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.

Umar Saro     Fatai Adeniyi Garba     Emir Of Ilorin     Olatunji Moronfoye     AbdulRauf Keji     Maryam Nurudeen     Tosin Saraki     Micheal Imodu-Ganmo Road     Olokoba     Laolu Saraki     Abdulsalam A. Yusuf     Kuliyan Geri     March 28     Nagode     Michael Nzekwe     Student Learning Support Helpline     Mustapha Olanipekun     Baruba     Oba Of Jebba     Jimoh Olusola Imam     Tricycle Owners Association Of Nigeria     Ajidagba     Ibrahim Gambari     Onilorin Of Ilorin     Yoruba     Elese Of Igbaja     Bello John Olanrewaju     Ahmed Bolaji Nagode     Aso Ofi     Ibrahim Bio     Special Agro-Industrial Hub     Abubakar Baba Sulaiman     Yusuf Zulu-Gambari     Gwanara     Bature Bello     Ahmad Ali     Umar Sanda Yusuf     Mansurat Amuda-Kannike     Saduki Lafiagi     Nurudeen Muhammed     Kola Olota     Benin Republic     Sheikh Ariyibi     Hydroelectric Power Producing Areas Development Commission     Abubakar Lah     Illyasu Abdullahi     Balogun Fulani     CELF     Abdulrazaq Sanni     Isiaka Yusuf     Sambo Murtala     Sai Kayi     Abdulrazaq Magaji     Alapado     Adamu Atta     Bukola Ajikobi     Magaji Erubu     GGDSS Pakata     Basit Olatunji     Buari Edun     Senior Ibrahim Suleiman     Oluwarotimi Boluwatife Adenike     Dankaka     Paul Odama     Ilorin Like-Minds     Ibrahim Jawondo     Kayode Zubair     Elerinjare-Ibobo     Surajudeen Akanbi     Hassan Abdulazeez Elewu     AbdulGafar Tosho     11th Galadima     Pilgrims Board     Senior Staff Union Of Colleges Of Education     Hamidu Olowo     Nigerian Correctional Service     Aishat Sulu-Gambari    

Cloud Tag: What's trending

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

A.E. Afolabi     Aasiyat Bello Oyedepo     Hauwa Nuru     Siraj Oyewale     Bukola Ajikobi     Aliyu Muhammad Saifudeen     Women Radio     Ubandawaki     Gbenga Awoyale     Firdaos Amasa     Akume     Borgu     Jebba     Mufutau Gbadamosi Esuwoye     TIIDELab     Funmilayo Isiaka Oniwa     KWIRS     Al-Adaby     Road Transport Employers Association Of Nigeria     Maryam Nurudeen     Olateju Lukman     Oba David Oyerinola Adedunmoye     Razaq Atunwa     Abdulkadri Ahmad Alaiye     Alimi     Kwara State Coalition Of Business And Professional Associations     Abdulkadir Jimoh     Salman Jawondo     V.O. Abioye     Neuropsychiatric Hospital     Olatunde Olukoya     AbdulRaheem Ahmad Shayi     Share/Tsaragi     Abdulraufu Mustapha     AbdulGafar Tosho     Alabi Olayemi Abdulrazak     Amina Susa\'a De Ahmed     Age AbdulKareem     Ilorin Amusement Park     Code Of Conduct     Kwara State Government     Ebola     Lafiagi     AGM Professional Services     Yusuf Babatunde Abdulwahab     Adanla-Irese     Sheikh Ariyibi     Ijakadi     Y.A. Abdulkareem     Centre For Community Empowerment And Poverty Eradication     Yakubu Dogara     Majlis For Sadakah, Zakat And Waqf     Abiodun Musa Aibinu     Bola Iyabo Ibiyeye Adisa     Aremu Bose Deborah     Usman Rifun     Oba Abdulraheem     Ola Falade     Justina Oha     Raliat Islamic Foundation     Amuda Aluko     Rafiu Olasile     Apaola     Apaokagi     Abdul Jimoh Mohammed     Igbomina     Ishaq Salman     Kwabes     Yekeen Alabi     Nnazua     Jide Ashonibare     Ahmed Idris Mohammed     Colleges Of Education Academic Staff Union     Kwara Liberation Group     Olatunji Moronfoye     Aishat Mohammed Lawal     Nigerian Correctional Service