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.
Mutawali Micheal Imoudu Muideen Olaniyi Alalade Abubakar Kawu Baraje Ajeigbe Olosi Of Osi Erubu Bayo Lawal Awili Pedro Tanke Road Durbar Festival Asa LGEA School Olushola Saraki Kamaldeen Ajibade Ilorin Amusement Park Isaac Gbenle Omu Aran Oba Sulaiman Asude Hakeem Lawal MMWG Abdulkadir Bolakale Sakariyah Ilorin Likeminds Foundation Ayodele Kuburat Olaosebikan Alao Ayotunde Gbemi Saraki Yemi Sanni UNILORIN Alumni Deji Ajani Rafiu Ibrahim Government Girls’ Day Secondary School Pakata Aishat Mohammed Lawal Samuel Adaramola IESA Alfa Modibo Belgore Afin Descendants Union Of Odo-Owa Moses Salami Bello Abubakar Bayo Onimago Ilorin Anchor Men And Women Jumoke Gafar Okin Biscuits Ramadan Metro Park Lawal Jimoh Public Holiday Shehu Alimi Foundation Olatinwo Fatimat Saliu Olatunde Oyeyiola Jumoke F. Ajao Ahmed Alhasssan Afolabi-Oshatimehin Adenike Harriet Kwara Polytechnic Salau Kabiru Abdullahi Daud Adeshola Shao Kunle Suleiman Dagbalodo Lafiagi Jimoh Lambe Abdulkareem Oniwa KWIRS Akeem Lawal Yahaya Muhammad Bukola Ajikobi Amada Jidda New Nigeria People’s Party Olufolake Abdulrazaq Mohammed Ibrahim Salihu Alhaji Musa Tunde Oyawoye Micheal Imodu-Ganmo Road Yetunde Balogun Mashood Abdulrafiu Agboola Issa Memunat Moyosore Abdulganiyu AbdulAzeez Markaz Arabic And Islamic Training Institute, Agege

