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.

Hassan A. Saliu     Standard Organization Of Nigeria     Abdulrahman Abdulrasak     Halidu Danbaba     Rotimi Atere     Isin     Siddiq Adebayo Idowu Salawu     Muyiwa Oladipo Kanu     Playing Host     Muhammad-Mustapha Suleiman     Saliu Shola Taofeek     Hakeem Lawal     Olofa Of Offa     Ballah     Kwara Central     Sayomi     Otuka     Fatai Olodo     Igosun     Memunat Monsuma     Afetu Of Alabe     Kwara NIPR     Samari     Umar Sanda Yusuf     NAWOJ     Olawuyi     Damilola Yusuf     Gamji Members Association     Ilorin East     Haliru Dantoro     Zulkifli Ibraheem     Kwara State Council Of Chiefs     Kolade Solagberu     Kulende-UITH     Justina Oha     Muyideen Ajani Bello     Sheu Ndanusa Usman     Joseph Daudu     Chartered Institute Of Personnel Management Of Nigeria     IPSAS     Ilorin West/Asa Federal Constituency     Jumoke F. Ajao     Wahab Olasupo Egbewole     Olatomiwa Williams     Abdullahi Saadudeen Alikinla     Countryside Emerging Leaders Fellowship     CBT     Sai Kayi     Muhammadu Buhari     Ilorin East/South Federal Constituency     Senate Presidency     Bank Of Industry     Christopher Odetunde     Tescom.kwarastate.gov.ng     Busari Alabi Alausa     Kwha.gov.ng     John Olajide Adedipe     Balogun Gambari     Women Radio     Ayodele Kuburat Olaosebikan     Bashir Adigun     ENetSuD     Shao     Yahaya Dumoye     Majlis For Sadaqah, Zakat And Waqf     Young Progressives Party     Joseph Bamigboye     Adamu Jemilat-Baki     Omoniyi M. Ayinla     Maimunat Oloriegbe     Abdulmajeed Wahab     Saka Keji     Saliu Ajia     Okanlawon Taiwo     Ilorin Likeminds Foundation     Suleiman Yahya Alapansapa     Usman Alkali Baba    

Cloud Tag: What's trending

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

Moji Makanjuola     Abdulwahab Ololele     Isiaq Khadeejah     Elerin Of Erin-Ile     March 18     Ibrahim Mashood     Lanre Issa-Onilu     Durosinlohun Kawu     Umar Saro     Garba Ado Sanni     Kulende     Modibo Kawu     Lanre Jimoh     Gbemi Saraki     Saadu Gbogbo Iwe     Bello Oyebanji     Ibrahim Sulu Gambari     Salihu Jibril Garbi     Afolayan     Bayo Onimago     Chartered Institute Of Personnel Management Of Nigeria     Halimah Perogi     Towoju     Umar Yakubu Jaja     Sardauna     Kwara 2023     Susan Modupe Oluwole     Aliyu Adebayo     Offa Grammer School     Yusuf Badmus     Ubandawaki     Ayinde Oyepitan     UNIFEMGA     Razak Atunwa     Iliasu     Amada Jidda     Oba Sulaiman Asude     Kubra Kazum     Haruna Tambiri Mohammed     Doyin Awoyale     General Hospital     Kwara State Polytechnic     Mansurat Amuda-Kannike     Yusuf Lawal     Isiaka Abdulrazak     Mufutau Olatinwo     Mahmud Ayinla Giwa     Balogin Alanamu     Naira Redesign     Aisha Gobir     Olatunji Abdulmumeen     Wasiu Odewale     Kwara 2019     AIT Ilorin     Muhammad Sirajo Aliyu     Manzuma     Sarah Jubril     Kwara State Fire Service     Oniye     Oyawoye     Hamid Bobboyi     Rafiu Ajakaye     Joshua Adeyemi Adimula     Osinbajo     Eghe Igbinehin     Mutawali     Umar Danladi Shero     Danladi     Hausa     Usman Yunusa     KWSIEC     Iqra Books     Christopher Odetunde     Abdullahi Dasilva Yussuf     Noah Yusuf     Tunde Akanbi     Lai Mohammed