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.
Erubu Oba Zubair Kabir Shagaya Volunteers Of Ilorin Community And The Emirate National Association Of Nigerian Students Abdulrahman Abdulrasak Babajide Ajayi Kehinde Boyede Toyin Sanusi Mary Kemi Adeosun SWAN Jebba Moro College Of Arabic And Islamic Legal Studies Shehu Alimi Foundation Baboko 20 Billion Bond Oke-opin Susan Modupe Oluwole Abdulganiyu AbdulAzeez John Kehinde Salako Rotimi Samuel Olujide Admiralty Villa Christopher Tunji Ayeni IYA ALFA NLA Olaoye B. Felix Reuben Paraje Dunmade Michael Nzwekwe Monkey Pox Sarah Alade KFA UTME Bilikisu Oniyangi COVID-19 Palliatives Sheriff Olanrewaju Mutawali Of Ilorin Yinka Aluko IHS Sunday Popo-Ola Kwara State Infrastructure Development Fund Abdulraheem Yusuf Taofik Abdulkareem Babaita Ibrahim Issa Jetti Okanlawon Taiwo HAMFAT Clinic And Maternity Clara Nwachukwu Ahmad Belgore Elese Of Igbaja Yoonus Lawal Bareke Vasolar Tuesday Assayomo Hauwa Nuru Isiaka Danmeromu Niyi Ogundiran Durbar Festival Abdulganiyu Oladosu Bola Olukoju Garba Ado Sanni Agor Abdullahi Adisa Akodudu Adam Abdullahi Al-Ilory Lotus Bank Toyosi Thomas Turaki Of Ilorin Jide Oyinloye Baboko Primary School Adijat Adebiyi Usman Yunusa Special Agro-Industrial Hub Kemi Adeosun Muslimah Entrepreneurship Forum Idris Garuba Gobir Organization Foundation Gbadeyan Gbadura Yomi Al-Adaby Kamoru Kadiri

