Inside Kwara community, Ijara-Isin, where residents have own 'currency'
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.
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Afonja Zubair Folorunsho Erubu Arandun Kwara Primary Health Care Development Agency Chikanda Abdulganiyu Oladosu Gambari Saadu Alanamu Hydro-electric Power Producing Areas Development Commission Rafiu Ajakaye Abdulrasheed Na\'Allah Baakini Mohammed Khadijat Kubura Ahmad Olanrewaju Belgore CUTI Abubakar Aliagan Taofik Abdulkareem Trader Moni Hamidu Olowo Esinniobiwa Quareeb Abdullateef Abdussalam Olatunde Michaels Alanamu Owu Fall Mubarak Oladosu David Oyerinola Adedunmoye Kubra Kazum Oladimeji Thompson Bayer Nigeria Limited Seun Bolaji Ekiti Adegoke Bamidele Jide Oyinloye Medview Airlines Yahaya A Paniyaro Tunde Oyawoye Ibrahim Taiwo Abdulkadir Bolakale Sakariyah Aliyu Muyideen Kayode Oyin Zubair Durbar Simeon Sule Ajibola Ibrahim Labaika Omu-aran Ambassador Kayode Laro Makama Of Kaiama Olubukola Kifayat Adedeji Soffiyyallah Kamaldeen Adedipe David Adesina Bola Ahmed Tinubu Federal Neuro-Psychiatric Hospital Rafiu Olasile Ijagbo Yusuf Amuda Abubakar Wale Oladepo Haruna Olawale Sulaiman Lawal Olohungbebe Ilorin East/South Federal Constituency Iqra Books Ilorin Talaka Parapo Suleiman Alege Kuranga Jimoh Lambe Abdulkareem Dan Iya Of Ilorin Offa Poly Kwara State University Of Education Lithium Deposit Illyasu Abdullahi Federal Road Maintenance Agency Ahmed Mohammed Rifun Ahmed Ayinla Jimoh Ile Arugbo Muhammad Sirajo Aliyu Ilorin International Airport Erubu Oba Zubair Sheu Ndanusa Usman Metro Park

