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.

Idris Garba     Arandun     Abdulkareem Alabi     SWAN     Victor Gbenga Yusuf     Babata     Aremu Odolaye     FOMWAN     Abdulrahman Onikijipa     Muslim Cementary     Abiodun Abdulkareem     Bisi Oyeleke     Ilorin Emirate Stakeholders Forum     Senate Presidency     NTA Ilorin     Emmanuel Olatunji Adesoye     Bamikole Omishore     Bello Abubakar     JSSCE     Ilofa     Kayode Bankole     Dauda Adeniran Adeshola     Adeniyi Ojo     Kayode Oyin-Zubair     Jimoh Akani     Ayobami Seriki     Sunday Otokiti     Muslimah Entrepreneurship Forum     Azeez Bello     Mashood Abdulrafiu Agboola     Susan Modupe Oluwole     IFK     Aisha Abodunrin Ibrahim     Is\'haq Modibbo Kawu     Tinubu     Oluwole Dupe     Hijab     Yemi Sanni     Solomon Edoja     Memunat Monsuma     Maigidasanma     Women Radio     Dar-Al-Handasah Consultants Ltd     Adesoye College     Towoju     Sobi Hill     Overland     Third Estate     Sam Onile     Mike Omotosho     SWAN     Ilorin Talaka Parapo     Yekini Adio     Hakeem Idris     Salman Suleiman     Khadijat Ayoola Yusuf     Olokoba Abdullahi Ayinla     Femi Agbaje     Ilorin Metro Park     Adebara     Ilorin Talaka Parapo (ITP)     Leke Ogungbe     Kwara 2019     Markaz Arabic And Islamic Training Institute, Agege     Abdulkadir Orire     Lawal Jimoh     Usman Rifun     Aisha Ahman-Pategi     Muideen Olaniyi Alalade     Abdulsalam Firdaous Amosa     Salmon Babatunde Salmon     Afusat Nike Ibrahim     Oba Abdulkadir La\'aro     Ibrahim Abikan     Otoge     Bola Sagaya     Olaitan Buraimoh    

Cloud Tag: What's trending

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

Razaq Atunwa     Tunji Arosanyin     Joseph Bamigboye     Adewuyi Funmilayo     Kwara State Governor     CCB     National Party Of Nigeria     Fatai Garuba Labaka     Taiwo Joseph     Musa Yeketi     Adaramaja     Vasolar Consortium     Vasolar-Kwara Company Ltd     Javed Khan     Joana Nnazua Kolo     Katibi Ibraheem Adeola     Ibrahim Abduquadri Abikan     John Mayokun Dada     Wole Oke     Otuka     Chikanda     Balikis Jawondo     Aminat Omodara     Bank Of Industry     FERMA     Eleja     Mopelola Abdulmaliq-Bashir     Lotus Bank     Facemasks     Oloriegbe     KwaraLearn     Ramadan     Student Learning Support Helpline     MAI Akande     Jimoh Bashir     Mustapha Olanipekun     General Hospital, Ilorin     Kehinde Boyede     Ishola Balogun Fulani     College Of Education     Haashim Initiative For Community Advancement     Susan Modupe Oluwole     Ayinde Oyepitan     Umar Gunu     Women Radio     SWAN     Amusement Park     Ibrahim Gambari     Ekiti     Asa LGEA School     Overland     Tanke Flyover Bridge     Alumni Association Of The Federal Polytechnic Offa     Suleiman Rotimi Iliasu     Emir Of Kano     Doyin Awoyale     Niyi Ogundiran     Oke-opin     Mansur Alfanla     Abdulwaheed Musa     Yusuf Arowosaye     Elerin Of Adanla     KWATMA     Rice Farmers Association Of Nigeria     Ariyo     Ballah     Oko Erin     Balogun Fulani     Sabi     Peter Amogbonjaye     Gafaru Olayiwola Olorisade     Ladi Hassan     Chief Of Staff     Saraki     Bilikisu Oniyangi     David Oyedepo     Yakub Ali-Agan