Inside Kwara community, Ijara-Isin, where residents have own 'currency'

Date: 2023-01-19

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.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Junior Secondary School Certificate Examinations     AGM Professional Services     Ilorin East     ARMTI     Sa\'adu Salau     Tanke Flyover Bridge     Salihu S. Yaru     Afeyin-Olukuta     Oko-Olowo     Edret Sabi Abel     Oloruntoyosi Thomas     Government High School Adeta     Usman Rifun     Suwa-Arabs     Nigeria Computer Society     Senior Ibrahim Suleiman     Lasiele Alabi Yahaya     Waziri Yakubu Gobir     Kwara State Council Of Chiefs     Bank Of Industry     Joseph Alex Offorjama     Labaeka     Chief Imam Of Lafiagi     Obuh     Ayedun     Makama Of Ilorin     Alapado     Kwara Liberation Group     Bola Olukoju     Tricycle Owners Association Of Nigeria     Alfa Modibo Belgore     Javed Khan     Yekeen Alabi     Tunji Arosanyin     Babs Iwarere     Abdulrazaq Adebayo     Afonja     Abdulrasheed Na\'Allah     Shoprite     CUTI     Tunji Folami     NNPP     Tosho Yaqub     Justina Oha     Jumoke Gafar     Suleiman Alege Kuranga     Haliru Yahaya     Halidu Danbaba     Olaitan Buraimoh     Doyin Awoyale     Ridwan Agboola     Niyi Ogundiran     Lafia Aliyu Korasabi     Kayode Ogunlowo     LAK Jimoh     Ibrahim Jawondo     Balogun Gambari     Millennium Development Goals     Dan-Kazeem     Bayer Nigeria Limited     Sulyman Tejidini     Saka Abimbola Isau     Valsolar Consortium     Shuaib Olarongbe     Lawan     Folorunsho Erubu     Yusuf Abdulwahab     The Herald     Taofik Abdulkareem     Salaudeen Oyewale     Just Event Online     Dar-Al-Handasah Consultants     Pilgrims Board     Baba Issa     Kwara North     Bayo Mohammed Onimode     Abdulquowiyu Olododo    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Nigerian Supreme Council For Islamic Affairs     Bolaji Gambari     Oluronke Adeyemi     Waheed Ibrahim     Suleiman Yahya Alapansapa     Muideen Olaniyi Alalade     Apaokagi     M.Y. Abdulrahaman     T And K FOODS     Salman Alada     Sobi FM     Saadu Yusuf     Magaji Erubu     Sola Saraki Educational Foundation     Adamu Attah     Femtech     Okin Biscuits     Aasiyat Bello Oyedepo     Leke Ogungbe     Quarry Royal Valley     Amuda Aluko     Funke Adedoyin     Surajudeen Akanbi     KWAFFA     Ronke Adeyemi     Ministry Of Women Affairs And Social Development     Grillo     Micheal Imoudu     Joana Nnazua Kolo     Bolakale Kawu     Hakeem Lawal     Okanlawon Musa     RTEAN     Amos Sayo     Mutawali Of Ilorin     CCB     Yaru     Nagode     Isiaq Khadeejah     New Naira Notes     Jumoke Gafar     Yoonus Kola Olatinwo     Azeez Bello     Saad Belgore     Rebecca Olanrewaju     Unilorin     Erubu     Share/Tsaragi     Rafiu Ibrahim     Shehu Alimi Foundation For Peace And Development     Bashir Badawi     Olam Food Ingredients     National Broadcasting Commission     TETFUND     Owo Arugbo     Gwanara     George Innih     Ifelodun     SSA Youth Engagement     Ogidi-Oloje     Vasolar Consortium     Rotimi Oyedepo     Salary     Alfa Modibbo Belgore     Gabriel Fashanu     Toyin Falola     Ileloke     CKNG     Kayode Issa     Harrison Osauwagboe     General Hospital, Offa     Charles Ibitoye     Smart School     Economic And Financial Crimes Commission     Kola Olota     Ita-Ore     Facemasks