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.

Mamatu Abdullahi     Muyideen Ajani Bello     Magaji Are     Shehu Jimoh     Harmony Holdings     Admiralty Villa     Abdullahi G. Mohammad     Mutawali Of Ilorin     Toyin Sanusi     Segun Ogunsola     George Funsho Adebayo     Bamidele Adegoke     John Mayokun Dada     Nigerian Medical Association     Kwarareports     Osinbajo     Col. Ibrahim Taiwo     Ahmed Alhasssan     Adamu Attah     Yunus Oniboki     Okin Malt     Aliyu Sabi     Kawu     Lasiele Alabi Yahaya     Igosun     Aro Yahaya     ITP     Olusin Of Ijara Isin     Oyin-Zubair     Abiodun Musa Aibinu     Adekunle David Dunmade     Bello Abubakar     Patigi Regatta     Ubandoma Of Ilorin     SUBEB     Mohammed Lawal Bagega     Sheikh Hamzat Yusuf Ariyibi     Tsaragi-Share     Orire     Otoge     Ben Duntoye     Nigeria Computer Society     Ayegbeni     GAMA     Jumoke Gafar     Marufat Oladosu     Prince Mahe Abdulkadir     Bashir Adigun     African Democratic Congress     Ahmed \'Lateef     Sarah Alade     Tunde Idiagbon Road     College Of Education     Adam Abdullahi Al-Ilory     Towobola Abdulrahman Toyin     Apata Ajele Secondary School     IHS     Lafiagi     Ibrahim Mohammed     Abdulbaqi Jimoh     AbdulGaniyu Kareem     Olokoba Abdullahi Ayinla     Amuda Aluko     Isiaka Rafiu Mope     Yomi Ogunsola     Shonga     Abdulquowiyu Olododo     Oba Abdulkadir La\'aro     Muftau Akanbi Oke     Ramat Oganija     Idris Amosa Saidu     AIT Ilorin     Oniyangi Kunle Sulaiman     Neuropsychiatric Hospital     Adesoye     Olanrewju Okanlawon Musa     Akande Idowu Ayoola Muhammed    

Cloud Tag: What's trending

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

Abiodun Oyedepo     Guber Aspirant     Olufolake Abdulrazaq     Prince Sunday Fagbemi     Budo-Egba     Christopher Ayeni     Bukola Ajikobi     Ibrahim Taiwo     Okiki     Mazars Consulting     Fatimah Abdulkadir     Gobir Organization Foundation     Femi Oladiji     Arik     Yusuf Abdulraheem     Abubakar Olusola Saraki     Jimoh Saadudeen Muhammed     Hamidu Olowo     Student Learning Support Helpline     Pategi     Bursary     Emir Of Shonga     Ibrahim Sulu Gambari     Omoniyi Ayinla     Emir Of Ilorin     International Public Sector Accounting Standards     Minister     Ayobami Seriki     Babatunde Idiagbon     Osinbajo     Baboko Primary School     Saka Onimago     Hussein Olokooba     Gbemisola Saraki     A.E. Afolabi     Ilesha-Baruba-Gwanara     ENetSuD     Ibrahim Mashood     Umar Gunu     Garuba Alikinla Shittu     Federal Neuro-Psychiatric Hospital     Moronfoye     UTME     Ayo Salami     Ibrahim Akaje     Ojuekun Sarumi     TIIDELab     Mustapha Akanbi     Mike Omotosho     ITP     Adegoke Bamidele     Adesoye     Bayo Mohammed Onimode     Clement Yomi Adeboye     Iponrin     Balikis Jawondo     Abdulrazaq Adebayo     Ndama Al-hassan     Oke-Odo     Kwara State Coalition Of Business And Professional Associations     Justina Oha     Sulyman Age AbdulKareem     CCT     Bond     Freshvine Nigeria Limited     Agbarere     Labaeka     Garba Dogo     Elewu     Ezekiel Yissa Benjamin     Kannike     Abdulraheem Yusuf     Toyin Abdullahi     PAACO-PCL Consortium     Maja     Aminat Omodara     Christopher Odetunde