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.
Erin-ile Wahab Egbewole Ilorin Muslim Community Aliyu Alhassan Biliaminu Aliu Www.Kwarareports.com Osuwa Mumeen Lah Kwara State Health Insurance Agency Bola Magaji Mutawali Abdulmajeed Abdullahi Dorcas Afeniforo Sheikh Hamzat Yusuf Ariyibi Saheed Alakoso Salihu Ajia Isiaka Yusuf Isiaka AbdulRazaq Innocent Okoye Mary Kemi Adeosun Rihanat Ajia Salman Alada Habeeb Saidu Issa Manzuma Yusuf Abdulwahab Bello Oyedepo Oke-Ero Frootify Kwara State Fish Farmers Association Wahab Isa Moshood Mustapha Oju Ekun Sarumi Arinola Lawal Suleiman Abubakar Oko Suleiman Yahya Alapansapa Akeem Lawal Abdulmumini Sanni Jawondo Salman Jawondo Kwara Teaching Service Commission Split Diamond Interchange Ilorin Curfew Elewu Ado Bayero Isiaka Rafiu Mope Kale Kawu Kwara Volleyball Association Usman Yunusa Medview Airlines Wahab Agbaje Mahmud Ayinla Giwa Maimunat Oniyangi Ilorin Emirate Stakeholders Forum Amule Elementary School Ilesha-Baruba-Gwanara Muhammad Akande Olarewaju Odunade Amuda Aluko Agboola Abdulraheem Balogun Ajikobi Makama Suleiman Ajadi AbdulGafar Tosho Budo-Egba Adeniyi Ojo Lanwa Galadima Lasiele Alabi Yahaya Abegunde Goke Tinubu IDPU Valsolar Consultoria Prince Sunday Fagbemi Ahmed Bolaji Nagode Ahmad Belgore Flights To Ilorin MAI Akande Umar Sanda Yusuf

