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.
Is\'haq Modibbo Kawu PharmAccess Foundation Gbajabiamila Surajudeen Akanbi Asa Sheikh Alimi Kwara Basketball Association Coronavirus LEAH Charity Foundation Gbemisola Saraki Tafidan Kaiama Oke-opin Lukman Adeloyin Ayinde Oyepitan Abdulrahman Abdulrazaq Alfa Modibo Belgore Amusement Park Garba Ado Sanni Yakubu Danladi Segun Adeniyi Saidu Kawu Saliu Oluwole Medinat Folorunsho Salman Harmony Holdings Alfa Belgore Kwarareports Olatunde Olukoya Raliat Elelu-Habeeb Forgo Battery Company Limited Benin Republic Nigerian Correctional Service Olusola Saraki Press Release Mumeen Lah Lola Ashiru Ayoade Akinnibosun Abdulrahman Iliasu Bolakale Kawu Agaka TIC Oladimeji Thompson Shuaib Boni Aliyu Lanre Jimoh Yomi Adeboye Makama Saadatu Modibbo-Kawu Ayinde Oki Jimoh Bashir HAMFAT Clinic And Maternity Bello Oyedepo Olubukola Kifayat Adedeji George Innih Oba Mogaji Abdulkadir Amosa New Model Police Station Elerin Of Adanla NULGE Shonga Yusuf Lawal Adamu B. Yaqubu Bureau Of Lands Kayode Issa MATTA Girls Foundation Kola Bukoye Oluwarotimi Boluwatife Adenike Trade Lenda SME Fair Kwara North Post-utme Saba Jibril Yunus Lawal Yusuf Abdulraheem Kwara State Governor Savannah Centre For Diplomacy, Democracy And Development NNPP Mohammed Abduraheem 2023 Elections Saba Mamman Daniel Saliu Shola Taofeek

