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.

Ajasse-Ipo     Abdulrazaq Akorede     Okin Biscuit     FERMA     Idiagbon     Galadiman Ngeri     Iyabo Adisa Ibiyeye     Aso-ofi     Flights To Ilorin     Busari Toyin Isiaka     Saad Belgore     Abdulmajeed Wahab     Kwara Poly     Khadijat Ayoola Yusuf     QuickWin     Oniye     Abdulhakeem Amao     Idofin     Amos Sayo     Musibau Akanji     Face Masks     Malete     Shehu Jimoh     General Tunde Idiagbon International Airport Ilorin     Abegunde Goke     Rueben Parejo     Ganmo Power Sub-Station     Abdulrahman Abdulrasaq     Sheikh Alimi     Zulu Gambari     Taofeek Sanusi     Abubakar Kawu Baraje     Isiaka AbdulRazaq     Ahmed Bayero     Baboko Primary School     Abiodun Musa Aibinu     Yaru     Lawal Jimoh     Ilorin Emirate Stakeholders Forum     Y.A. Abdulkareem     Valsolar Consortium     Magaji Are     Abdulkarim Adisa     IF-K     Sabi     Abdulrazaq Magaji     Public Holiday     Oyeyemi Olasumbo Florence     Solomon Edojah     CCEPE     Alimi     Oyedun Juliana Funke     Kwara State Governor     Bamidele Adegoke Oladimeji     Biliaminu Aliu     Niyi Osundare     Senate Presidency     Solomon Edoja     Ahman Pategi     Photo News     Olomu Of Omu-Aran     Taofik Mustapha     Abatemi Usman     Ahman Patigi     Awodun     ITEM 7     Saudat Abdulbaqi     UNILORIN Alumni     Ojo Fadumila     Kawu     Salman Suleiman     Olaoye B. Felix     Rebecca Olanrewaju     Pategi     Abdulraufu Mustapha     Kayode Laro     COEASU    

Cloud Tag: What's trending

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

Pius Abioje     Kwara Hotel     Offa Descendants Union     Durbar     Issa Memunat Moyosore     Saka Isau     KWTV     Binta Abubakar Mora     Dapo Teni Nig Enterprise     Seun Bolaji     Communication Network Support Services     Abubakar Atiku     Saheed Alakoso     Fatai Garuba Labaka     John Kehinde Salako     Sheikh Ridhwanullah El-ilory     Otunba Taiwo Joseph     Okin Biscuits     Prince Bola Ajibola     Mustapha Akanbi     CCB     Kulende-UITH     Saba Mamman Daniel     Joseph Daudu     NIRSAL     Mahe Abdulkadir     Joana Nnazua Kolo     NURTW     Wale Oladepo     Khairat Gwadabe     Abdullahi Samari     Olatunji Bamgbola     Ahmed Shuaib Buranga     Olatunde Olukoya     Ayodele Shittu     Paul Olawoore     United Nigeria Congress Party     David Oyepinola Adedumoye     Aliyu Adebayo     KFA     Abiodun Abdulkareem     LEAH Charity Foundation     Madawaki Of Ilorin     Shehu Raheem Adaramaja     GAMA     Saliu Shola Taofeek     Undergraduate Bursary     Yahaya Seriki Gambari     Durosinlohun Atiku     Makama     Www.Kwarareports.com     College Of Arabic And Islamic Legal Studies     Ahmed     SWAN     Post-utme     Gani Saadu     NYSC     Code Of Conduct     Omar Gambari     Tsaragi-Share     08001000100     Ahmed Bolaji Nagode     Theophilus Oyebiyi     Adamu Atta     Ajikobi     ARMTI     Salman Suleiman     Aliyu Muhammed     Moshood Mustapha     Aishat Sulu-Gambari     Ekiti     Binta Abubakar-Mora     Modibo Kawu     Kishira     Abdulwahab Ololele     Yaru     2017 Budget