Inside Kwara community, Ijara-Isin, where residents have own 'currency'

Date: 2023-01-19

The Ijara-Isin community in Kwara State, North Central Nigeria has devised a means to keep money within its community in a bid to foster economic development.

Ijara-Isin came up with its own 'currency', which is accepted through out the community.

The Managing Director, Ijara Isin Development Fund and Corporative, Alo Oluwafemi, talks about the motivation behind the 'currency', also called vouchers, that residents of Ijara-Isin use when they go to the markets.

Oluwafemi said the Olusin of Ijara-isin, Oba Ajibola Ademola Julius, got the idea when he travelled to the United States of America in 2021.

He narrated that the monarch noticed that each time he gives out money or a job, the residents prefer to save the money in their accounts or use it outside of Ijara Isin which doesn't help the community, so he thought of a way to keep funds within the community.

A community official, Akinleye Tolulope, said the idea is to boost the economy of the community. He also said that residents get paid with the 'currency' to discourage residents from taking the money out but rather spend it within the community to help in its development.

The cash officer, Ijara Isin Development Fund and corporative, Mukaila Abdulrahman, shares how the system of the voucher works. Abdulrahman said that the voucher must be signed and stamped to enable one to spend it adding that if a resident wants to change the voucher for cash, they are free to do so.

Oluwafemi added that when the market vendors collect the vouchers, they take it to the office where the vouchers are saved in their account and eventually turned to cash to enable the vendors restock.

A trader, Babalola Omolara, said that the voucher has helped them in the community and that it is also a protective measure against theft as it is useless to whoever steals it from them.

Another trader, Oluwabukola Ojo, said that they receive cash from outsiders who want to purchase their goods.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Doyin Awoyale     Dele Belgore     Isiaka Alikinla     Segun Abifarin     Wahab Femi Agbaje     Yusuf Abdulraheem     Abiodun Oyedepo     Obayomi Azeez     Labour Party     Madawaki     Muslim Stakeholders Of Kwara State     Susan Modupe Oluwole     Suleiman Abubakar     Oasis Muslim Care Foundation     Facebook     Alao Ayotunde     Moses Afolayan     GANZY     Ilorin East/South Federal Constituency     ER-KANG Mining Nigeria Company Limited     Amuda Bembe     Christopher Odetunde     Valsolar Consortium     Oko     Muhammad Toyin Sanusi     Elerin Of Adanla     Yahaya Jibril Usman     AbdulKareem Yusuf Danhawa     Benin Republic     Valsolar     Marafan Shonga     Haruna Olawale Sulaiman     All Peoples Party     FERMA     Olufolake Abdulrazaq     Abubakar Abdulraheem     Salau Kabiru Abdullahi     Kwara Hotel     Abdullah Janet Amudat     Yahaya Dumoye     Alumni Association Of The Federal Polytechnic Offa     Kamaldeen Kehinde     Saduki Lafiagi     Oni Adebayo     Ayodele Kuburat Olaosebikan     Oluwarotimi Boluwatife Adenike     Kwara State Football Association     Florence Saraki     Senior Ibrahim Suleiman     Kaiama     LAK Jimoh     Just Law Forum     Abdulfatah Ahmed     Aminat Omodara     Rice Farmers Association Of Nigeria     Umar Adelodun     SUBEB     Sunday Otokiti     Bisi Oyeleke     Okedare     Ilorin Anchor Men And Women     Omotoso     Yahaya Abdulkareem     Junior Secondary School Certificate Examinations     Isiaka Abdulrazak     Alfa Modibbo Belgore     Isiaka Saka Opobiyi     Code Of Conduct Tribunal     Salihu Yahaya     Ariyo     Laolu Saraki     Yoonus Lawal     Dar-Al-Handasah Consultants Ltd     Samuel Adedoyin     Oke-Ero     Ibrahim Gambari     Minister    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Saba Jibril     Radio SBS     Code Of Conduct Bureau     Olukotun Of Ikotun     Ahmad Olayiwola Kamaldeen     Tunde Oyawoye     Gbenga Adebayo     Aremu Bose Deborah     Sam Onile     Muritala Awodun     Okin Biscuit     Damilola Yusuf Adelodun     Talaka Parapo     Jebba     Rebecca Olanrewaju     Patience Jonathan     Lanre Issa-Onilu     Kamoru Kadiri     Sunday Popo-Ola     Baba Issa     Mary Arinde     Abikan     Adeola Abraham     Samari     Special Adviser On Digital Innovation     New Model Police Station     Usman Rifun     Abdulrazaq Sanni     Afetu Of Alabe     Idris Amosa Saidu     UNIFEMGA     Ilorin Descendants Progressive Union     Bayo Onimago     Aminat Ahmed     Ahmed Mohammed Rifun     Memunat Monsuma     Lithium     Mahee Abdulkadir     Post-utme     Rotimi Samuel Olujide     Kunle Suleiman     Ariyo     Haleeman Salman     Awili Pedro     Rachael Obisesan     Akeem Olatunji     Mohammed Haruna     Fatai Adeniyi Garba     Eleyele     Ojo Isekuse     Waziri Yakubu Gobir     Umar Adelodun     Ope Saraki     Onilu     07039448763     Obasanjo     Lai Gobir     Abdulazeez Arowona     Seed Technologies     Mohammed Abduraheem     NFAI     Yusuf Lanre Badmus     Yoonus Lawal     Alfa Yahaya Road     Oladipo Akanmu Tolani     Salman Alada     Ibrahim Labaika     Durbar     Yusuf Abdulraheem     MINILS     Saadatu Modibbo-Kawu     Bibire Ajape     Hassanat Bello     Age AbdulKareem     Ganiyu Abolarin     Jare Olatundun     Micheal Imodu-Ganmo Road