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.

Rachael Obisesan     Abdulrahman Abdulrazaq     Adama Isa     Yusuf Arowosaye     Erin-ile     Mutawali     Mahmud Ajeigbe     Shuaib Jawondo     KWACOBPA     Mukhtar Shagaya     Taofeek Ibraheem     Olosi Of Osi     Yetunde Balogun     Otoge     Eleja     Olupako Of Share     Sulu Gambari     Hameed Oladipupo Ali     Apaola     Makama     Ohoro Of Shao     Muslim Media Watch Group Of Nigeria     SAPZ Project     Budo Egba     Bola Ahmed Tinubu     Code Of Conduct Bureau     Kamaldeen Gambari     Dorcas Afeniforo     Mohammed Saidu     Monthly Sanitation     Offa     Saraki     Medview Airlines     David Oyedepo     Jumoke Monsura Gafar     Ibrahim Taiwo     Omar Bolaji Gambari     Rotimi Atere     Bilikis Oladimeji     Yomi Ogunsola     Third Estate     Sola Saraki Educational Foundation     Aminat Ahmed     Nigerian Correctional Service     Amos Sayo     Olatunde Olukoya     Gbugbu     Jumoke Gafar     ASMAU PLAZA     Yusuf AbdulRasheed     Balikis Jawondo     Hydro-electric Power Producing Areas Development Commission     Ilofa     Maryam A. Garuba     NURTW     Sam Okaula     Ilorin General Hospital     Dauda Adeniran Adeshola     Osuwa     Awili Pedro     Balogun-Ojomu     Kwara University Of Education     Ministry Of Women Affairs And Social Development     Ilorin     Aisha Gobir     Timothy Olatunde Fadipe     Bayo Onimago     Abdulkareem Alabi     Kwara Muslim Pilgrims Welfare Board     National Association Of Nigerian Students     Prince Sunday Fagbemi     Adamu B. Yaqubu     Jimoh Lambe Abdulkareem     Omotoso Musa     Kabir Shagaya     COVID-19 Palliatives     Read With Me    

Cloud Tag: What's trending

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

Kupchi Hosea Maxwell     Yahaya A Paniyaro     Hydroelectric Power Producing Areas Development Commission     Kwara United     Aliyu U. Tilde     Tosho Yaqub     Moji Makanjuola     Suleiman Alege Kuranga     Revenue Court     Age AbdulKareem     Galadima     Hakeem Idris     Shola Odetundun     Muazam Nayaya     Isiaka Danmeromu     Henry Olaosebikan     Kannike     Idris Amosa Oladipo Saidu     Olaitan Buraimoh     Umar Saro     Offa Metropolitan Club     IHS     LABTOP     Ile Arugbo     Oke-Ogun     Kwasu     Olumide Daniel Ibitoye     Lasiele Alabi Yahaya     Ridwan Agboola     Saadu Gbogbo Iwe     JSSCE     NNPP     Olaoye B. Felix     Daud Adeshola     Ramat Oganija     Olaiya Zuberu     Kale Bayero     Titus Ashaolu     Dan-Kazeem     Taofik Mustapha     Asiwaju Bola Tinubu     Mustapha Olanipekun     Zara Umar     Sarkin Malamai     Folajimi Aleshinloye     Jawondo     Ogidi-Oloje     Salman Alada     Sulyman Atolagbe Alege     Ike Ekweremadu     ER-KANG     Simeon Sayomi     Bilikisu Oniyangi     Gbemi Saraki     Toyin Saraki     Tanke Flyover Bridge     COEASU     International Aviation College     Centre For Community Empowerment And Poverty Eradication     Kunle Suleiman     Lanre Aremu     Ishola Abdullahi     Peculiar Allowance     Sango-UITH Road     Iponrin     Olomu     Majlis For Sadaqah, Zakat And Waqf     Kulende-UITH     Samuel Elizabeth Keatswa     Ganiyu Abolarin     Toun Okewale-Sonaiya     Tunji Olawuyi     Sunday Fagbemi     Agbarere     Muslim Cementary     AIT Ilorin     Adesina Simon Sodiya