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.

Abdullateef Abdussalam     Asa     Awwal Jawondo     Hassanat Bello     Baba Issa     Suleiman Rotimi Iliasu     Ubandoma Of Ilorin     Aishat Mohammed Lawal     JUSUN     Timothy Olatunde Fadipe     Oniyangi Kunle Sulaiman     Amoyo     Jide Ashonibare     Kassim Babamale     Femi Oladiji     Yusuf Ibitokun Sherifat     Otoge     Edu     Bareke     New Naira Notes     Folajimi Aleshinloye     John Dara     Yunus Lawal     Adedeji Onimago     Risikat Lawal     Ahman Pategi     Oluranti Idowu     Yusuf Babatunde Abdulwahab     Ganiyu Abolarin     Bello John Olanrewaju     Fatai Olodo     Ajakaye     Medview Airlines     Akeem Olatunji     Tunde Kazeem     Kazeem Oladepo     Olabimpe Olani     Durbar Festival     IESA     Voices Of Tomorrow     08001000100     Bukola Ajikobi     2023 Elections     Ibrahim Abduquadri Abikan     Gbugbu International Market     Ajeigbe     Amada Jidda     Emir Of Lafiagi     Al-Hikmah Radio     Taiwo Joseph     Gabriel Fashanu     ARMTI     Umar Danladi Shero     Bamikole Omishore     Muhammed Abdullahi     Afonja     College Of Education     Abdulfatai Baakini     Oya State     Saliu Tunde Bello     Abdullahi Imam Abdullahi     Turaki Of Ilorin     Muhammed Taofeeq Abdulrazaq     Ilorin Central Mosque     Kwara Poly     Afolabi-Oshatimehin     CCEPE     Oju Ekun Sarumi     NITDA     Alloy Chukwuemeka     Sarafadeen Kayode Akorede     Umar Sanda Yusuf     Olomu Of Omu-Aran     Jumoke Monsura Gafar     Toyin Falola     NURTW     Hassan Saliu    

Cloud Tag: What's trending

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

Olaiya Victor Mobolaji     NNPP     Sobi Specialist Hospital     Segun Olawoyin     Garba Ayodele Wahab     Hussein Oloyede     Kwara State Council Of Chiefs     Bareke     Ella Supreme Tissue Paper     Oro Grammar School     Ahman Pategi University     Rihanat Ajia     Idowu Laro     Adegoke Bamidele     Olupako Of Share     Moses Salami     SWAN     Mukhtar Shagaya     Grillo     Sulu Gambari     Abdulwahab Oba     Balikis Jawondo     Yahaya Seriki Gambari     COVID     Ballah     Abatemi Usman     Olatunji Moronfoye     Wahab Kunle Shittu     Sulyman Abdulkareem     Suleiman Mora Omar     ITP     Elerinjare     AGF Abdulrazaq     Volunteers Of Ilorin Community And The Emirate     Femi Ogunsola     Jimoh Akani     Al-Adaby     Bayer AG     Bamidele Adegoke Oladimeji     Abdulkadri Ahmad Alaiye     Peculiar Allowance     Moses Rahman Popoola     Taiwo Joseph     Ganmo     Federal Road Maintenance Agency     Suwa-Arabs     International Vocational Centre     Ishola Moses Abiodun     Umar Bayo Abdulwahab     Ogbondoroko     Tafida Of Kaiama     Kanu Agabi     Abdul-Rahoof Bello     Galland Marcias     Dorcas Afeniforo     Special Agro-industrial Processing Zone     Ilorin     Saliu Mustapha     Colleges Of Education Academic Staff Union     Makama Of Ilorin     Jeunkunu-Malete-Bani     Moronfoye     Oladimeji Thompson     Riskat Opakunle     Lanre Aremu     Okala Baba     Kwara Liberation Group     Saliu Alamoyo     Y.A. Abdulkareem     Playing Host     Abdullahi Biffo     CCB     Fatai Garuba Labaka     Shuaib Jawondo     Senate President     Tunde Oyawoye     General Tunde Idiagbon International Airport Ilorin