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.
March 18 NITDA Asiwaju Bola Tinubu Hakeem Idris Kehinde Boyede Khadijat Ayoola Yusuf Balogun-Ojomu Ibrahim Taiwo Road Fatimat Saliu Public Holiday Jamiu Oyawoye Presidential Election Gobirawa Olusegun Adeniyi Olatunde Olukoya Salihu Ajibola Ajia Offa Poly Abdulhakeem Adelaja Amao Muhammed Danjuma Oro Grammar School Old Students Association Fatimah Abdulkadir Orire Lanre Badmus Elese Of Igbaja Oniwasi Agbaye AbdulGafar Tosho Balogin Alanamu Obayomi Azeez Balogun Gambari Kaiama Emir Of Yashikira Frootify Garba Ayodele Wahab Harmony Holdings Ilorin Metro Park Simeon Ajibola Jide Oyinloye Suleiman Rotimi Iliasu Onilupeju Of Ilupeju Bankole Omishore Abdulkadir Akanbi-Oke Ayodele Shittu Ilorin East/South Federal Constituency Rashidi Yekini Olatomiwa Williams Government High School (GHS), Adeta Women For Change And Development Initiative Mumeen Lah Olawuyi Kayode Alabi Kwarareports.com Tunde Akanbi Issa Oloruntogun Owo Isowo Iyabo Adisa Ibiyeye Jide Ashonibare Abdulfatai Baakini Durbar Festival CELF Segun Abifarin Durbar Hauwa Nuru Guber Aspirant Umar Sanda Yusuf Muslim Stakeholders Of Kwara State Aishatu Ahmed Gobir Abubakar Imam Kwara South National Broadcasting Commission Bola Tinubu Mahfouz Adedimeji Abdulrauf Yusuf Kayode Laro Tricycle Owners Association Of Nigeria Kemi Adeosun Wasiu Onidugbe Agboola Babatunde

