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.

Igbomina     CACOVID Palliatives     Ishola Abdullahi     Junior Secondary School Certificate Examinations     Hausa     HAMFAT Clinic And Maternity     Oyelere Oyinloye     Marufat Oladosu     College Of Education     Offa     Kwara State Council Of Chiefs     Muhammad Mustapha Suleiman     Mustapha Akanbi     Kawu     Chief Imam Of Offa     Funmilayo Isiaka Oniwa     Aliyu Umar     Razak Atunwa     Kola Shittu     Igosun     Salary     Aisha Ahman Pategi     Babatunde Ajeigbe     Council Of The Wise     Vasolar-Kwara Company Ltd     Tayo Awodiji     ARMTI     Laboratory-to-Product     Quranic Recitation Competition     Mopelola Abdulmaliq-Bashir     Ebun-Olu Adegboruwa     Javed Khan     PPS     Bayo Ajia     Solomon Edojah     Ilofa     Osuwa     Gambari     Niguel Gallando Marcias     Trader Moni     Elese Of Igbaja     Esinniobiwa Quareeb     Sabitiyu Grillo     Odo-Owa     Kolo     Medview Airlines     Mohammed Katsina Ahmed     Sheikh Alimi     Kulende-UITH     AbdulRahman Saad     Dele Momodu     Gbenga Adebayo     Lawal Jimoh     Firdaos Amasa     Nigeria Governors\' Forum     Ilorin Emirate Staff Association     Abdulrahman Abdullahi Kayode     Aminu Ado Bayero     Twitter     Balogun Gambari     Ola Falade     Mohammed Lawal Bagega     Elelu     SDP     Yeketi     Temitope Ogunbanke     Adeniyi Ojo     State Bureau Of Internal Revenue     Isiaka Rafiu Mope     Kisra     Haashim Initiative For Community Advancement     Bashiru Makama     Ghali Alaaya     Abubakar Suleiman     Adanla-Irese     Abdulrasheed Lafia     Balogun Fulani    

Cloud Tag: What's trending

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

Kale Belgore     NTA Ilorin     Wahab Kunle Shittu     Bankole Omisore     John Mayokun Dada     Sabi     CKNG     Albert Ogunsola     Alaro     Saliu Shola Taofeek     Jimoh Saadudeen Muhammed     Kwara State Infrastructure Development Fund     Deji Ajani     Bank Of Industry     Hameed Oladipupo Ali     Abdullateef Abdussalam     Ahmed Ayinla Jimoh     Oniwasi Agbaye     Abdulmumini Sanni Jawondo     Saeedat Aliyu     Jumoke Monsura Gafar     Theophilus Oyebiyi     Olajumoke Monsura Gafar     NYSC     Elerin Of Erin-Ile     Olabode George Towoju     LAK Jimoh     Ilorin Muslim Community     Ahmed Alhasssan     Simeon Sayomi     C2c@kwarastate.gov.ng     Funmi Salau     Ganiyu Taofiq     Kayode Ibrahim     Bello Oyedepo     Jide Ashonibare     Saidu Isa     Samuel Adedoyin     Toyin Saraki     Abdulazeez Arowona     Abdulwasiu Bolaji Adeyi     Offa Poly     Moshood Bakare     FOMWAN     Raji AbdulRasaq     Olukotun Of Ikotun     Sobi     Noah Yusuf     Ibrahim Agboola Gambari     Nurudeen Mohammed     Shonga     Olokoba Sulyman     Erin-ile     National Pilot     Mufutau Olatinwo     Kayode Zubair     Abdulrahman Onikijipa     Abiodun Jacob Ajiboye     Rotimi Oyedepo     Shoprite     Ayedun     Ijagbo Health Centre     Sheriff Olanrewaju     Michael Nzwekwe     Ilorin     PAACO-PCL Consortium     Oko Erin     Abdulfatai Baakini     Ekiti     Toun Okewale-Sonaiya     Idi-Ape     TETFUND     Bio Ibrahim     Yahaya Seriki Gambari     Agbarere     Ilorin Anchor Men And Women     Samuel Elizabeth Keatswa