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.
Ayedun Opolo Global Innovation Limited Sambo Murtala Adamu Attah Atunwa Shehu Salau Idowu Laro David Oyepinola Adedumoye Raji AbdulRasaq Salau Kabiru Abdullahi Ministry Of Women Affairs And Social Development Marafan Shonga Agboola Babatunde Muyiwa Oladipo Kanu Shuaib Boni Aliyu Suleiman Yahya Alapansapa Ahman Pategi Dapo Teni Nig Enterprise Abdulkadir Orire Ijagbo Buari Edun Damilola Yusuf Moshood Kashimawo Abiola Plat Technologies Limited KWACOBPA Muhammad Toyin Sanusi Nigerian Army Ile Arugbo Sola Saraki University Umar Yakubu Jaja Facemasks Amuda Musbau FOMWAN JAAC ASMAU PLAZA Kolo Iyeru Grammar School Saad Omo\'ya Tunji Oyawoye Shehu Adaramaja Abdulazeez Arowona Fatimoh Lawal Senate Oke-Odo Kulende Akanji Mopelola Abdulmaliq-Bashir IDPU Abubakar Baba Sulaiman Ishola Moses Abiodun Kayode Ibrahim Dan Masanin Usman Alkali Baba Ahmed Shuaib Buranga Sarakite Yahaya Abdulkareem Babaita Roseline Oni Aremu Plat Technologies Voices Of Tomorrow Muritala Olarewaju Lithium Deposit Special Agro-industrial Processing Zone Prince Sunday Fagbemi Bayo Mohammed Onimode Adebayo Mohammed Kamaldeen Damilola Yusuf Adelodun Babatunde Ajeigbe Labour Party Emmanuel Olatunji Adesoye Zainab Abass AbdulRazaq Abubakar Jiddah Post Utme Baba Isale Mahmud Ajeigbe Inside Kwara Yomi Adeboye Olokoba Sulyman

