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.

Funmilayo Mohammed     Olusola Saraki     Federal Polytechnic Offa     Col. Ibrahim Taiwo     Marufat Oladosu     08001000100     Air Peace     Makama Of Ilorin     Bayer AG     Federal Neuro-Psychiatric Hospital     Abubakar Usman Jos     Ilofa     Tayo Alao     Gobir Organization Foundation     Ahmed \'Lateef     Ibrahim Kayode Adeyemi     Bola Tinubu     Elections     Balogun Ajikobi     Yunus Oniboki     Mohammed Ghali Alaaya     Damilola Yusuf     Abiodun Abdulkareem     Oba David Oyerinola Adedunmoye     AGILE Programme     Abdulkadir Remi Hawawu     Agor Market     Maigida     IQRA College     Lanre Aremu     Share     Arinola Lawal     Coalition Of Kwara North Groups     Alimi Abdulrazaq     ASMAU PLAZA     David Oyerinola Adedunmoye     Mansur Alfanla     Lawan     Elerin Of Erin-Ile     Omu Aran     Saliu Mustapha     Lateef Alagbonsi     CKNG     Sarkin Malamai     Medview Airlines     Salman Suleiman     Mumeen Lah     Ayodele Shittu     07039448763     Chief Of Staff     Elewu     Opaleke Bukola Iyabo     Mukhtar Shagaya     Adeniyi Ojo     Olugbense     Abdulquowiyu Olododo     Biliaminu Aliu     Baruten     Awodun     Razak Atunwa     Kwara Basketball Association     Yetunde Balogun     Salman Alada     Sai Kayi     Funmilayo Isiaka Oniwa     Kehinde Boyede     Adesoye College     Oloruntoyosi Thomas     Issa Baba     Dar-Al-Handasah Consultants Ltd     Gbugbu     Ayo Adeyemi     Abdulwahab Ololele     Tunji Arosanyin     Yusuf Olaolu Ali     Suraj Tunji Oyewale     Shagari    

Cloud Tag: What's trending

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

Idiagbon     Ekiti     Azeez Bello     Bolaji Gambari     Muhammed Danjuma     JAAC     New Naira Notes     Amuda Aluko     Congress For National Consensus     Roseline Oni Aremu     Centre For Digital Economy     Oke Sunna     Amusa Bello     Wasiu Onidugbe     Kwara State Internal Revenue Service     Sango-UITH Road     Jumoke Gafar     Oba David Oyerinola Adedunmoye     Amasa     Abdulganiyu Oladosu     Onilu     Kwara State Governor     Abdulfatai Salman Baakini     Ella Supreme Tissue Paper     Yusuf A. Usman     Air Peace     Marafan Shonga     Share/Tsaragi     Umar Danladi Shero     Salihu Ajibola Ajia     Adedipe     JMK Construction Company Limited     Olugbense     MalHub     Leke Ogungbe     Doyin Group     Abdulsalam Firdaous Amosa     Shonga     KWASSIP     IQRA College     Sa\'adatu Modibbo-Kawu     Assayomo     Taibat Ayinke Ahmed     CUTI     John Obuh     Halimah Perogi     Saadu Yusuf     Kwara United     Harrison Osauwagboe     Simeon Ajibola     Yoonus Kola Olatinwo     Shehu Salau     Yekeen Alabi     Kubra Kazum     HAMFAT Clinic And Maternity     Kaiama     Colleges Of Education Academic Staff Union     Kamaldeen Ajibade     Saidu Kawu     Pacify Labs     Yakubu Shaaba     Ahmed Bayero     Aasiyat Bello Oyedepo     Sanitation Exercise     Nigerian Correctional Service     20 Billion Bond     Abdulmajeed Wahab     Trade Lenda SME Fair     Kulende     Bola Magaji     Muhammed Mahe Abdulkadir     Ibrahim Kayode Adeyemi     Iyabo Adewuyi     Press Release     Ola Falade     Islamiya Abdulraheem     Jimoh Olusola Imam