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.

ER-KANG Mining Nigeria Company Limited     Mary Kemi Adeosun     Ilorin Like-Minds     Ahmed Bolaji Nagode     Khairat Gwadabe     Olayinka Olaogun     Omotoso     Elerinjare-Ibobo     Olugbense     Code Of Conduct     Toyin Saraki     Henry Olaosebikan     Emmanuel Bello     Orire     Suleiman Ajadi     Muslim Stakeholders Of Kwara State     Garba Dogo     Usman Yunusa     Bureau Of Lands     Oba Sulaiman Asude     Olatunji Ayeni     ITP     Umaru Saro     Mohammed Ghali Alaaya     IDPU     Oloye     Kwara TV     Seun Bolaji     Samuel Olusegun Adedayo     Pakata Patriots     Ilorin Amusement Park     Oke-Oyi     Sa\'adu Gambari     Shuaib Olarongbe     Alfa Modibo Belgore     Kola Ologbondiyan     Bola Iyabo Ibiyeye Adisa     Dele Belgore     Katibi Ibraheem Adeola     Ibrahim Akaje     Ella Supreme Tissue Paper     Offa Descendants Union     Monthly Sanitation     Afolabi-Oshatimehin     Modupe Oluwole     Saliu Oluwole     Haruna Tambiri Mohammed     Ashiru     Ilorin Airport     Dauda Adesola     Olawuyi     Kwasu     Grillo     Alimi     National Union Of Road Transport Workers     Surajudeen Akanbi     Balogun Gambari     Saka Keji     Kemi Adeosun     Agor Market     Freshvine Nigeria Limited     Michael Nzekwe     Kudirat Arinola Lawal     Harmony Holdings     Kayode Ogunlowo     Muslimah Entrepreneurship Forum     Senior Special Assistant On Student Affairs     Elekoyangan     Ilorin Descendants Progressive Union     Iyabo Adisa Ibiyeye     Hassan Oyeleke     Abdulrahman Abdulrazaq     Ilorin Talaka Parapo     Abdulrauf Yusuf     Saka Adeyemo     Haliru Yahaya     Ishaq Abdulkarim    

Cloud Tag: What's trending

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

Senate Presidency     Ayinke Saka     Femi Agbaje     Special Agro-Industrial Hub     Lawal Olohungbebe     Ministry Of Women Affairs And Social Development     Patigi Regatta     Ishola Balogun Fulani     Olatomiwa Williams     Police Commissioner     Bio Ibrahim     TETFUND     Frootify     Kwara United     Kpotum Mohammed Baba     Dumagi     Elerinjare-Ibobo     Omu-aran     Saraki     Bukola Saraki     Taibat Ayinke Ahmed     Oko-Olowo     Ilorin South     Kwara-SAPZ Project     CACOVID Palliatives     Ejidongari     Iponrin     New Naira Notes     Radio SBS     Ahmed Mohammed Rifun     Yusuf Abubakar     Bond     Amasa     David Oyerinola Adedunmoye     Soffiyyallah Kamaldeen     Tunji Arosanyin     Moses Salami     Adijat Adebiyi     Aliyu Alhassan     Abdulrauf Aliyu     Kolade Solagberu     Lithium     Musibau Akanji     Saliu Shola Taofeek     High Court     Durbar Festival     Balogun Fulani     Sayomi     Idowu Aremu     Gbajabiamila     Igbaja     Mike Omotosho     Bashir Adigun     Kawu Baraje     Titus Suberu-Ajibola     Tinubu     Kaosarah Adeyi     Lotus Bank     Alimi     Bureau Of Lands     Abubakar Suleiman     Grillo     Bayer Nigeria Limited     Segun Abifarin     Gbemi Saraki     Taiwo Joseph     Sheikh Ariyibi     Idofin     Ajase-Ipo     Ubandoma Of Ilorin     Taofeek Sanusi     Sarah Jubril     Abdulkadir Jimoh     Michael Nzwekwe     Saka Balikis Kehinde     Abubakar Kawu Baraje     Benin Republic