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.
AbdulHamid Adi David Adesina Aso-ofi Adaramaja Kulende-UITH Vasolar-Kwara Company Ltd John Olobayo Rotimi Oyedepo Voices Of Tomorrow Yusuf Olaolu Ali Oladimeji Thompson Chief Imam Of Omu-Aran SWAN Dairo Kunle Paul Pakata Jalala Rafiu Olasile Sherif Shagaya Yetunde Balogun Muftau Akanbi Oke IESA FERMA Mutawalle A.E. Afolabi Kola Adesina Tafida Of Ilorin Garba Ayodele Wahab The Herald Imam Gambari KWSIEC Bello Abubakar Tanke Road Olohungbebe Doyin Group Muhammed Akanbi Islamic Development Bank KWAFFA Teachers Specific Allowance Pakata Patriots Amina El-Imam Abdulrazak Shehu Akorede Clara Nwachukwu New Nigeria People’s Party General Hospital Binta Abubakar-Mora Abdullateef Abdussalam Mahmud Babatunde Baker Abdulganiy Abimbola Abdussalam Marufat Oladosu AbdulRaheem Ahmad Shayi Jaiz Bank Amuda Aluko Atiku Abubakar Gwanara Bola Shagaya Alaro Obuh Abdulmumini Sanni Jawondo Sun Qing Rong Zulkifli Ibraheem Saheed Popoola Gabriel Fashanu Hakeem Lawal Haliru Yahaya Wakilin Mata Lafiagi Agboola Abdulraheem Abdulwasiu Bolaji Adeyi Wahab Isa Abdulrasheed Akogun Suraj Tunji Oyewale Abdulrauf Aliyu Roseline Oni Aremu Kubra Kazum Gobirawa Kayode Alabi Cornelius Fawenu Fatai Olodo

