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.
Ishola Moses Abiodun Women For Change And Development Initiative Ilorin West Ilorin Anchor Men And Women Dan Masanin Wale Oladepo March 18 Bluenile Associates Mutawalle Sheikh Ridhwanullah Tanke Road Bature Bello Sobi Hill SSA Youth Engagement Bilikisu Gambari Olam Food Ingredients Hassanat Bello Ariyo Wahab Olasupo Egbewole Sa\'adu Salahu Oba Sulaiman Asude Grillo Federal Allocation Idris Garuba Abraham Ojo Afolasade Opeyemi Kemi Yahaya Muhammad Aliyu Salihu Sa\'adu Gambari Valsolar Consultoria Siraj Oyewale Abdulrasheed Lafia Samuel Adaramola HAMFAT Clinic And Maternity Akanbi-Oke Peculiar Allowance Pakata Olugbense Kunle Okeowo Saad Omo Iya Ibrahim Taiwo Kolawole Bashirat Titus Suberu-Ajibola Salihu Ajibola Ajia Olomu Olofa Of Offa Shehu Jimoh Nigerian Correctional Service Abdul-Rasheed Na\'Allah Dogara Raheem Adaramaja Abdullahi Adisa Akodudu Mohammed Ajia Ibrahim Abdulkadir Orire A.E. Afolabi Jimoh Bashir KWSIEC Abdulraheem Yusuf Kwabes Shehu Alimi Foundation For Peace And Development CCT HYPPADEC Adolescent Girls Initiative For Learning And Empowerment Alfa Yahaya Road Kunle Akogun Alapado Elewu Odo-Owa AbdulGafar Tosho Dele Belgore Toyin Saraki Kwara State Infrastructure Development Fund Association Of Kwara State Online Media Practitioners Aliyu Adebayo Bola Iyabo Ibiyeye Adisa Quareeb Garba Ayodele Wahab

