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.

AbdulGaniyu Kareem     Fatima Abolore Jimoh     Ohoro Of Shao     Yusuf Amuda Gobir     Ibrahim Sulu Gambari     Sola Saraki University     LEAH Charity Foundation     CT Ayeni     Kwara Apc     Owode Market     Javed Khan     Toyin Falola     Ilorin Emirate Stakeholders Forum     Assayomo     Abubakar Baba     Hassan Saliu     Arca Santa     Adesina Simon Sodiya     IPSAS     Ibrahim Abikan     Ganmo Electricity Sub-Station     Kannike     Post-utme     Hydro-electric Power Producing Areas Development Commission     Balogun Ajikobi     Igbomina     ER-KANG     Irepodun     Sanitation Exercise     Muhammed Taofeeq Abdulrazaq     Saliu Ajia     Col. Ibrahim Taiwo     Economic And Financial Crimes Commission     Abdulwahab Oba     Sarah Alade     Bio Ibrahim     Chief Imam Of Lafiagi     Yakub Ali-Agan     Olajumoke Monsura Gafar     Abikan     April 11     Ajasse-Ipo     Ayo Salami     Abdulmumin Yinka Ajia     Sabi     General Tunde Idiagbon International Airport Ilorin     Read With Me     Yashikira     Harmony Holdings     Shuaibu Yaman Abdullahi     Olaitan Buraimoh     Revenue Court     Mufutau Gbadamosi Esuwoye     Code Of Conduct     Razak Atunwa     Bayo Ajia     Abdulraheem Yusuf     Fatai Olodo     Ilorin Innovation Hub     Ilorin International Airport     Yusuf Lawal     Yahaya Abdulkareem     Aliyu U. Tilde     Ogidi-Oloje     Tosin Saraki     Sobi     Mashood Abdulrafiu Agboola     IYA YUSUF     Abdulwasiu Bolaji Adeyi     Folashade Omoniyi     Monsurat Omotosho     Valsolar Consultoria     Oba Abdulraheem     Belgore     Offa     Jimoh Lambe Abdulkareem     Elewu    

Cloud Tag: What's trending

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

NIRSAL     Rex Olawoye     RTEAN     Awoye     Bola Iyabo Ibiyeye Adisa     Sarakite     COEASU     Adanla-Irese     Ojuekun Sarumi     Ope Saraki     Prince Sunday Fagbemi     General Hospital, Offa     ER-KANG     Funmi Salau     Senate Presidency     Muazam Nayaya     Bolaji Nagode     Haliru Yahaya     Abdullah Janet Amudat     Nigerian Correctional Service     Aishat Mohammed Lawal     College Of Education     Olomu     Mahmud Ayinla Giwa     Bashir Adigun     Ileloke     Dar-Al-Handasah Consultants     Abdulmumini AbdulRazaq     Saba Jibril     Damilola Yusuf     Yomi Ogunsola     YAKOOYO     Christopher Tunji Ayeni     SAPZ Project     Undergraduate Bursary     Bisi Kristien     Ayekale     Economic And Financial Crimes Commission     Magaji Are     Olatunji Ibrahim     Bankole Omishore     Curfew     Kamaldeen Gambari     Oko-Olowo     Kehinde Baale     Sardauna     Garuba Alikinla Shittu     Abdulrasheed Akogun     Vasolar     Toun Okewale-Sonaiya     Abubakar Atiku     Raliat Elelu-Habeeb     Olam Food Ingredients     Oniyangi     Kayode Oyin Zubair     Yoonus Kola Olatinwo     Federal College Of Education (Special), Afon     AIT Ilorin     Ilorin Emirate Stakeholders Forum     Nigerian Army     Theophilus Oyebiyi     Tsado Manman     Hijab     Abioye Bello     Omotoso Musa     Maja     Ibrahim Oloriegbe     Femi Gbajabiamila     Soffiyyallah Kamaldeen     Folorunsho Erubu     Unilorin     Kayode Alabi     Federal Polytechnic Offa     Elewu     Ekiti     Samuel Adaramola     Sheikh Ariyibi