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.
Tunde Saad Tunji Ajanaku New Nigeria People’s Party John Mayokun Dada Awwal Jawondo Yusuf Amuda Abubakar Makama Of Kaiama Ilorin Amusement Park SSUCOEN Hauwa Nuru Zara Umar Moji Makanjuola Akeem Olatunji Amuda Musbau Tunde Yusuf Henry Makinwa Aisha Buhari Communication Network Support Services Aliyu Kora-Sabi Quranic Recitation Competition FERMA Funke Adedoyin Aminu Ado Bayero Ahmad Uthman LEAH Charity Foundation Timothy Akangbe SDP Esinrogunjo Kwara State Printing And Publishing Corporation Gafaru Olayiwola Olorisade Government High School Adeta Seun Bolaji Moses Salami M.Y. Abdulrahaman Royal FM NULGE AbdulRahman Saad Hassan Abdulazeez Elewu Orisa Bridge Wahab Olasupo Egbewole Ahmed Mohammed Rifun Mohammed Alabi Lawal Goodluck Jonathan Olaiya Zuberu Shururat Olatinwo Idowu Laro Kwara University Of Education TETFUND KWSUED Aminu Adisa Logun Smart School Olokoba Sulyman Rihanat Ajia Economic And Financial Crimes Commission Wahab Femi Agbaje Abdullahi Biffo Sobi MATTA Girls Foundation Saadatu Modibbo-Kawu Javed Khan Maigidasanma Facebook Elections Ghali Alaaya Lawal Olohungbebe Abdulrazaq Solihudeen Moses Rahman Popoola Omar Bolaji Gambari Centre For Community Empowerment And Poverty Eradication Aisha Ahman Pategi Moshood Bakare Chemiroy Nigeria Limited Bola Tinubu Amada Jidda Solomon Edoja Share-Tsaragi Alabi Olayemi Abdulrazak

