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.

Muhammed Aliyu     Moses Rahman Popoola     Muslim Stakeholders Of Kwara State     Saka Aleshinloye     Ajakaye     Muideen Olaniyi Alalade     Taibat Ayinke Ahmed     General Tunde Idiagbon International Airport Ilorin     Peculiar Allowance     Isaac Aderemi Kolawole     Ubandoma     BECE     Dankaka     Justina Oha     Aliyu Umar     Ahmed Ayinla Jimoh     Valsolar Consortium     Is\'haq Modibbo Kawu     QuickWin     Mufti Of Ilorin     Temitope Ogunbanke     Lola Olabayo     Grillo     Al-Adaby     Fatimah Abdulkadir     Students Union Government     Kwara State Internal Revenue Service     Yaman     Olajumoke Monsura Gafar     Hamidat Sulyman-Yusuf     Yakub Lai Gobir     Maja     Yusuf Ibitokun Sherifat     Tanke     CKNG     Col. Adedipe     Oluwarotimi Boluwatife Adenike     Logun     Harrison Osauwagboe     Alikinla     Owo Isowo     Kulende     Ibrahim Abdullahi     Ayobola Ipinlaiye     Makama Of Kaiama     Abdulfatai Salman Baakini     Damilola Yusuf Adelodun     Imodoye Writer’s Enclave     Abdulazeez Arowona     Federal Polytechnic Offa     Student Learning Support Helpline     AbdulGafar Tosho     Frootify     Offa Grammer School     Isin     Abdullateef Abdussalam     University Road     Salake     Junior Secondary School Certificate Examinations     Suleiman Idris     KWASSIP     Umar Sanda Yusuf     Abdulrahman Abdulrazak     EndSARS     Aisha Ahman Pategi     Harmony Holdings     Shade Omoniyi     NIRSAL     Suwa-Arabs     Ayodele Kuburat Olaosebikan     Noah Yusuf     Abdulrazaq Sanni     Ilorin Curfew     National Union Of Road Transport Workers     Aminu Ado Bayero     SAPZ Project     United Nigeria Airline    

Cloud Tag: What's trending

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

Chief Imam Of Ilorin     Elerinjare-Ibobo     Ubandawaki     Leke Ogungbe     Lawal Olohungbebe     Falokun-Oja     Special Agro-industrial Processing Zone     Mubarak Oladosu     Shehu Alimi Foundation     Yahaya A Paniyaro     Ilorin East/South Federal Constituency     ASKOMP     Adewuyi Funmilayo     Abdulmajeed Abdullahi     Ile Arugbo     Moremi High School     Christopher Tunji Ayeni     Shehu Alimi Foundation For Peace And Development     Kunle Akogun     Michael Nzwekwe     Oke-Ogun     Makama Of Kaiama     Abdulrasheed Na\'Allah     Tayo Alao     Saidu Yaro Musa     AbdulGaniyu Kareem     Hassan Abdulazeez Elewu     Aisha Buhari     Shururat Olatinwo     General Hospital, Ilorin     Salman Suleiman     PPS     Kawu Baraje     Paul Odama     Funmi Salau     Yeketi     Ojuekun     Yusuf Lanre Badmas     Lola Olabayo     Abdulganiyu AbdulAzeez     Okoolowo     Okasanmi Ajayi     Muhammad Akande Olarewaju Odunade     Adebayo Salami     Adedeji Onimago     Joseph Yemi Ajayi     Hauwa Nuru     Ahmed Ayinla Jimoh     A.O. Belgore     Ajakaye     Abdulkadir Akanbi-Oke     Fatai Olodo     Millennium Development Goals     Lawal Jimoh     Valsolar     Lukman Oyebanji Fagbemi     Suleiman Rotimi Iliasu     Titus Ashaolu     Colleges Of Education Academic Staff Union     Moji Makanjuola     Mutawali Of Ilorin     Alikinla     Atiku Abubakar     Omar Bolaji Gambari     CUTI     Plat Technologies     Abdulrazaq Magaji     ASMAU PLAZA     Abdullahi Imam Abdullahi     Arinola Lawal     TIIDELab     Salihu Jibril Garbi     Kwara State Government     C2c@kwarastate.gov.ng     Ishak Mohammed Sabi     Ilorin Curfew     Saadatu Modibbo-Kawu