and loans should be channel towards productive uses.

Keywords: external debt, economic development, real per capita income, debt servicing.

Purpose: Optimality of consumption taxes as Value Added Tax (VAT) may be conditioned by the reduction of working time respect to leisure. Nonetheless, could we tax a good or service in a complementary way to leisure? In this case, by applying the tax, the good itself would be discouraged, but also leisure at the same time.

Design/methodology/approach: This paper theoretically discusses and analyzes the potential complementarity or neutrality of financial services regarding leisure time. A reduced general equilibrium model is developed, suggesting their complementarity. This is confirmed in the empirical section, where data from 30 OECD countries for the last available year is employed.

Findings: The results show that some financial indicators are usually complements of leisure, specifically for women, who are also sensitive in their leisure time to other fiscal and commercial variables.

Originality: This is the first paper suggesting that the elimination of the exemption of financial services under VAT may discourage leisure hours, offsetting the discouragement of working hours by the general VAT.

Keywords: Leisure Time, Financial Intermediation, Complementarity, Financial VAT, Optimal Taxation Competing Interests: there are no competing interests.

JEL Codes: J22, H21, H25, G21

The study examined impact of contributory pension fund assets on Nigeria economy. The specific objective was to ascertain the impact of private sector pension contribution on gross domestic product in Nigeria and to determine the influence of public sector pension contribution on gross domestic product in Nigeria. The study period covered from 2004 to 2020. The stated hypotheses was analyzed with unit root test, descriptive statistic and multiple regression. The finding of the study revealed that private sector pension contribution LOG(PRSP) has positive and insignificant impact on gross domestic product in Nigeria and that public sector pension contribution LOG(PUSP) has positive and insignificant impact on gross domestic product in Nigeria. It was recommended PenCom should ensure effective monitoring, supervision and enforcement of the provision of the PRA 2004, which are the inevitable ingredients in the private sector pension contribution towards Gross Domestic Product (GDP).

Keywords: pension funds, private pension, public pension, contributory pension scheme, gross domestic product