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.
Saka Balikis Kehinde Vishvas KOZ Tractors Elerinjare Kehinde Boyede Bolaji Gambari International Vocational Centre SWAN Abdullahi Imam Abdullahi EFCC UNILORIN Alumni Olatinwo Abiodun Oyedepo Simon Sayomi Galadiman Ngeri Lawal Jimoh Local Government Saliu Tunde Bello Segun Abifarin Gambari Saadatu Modibbo-Kawu AIT Ilorin Jumoke F. Ajao Ahmed Bayero Olusin Of Ijara Isin Halimat Yusuf Bola Magaji Alaro Saduki Lafiagi Colleges Of Education Academic Staff Union Special Agro-industrial Processing Zone Alfa Yahaya Road Lasiele Alabi Yahaya Muyideen Ajani Bello Abdulrahman Abdullahi Kayode Mahee Abdulkadir Jebba Alanamu Ilorin East Kwara NIPR Abdulwahab Ololele Savannah Centre For Diplomacy, Democracy And Development Hauwa Nuru Roseline Oni Aremu Ilorin Curfew Offa Poly Kwara North Shonga Farm Project Lawal Arinola Kudirat Abdullahi Samari AbdulHamid Adi UITH Abdulmumini AbdulRazaq Olatunde Olukoya Bayo Ajia Lanre Jimoh HAMFAT Clinic And Maternity Photo News Aremu Odolaye Awodun Elekoyangan Raliat AbdulRazaq Tunji Arosanyin Taofeek Ibraheem TESCOM Arinola Fatimoh Lawal Olatunji Ayeni Ghali Alaaya Gbugbu Abdulfatai Ahmed Binta Abubakar-Mora 2023 Elections KFA Dar-Al-Handasah Consultants Ltd Olokoba Sulyman V.O. Abioye Sarafadeen Kayode Akorede Muhammadu Buhari

