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.
Abdul Jimoh Mohammed Oladimeji Thompson Muhammed Abdullahi Oye Tinuoye Jaigbade Alao Okin Group Ope Saraki Valsolar Consultoria Yusuf Abubakar Oba Of Jebba Kunle Akogun Umaru Saro Council Of The Wise Abraham Ojo Buhari Mubarak Oladosu Press Release Lawal Jimoh Afonja Elerinjare-Ibobo Aliyu Kora-Sabi Olabode Towoju Laboratory-to-Product Oju Ekun Sarumi Cassava Growers\' Association Chief Imam Of Offa KWSIEC Kwara United Issa Baba Rasaq Jimoh Taibat Ayinke Ahmed Moremi High School Oke-Oyi Kwara 2023 Saheed Alakoso Abdulrahman Abdulrazak Tsaragi/Share Abdullahi Dasilva Yussuf Oba Mogaji Abdulkadir Mumeen Lah Plat Technologies Kwara State University Of Education Code Of Conduct Bureau Kayode Oyin Zubair Ibrahim Kayode Adeyemi Www.Kwarareports.com KWASEIC Samuel Adaramola Bamidele Adegoke Idris Amosa Saidu Nigerian Army Admiralty Villa Ilota Savannah Centre For Diplomacy, Democracy And Development Temi Kolawole Code Of Conduct Tribunal Saidu Isa HYPPADEC Okoolowo Lai Mohammed Boko Haram Adeleke Ogungbe Yahaya Dumoye Ndama Al-hassan Iyabo Adewuyi Olatunji Moronfoye Umar Gunu Amoyo Oba David Oyerinola Adedunmoye Local Government Pension Board Kale Bayero Afeyin-Olukuta Adolescent Girls Initiative For Learning And Empowerment Muritala Awodun March 18 Umar Sanda Yusuf Ilorin East

