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.
Afolabi-Oshatimehin Adenike Harriet Fatai Olodo Kwara Basketball Association Florence Saraki Alumni Association Of The Federal Polytechnic Offa Christopher Tunji Ayeni Asa LGEA School Abdulrauf Yusuf Yusuf AbdulRasheed Kale Belgore Computer Based Test Ndama Al-hassan Alao Ayotunde Yakubu Shaaba General Tunde Idiagbon International Airport Ilorin Omu Aran Ladi Hassan David Oyedepo Ibraheem Adeola Katibi Taiwo Joseph Aliyu Adebayo Bio Ibrahim Raliat AbdulRazaq Chief Of Staff Umar Bayo Abdulwahab Wahab Agbaje CBT Kale Bayero HYPPADEC Tunde Mukaila Mustapha Read With Me Bayo Ojo Bature Bello Rihanat Ajia Aso-ofi Adeniyi Ojo Kwara State Fish Farmers Association Mustapha Akanbi AIT Ilorin Sulu Gambari Akeem Olatunji Presidential Election Kola Adesina Jeunkunu-Malete-Bani Abdulkadir Bolakale Sakariyah SWAN Raliat Islamic Foundation Abiodun Abdulkareem Ramadhan Issa Oloruntogun Baakini Offa Metropolitan Club Hameed Oladipupo Ali Wakilin Mata Lafiagi Ibrahim Oniye Bolakale Kawu Veterinary Teaching Hospital Akanji Basic Education Certificate Examination Ilorin West/Asa Federal Constituency Wahab Olasupo Egbewole Jamila Bio Ibrahim Ahman Pategi University Ajikobi Ilorin Muslim Community Abubakar Kawu Baraje Orisun Igbomina UTME Raheem Adaramaja Ilorin Central Mosque Muyideen Ajani Bello Tsaragi-Share Agbarere Democracy Day NAWOJ Risikat Lawal Fatimat Saliu

