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.
Abdullahi Adisa Akodudu Muhammed Abdullahi Raji Ayodele Kamaldeen Adebara Fatimoh Lawal Awili Pedro Zaratu Umar Yusuf Babatunde Abdulwahab Christopher Odetunde Makama Of Kaiama Muhammed Akanbi Odo-Owa Akanji Mumeen Lah Idi-Ape Gbugbu International Market Habeeb Saidu Segun Olawoyin Ibrahim Kayode Adeyemi Chief Imam Of Offa Makama Gobir Malete Patience Jonathan Ibrahim Oloriegbe Oye Tinuoye Saad Omo\'ya Tunji Oyawoye Bahago Joshua Adeyemi Adimula Bayo Mohammed Onimode Tsaragi-Share Otoge Ajike People Support Centre Yusuf Ibitokun Sherifat Atiku Abubakar Hussein Olokooba Matthew Babaoye Abubakar Bature Sulu-Gambari Arca Santa Sulyman Abdulkareem Babajide Ajayi Kale Bayero Offa Poly ITP Ramat Oganija Oluronke Adeyemi Wole Oke Ilorin West/Asa Federal Constituency Mohammed Haruna Osi Atunwa Tosho Yaqub Hassan Oyeleke Biliaminu Aliu Ilorin East/South Federal Constituency Al-Ilory Iyeru Grammar School Oke-Ode Yusuf Ali KW-GIS Ahmed Ayinla Jimoh Emir Of Kano Oba Abu Raymond Olaitan Jumoke F. Ajao Ibrahim Gambari Yusuf Abdulwahab Bayer AG Kwara State Government Sidikat Uthman Ajibola Akanbi-Oke Maigida Soludero Transit Kayode Oyin Zubair Ibrahim Akaje Ahmed Bolaji Nagode Mopelola Abdulmaliq-Bashir