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.
IsDB SGBN KFA Anilelerin Aisha Abodunrin Ibrahim Kale Bayero FERMA Oke-Ero Olubukola Kifayat Adedeji Eruku Ramadan Aliyu Sabi Gbugbu Lola Ashiru Onikijipa Sulyman Buhari Transition Implementation Committee Shonga Farm Project Rasaq Jimoh Rachael Obisesan Abdulrazak Shehu Akorede Aliyu U. Tilde Alfa Modibo Belgore Laboratory-to-Product Okin Biscuits Olatomiwa Williams Kwara Apc Joseph Daudu Chief Of Staff Olupako Of Share Hamza Usman Balikis Jawondo Monsurat Omotosho Road Transport Employers Association Of Nigeria Simeon Sayomi Kwara State Sports Commission Yusuf AbdulRasheed Kwara Pdp Ileloke Kwara-SAPZ Project Lanwa UNIFEMGA Durosinlohun Kawu Sobi Specialist Hospital Muritala Olarewaju Amos Sayo Olaiya Victor Mobolaji Mopelola Abdulmaliq-Bashir Yahaya Seriki Gambari Dauda Adeniran Adeshola Opaleke Bukola Iyabo Abdulmalik Bashir Mopelola Risikatullahi Tunde Saad Adama Isa Habeeb Saidu TESCOM Abraham Ojo Leke Ogungbe Facebook Pakata Sheikh Ridhwanullah El-ilory Computer Based Test Emmanuel Bello Lithium Deposit Simeon Sule Ajibola Medview Airlines Buari Edun Nigerian Correctional Service Baboko Primary School Kannike Sulu Gambari Joseph Yemi Ajayi Yakubu Gobir Association Of Kwara State Online Media Practitioners Just Event Online 2023 Elections Abdulrosheed Okiki

