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.
Ilorin Curfew ARMTI Awili Pedro Joseph Yemi Ajayi Atiku Iyabo Adewuyi Saka Onimago Boko Haram Amule Elementary School Mufutau Olatinwo Ridhwanullah Al-Ilory Umar Danladi Shero Surajudeen Akanbi Olatunde Jare Jaiz Bank Hameed Oladipupo Ali Saka Aleshinloye Eghe Igbinehi Oba Abdulkadir La\'aro Taofeeq Olateju Sambo Murtala Kolawole Akande Tosho Yaqub Kazeem Oladepo Ayo Salami Elesie Of Esie Mary Arinde Idowu Aremu Yahaya Abdulkareem Neuropsychiatric Hospital Kazeem Gbolagade Mohammed Ajia Ibrahim Sunday Fagbemi Michael Nzwekwe James Kolo Otunba Taiwo Joseph Albert Ogunsola Isaac Gbenle Kamaldeen Kehinde Sun Qing Rong 07039448763 Al-Hikmah University Abdullahi Atanda Kwara State Coalition Of Business And Professional Associations Ike Ekweremadu CT Ayeni Wasiu Odewale Ibrahim Taiwo Rotimi Oyedepo Principal Private Secretary Ali Ahmad Azeez Bello Isaac Aderemi Kolawole Bello Oyedepo Egbejila Yusuf Olaolu Ali Olatunde Oyeyiola Saka Abimbola Isau Ella Supreme Tissue Paper Emir Of Kano Undergraduate Bursary Tunji Arosanyin ENetSuD Folashade Omoniyi Funmilayo Oniwa Tinubu Rafiu Ajakaye Esinniobiwa Quareeb Taofeek Sanusi Kwara State Television (KWTV) Code Of Conduct Tribunal Kwara South Mohammed Khadijat Kubura Kwasu Communication Network Support Services Binta Abubakar Mora Elerin Of Adanla

