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.

Folorunsho Erubu     Oladimeji Thompson     Bamidele Adegoke     Hassan Saliu     Abdulwahab Ololele     Saba Mamman Daniel     Ophthalmological Society Of Nigeria     Ajakaye     Neuropsychiatric Hospital     Pategi     PPS     Ahmad Fatima Bisola     Mamatu Abdullahi     Olatunde Olukoya     Yusuf A. Usman     Kubra Kazum     Ishaq Oloyede     Oba Abdulrahim     Mahmud Ajeigbe     Iyaloja-General     Dan Masanin     Obasanjo     Monthly Sanitation Exercise     Lafia Aliyu Korasabi     Ajayi Okasanmi     11th Galadima     Yusuf Badmus     College Of Education     Ajike People Support Centre     Quarry Royal Valley     Jebba     Razaq Ayobami Akanbi     Saka Adeyemo     Khairat Gwadabe     Olabanji Orilonishe     Abdulraufu Mustapha     All Confederation Of Principals Of Secondary Schools     Muyiwa Oladipo Kanu     Special Agro-industrial Processing Zone     Association Of Kwara State Online Media Practitioners     Siddiq Adebayo Idowu Salawu     Femi Gbajabiamila     Kaosarah Adeyi     Issa Manzuma     Turaki Of Ilorin     Ibrahim Oniye     JMK Construction Company Limited     Razaq Atunwa     Ibrahim Oloriegbe     George Innih     Ayodele Shittu     Henry Makinwa     Pacify Labs     Raymond Olaitan     Sadiq Buhari     Adamu Atta     Centre For Digital Economy     Shero     KWASIEC     Al-Adaby     Tsaragi     Kayode Ibrahim     Ishaq Salman     Lateef Fagbemi     Peter Amogbonjaye     Olatomiwa Williams     David Oyedepo     Ahmed     Rex Olawoye     Aishat Mohammed Lawal     Bamikole Omishore     Oniyangi Kunle Sulaiman     Alagbado     Idris Amosa Oladipo Saidu     Muslim Stakeholders Of Kwara State     Isiaka Oniwa     Abdul-Rahoof Bello    

Cloud Tag: What's trending

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

March 18     Jumoke Gafar     John Olajide Adedipe     Toyosi Thomas     Sidikat Akaje     Akeem Lawal     Bilikisu Oniyangi     Harrison Osauwagboe     Michael Ologundea     Tosin Saraki     Radio SBS     Kwara State Sports Commission     Oniye     Bayer AG     Tunde Idiagbon Road     Third Estate     Damilola Yusuf     Senate     Ilesha-Baruba     Aliyu Salihu     Michael Imoudu National Institute For Labour Studies     Abdulraufu Mustapha     Baba Adini Of Kwara State     Dagbalodo     Adisa Logun     Aso-ofi     Bello Taoheed Abubakar     Olubukola Kifayat Adedeji     Ogbondoroko     Government House     Alaiye     Shuaib Olarongbe     Zaratu Umar     SSUCOEN     Simeon Ajibola     Salihu Ajia     Ahmed     Ilorin Central Mosque     Quareeb     Kwara NIPR     Olabode George Towoju     Ibrahim Sulu Gambari     IHS Towers     Naira Redesign     Ajibike Katibi     Idiagbon     Cornelius Adebayo     Musibau Akanji     Kolawole Akande     Florence Saraki     Olabanji Orilonishe     Toyin Olayinka Tejidini     Kwara 2015     ASMAU PLAZA     Logun     2023 Elections     Abraham Ojo     Ibrahim Agboola Gambari     AbdulRauf Keji     Ile Arugbo     NIPOGA     Funmilayo Isiaka Oniwa     Lithium     Iliasu     Onilu     Bashiru Makama     Ilorin Metro Park     Opolo Global Innovation Limited     Oniwasi Agbaye     Rabiu Kwankwaso     Ahmad Uthman     Playing Host     Abdulrazaq Akorede     Bayo Ojo     NTA Ilorin     Ado Bayero     Saka Balikis Kehinde