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.
Mahfouz Adedimeji Yekini Adio UTME IFK Haashim Initiative For Community Advancement Iyabo Adisa Ibiyeye Earlyon Technologies Face Masks Mahe Abdulkadir MalHub Offa Ella Supreme Tissue Paper Bankole Omishore Kwara Pdp Oladipo Akanmu Tolani Niyi Ogundiran Shuaib Boni Aliyu Sobi Yahaya Oloriegbe Jumoke Monsura Gafar Laduba KWASAA PharmAccess Foundation Sheikh Ariyibi ENetSuD Stephen Fasakin Tunji Ajanaku Valsolar Consortium IEDPU TIIDELab Saliu Oluwole Ibrahim Abdulqadir Abikan Ojuekun Firdaos Amasa Ademola Kiyesola Sadiq Umar Akeem Lawal Press Release Yusuf Amuda Abubakar Kwha.gov.ng Kawu Abdulrauf Yusuf Abraysports FC Hussein Olokooba Abdulsalam A. Yusuf Salman Alada Council Of The Wise Ibrahim Bio Yahya Mohammed Ajibola Ademola Julius Mutawali Lukman Oyebanji Fagbemi Doyin Awoyale Florence Saraki Association Of Kwara State Online Media Practitioners Abdulwaheed Musa Moses Salami Olokoba Abdullahi Ayinla Aliyu Umar Gobir Magaji Nda Christopher Ayeni Aminat Omodara IQRA College Abdulrahman Abdullahi Kayode Umar Gunu Summit University Abdulwahab Olarewaju Issa Mubarak Oladosu Muslim Media Watch Group Of Nigeria Soffiyyallah Kamaldeen Hamidat Sulyman-Yusuf Atunwa Aisha Abodunrin Ibrahim Onilupeju Of Ilupeju Usman Yunusa Kwara Consultative Forum

