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.
Ibrahim Agboola Gambari Olatunji Ibrahim Saad Omo Iya Abdullahi Atanda Shade Omoniyi Abubakar Abdulraheem Kwara State Television (KWTV) Yusuf AbdulRasheed Ilesha-Baruba Just Event Online Isiaka Alikinla Elekoyangan Razaq Atunwa Special Adviser On Digital Innovation Yakubu Danladi Ahman Pategi Oniyangi Kunle Sulaiman Eruku T And K FOODS Saidu Kawu Oluronke Adeyemi Isiaka AbdulRazaq Akanbi-Oke Sheikh Ridhwanullah El-ilory CACOVID Palliatives Ekweremadu Abdulbaqi Jimoh Amuda Bembe Yekeen Alabi Aminat Omodara Alaiye National Pilot Donatus Ejidike Vasolar Consortium Abdulrahman Abdulrasak Solomon Edoja Abdulwahab Oba Garuba Alikinla Shittu Raymond Olaitan Ali Ahmad Stephen Fasakin Gbenga Awoyale Isiaka Rafiu Mope Dan Masanin Curfew Marafan Shonga Taofeek Sanusi Babs Iwarere Ubandawaki Ibrahim Mohammed Mohammed Abduraheem Yemi Osinbajo Abdulrazaq Akorede Oba-Solagberu Ademola Kiyesola Abubakar Baba Jimoh Lambe Abdulkareem Lasiele Alabi Yahaya Oluwole Dupe Chief Imam Of Lafiagi Kunle Okeowo Agor Kwara Central Oloruntoyosi Thomas Omotoso Abubakar Baba Sulaiman KWSIEC Lanre Issa-Onilu Yahaya Abdulkareem Frootify Oke-Odo April 11 IHS Towers Ishola Balogun Fulani Isiaka Danmeromu Funmilayo Isiaka Oniwa Suleiman Alege Kuranga

