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.
Zainab Abass Osinbajo Press Release SSA Youth Yakubu Danladi Tunji Folami Ajeigbe Roseline Oni Aremu Col. Ibrahim Taiwo Oloruntoyosi Thomas Amosa Yaman Toyin Saraki Tunji Moronfoye General Hospital, Ilorin Kayode Oyin-Zubair Ilorin Likeminds Foundation Ibrahim Kayode Adeyemi Amos Sayo Mohammed Ghali Alaaya Ayeyemi Sulaiman Saheed Alakoso Savannah Centre For Diplomacy, Democracy And Development Salmon Babatunde Salmon Naira Redesign Quran Sherif Shagaya Adam Abdullahi Al-Ilory Alao Ayotunde Yusuf Abdulkadir Elesie Of Esie Haruna Tambiri Mohammed Iyabo Adewuyi Bolakale Kawu Agaka CUTI Akeem Lawal Tayo Alao Ibrahim Jawondo Olupako Suraj Tunji Oyewale Yusuf Aiyedun Lanre Olosunde Ashiru Salihu S. Yaru Ayotunde Emmanuel Alao Lucky Omoluwa Rabiu Kwankwaso Esuwoye Gobir Organization Foundation Rafiu Olasile Anilelerin Ahmad Belgore Salman Jawondo Damilola Yusuf Sanitation Exercise Oyun Mufutau Gbadamosi Esuwoye Raheem Adaramaja Modupe Oluwole 2017 Budget Raliat Elelu-Habeeb Aiyedun Oniyangi Oba Abdulraheem Towoju Mohammed Alabi Lawal Tayo Awodiji Isa Aremu AbdulRazaq AbduMajeed Alaro Tosho Yaqub Muideen Olaniyi Alalade Okoolowo Marufat Oladosu Islamic Development Bank Saeedat Aliyu Saadu Alanamu Elewu

