Inside Kwara community, Ijara-Isin, where residents have own 'currency'
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.
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Bayo Mohammed Onimode Mary Kemi Adeosun Ilorin Innovation Hub Senate Abdulmumin Yinka Ajia Moronfoye Saraki Simeon Sayomi Umar Gunu Buhari Olatunde Michaels Ilesha-Baruba-Gwanara Yoonus Lawal Okin Malt Ejidongari Ladi Hassan Ayo Opadokun Alapado Leke Ogungbe Makama Of Ilorin CCEPE Moshood Mustapha Jelili Yusuf Sabi Prince Bola Ajibola Usman Yunusa National Information Technology Development Agency Saka Aleshinloye Abubakar Olusola Saraki Bamidele Aluko Ahman Pategi University TIC Magaji Nda Gbemi Saraki Arinola Fatimoh Lawal AGF Abdulrazaq Orisun Igbomina Solomon Edojah Apaola Balikis Jawondo AbdulRaheem Ahmad Shayi Adisa Logun Emir Of Lafiagi Jaigbade Alao Justina Oha Kwara State Government Olupako Of Share Kale Kawu Yusuf Lanre Badmus Lawal Olohungbebe Biliaminu Aliu Mohammed Lawal Bagega Atunwa John Mayokun Dada FOMWAN Tsaragi Asa Okin Biscuit Saad Omo\'ya Sai Kayi Omu-aran All Confederation Of Principals Of Secondary Schools Lola Ashiru Adamu Attah First Lady Abdulquowiyu Olododo Muhammad Mustapha Suleiman Mohammed Katsina Ahmed Fatai Garuba Labaka Metro Park Tsaragi-Share Ibrahim Abdullahi Sambo Murtala Tunji Arosanyin Maryam A. Garuba Adebayo Mohammed Kamaldeen SDP

