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.
Lateef Ademola Olatunji Magaji Are Abdulrazaq Solihudeen Olabode George Towoju Lanre Olosunde Oja-Oba School Of Nursing 3MTT Danladi Rachael Obisesan Jawondo Reuben Paraje Oke-Ogun Egbewole Olota Of Odo-Owa Adaramaja Roheemat Hammed Innocent Okoye Folorunsho Alao Salihu Ajia TESCOM 2025 Abdulmumini Sanni Jawondo Hussein Olokooba Maimunat Oloriegbe Toyin Saraki Special Agro-industrial Processing Zone Abdulwaheed Musa Lukman Adeloyin Gobir KWACOBPA Olam Food Ingredients New Naira Notes State Bureau Of Internal Revenue Ajasse-Ipo Aliyu Muhammed Sam Okaula Aliyu Olatunji Ajanaku Unilorin Amusement Park Muhammadu Buhari Isaac Aderemi Kolawole Abdulazeez Arowona Yusuf Arowosaye Gbemi Saraki Ilesha-Gwanara Council Of The Wise Moses Afolayan Tafida Of Kaiama Michael Nzekwe Ilorin Talaka Parapo Bola Ahmed Tinubu Noah Yusuf Ilorin Likeminds Foundation Patience Jonathan 07039448763 Abdulganiyu Oladosu NSCIA Ramat Oganija Gbajabiamila Soffiyyallah Kamaldeen Oko-Olowo Kwha.gov.ng Abubakar Ndakene Saka Asiat Ayinke Budo-Egba Jumoke F. Ajao Afusat Nike Ibrahim Col. Adedipe Salihu Jibril Garbi Alao Ayotunde CCT Olusin Of Ijara Isin Doyin Awoyale Charcoal Shonga Farm Project Oniwasi Agbaye Aliyu Adebayo

