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.

Sheu Ndanusa Usman     Basit Olatunji     Ayo Opadokun     Shuaibu Yaman Abdullahi     Abdul Jimoh Mohammed     Ahmed Shuaib Buranga     07039448763     A.E. Afolabi     Yakubu Danladi     Elerinjare-Ibobo     Yoonus Kola Olatinwo     Obayomi Azeez     Waheed Ibrahim     Abdulfatah Ahmed     IYA ALFA NLA     Abdulkarim Adisa     Kwara State Sports Commission     Col. Taiwo     Offa Metropolitan Club     Gobir     Muhammad Akande Olarewaju Odunade     Basic Education Certificate Examination     Unicontinental Construction Company     Senior Special Assistant On Student Affairs     Yoonus Lawal     Fatai Adeniyi Garba     Hassan A. Saliu     Abiodun Abdulkareem     Omoniyi Ayinla     Bola Shagaya     Kunle Suleiman     Orire     Kwara Metro Park     MINILS     Yaman     HAMFAT Clinic And Maternity     Hakeem Lawal     Reuben Paraje     Bello Taoheed Abubakar     Bolaji Abdullahi     Ibrahim Sulu Gambari     Kwara University Of Education     AbdulHamid Adi     Ilorin Metro Park     Folashade Omoniyi     Akorede     Isiaq Khadeejah     Ope Saraki     Folorunsho Alao     Rafiu Ajakaye     Aliyu U. Tilde     Musa Ayinla Yeketi     AbdulRauf Keji     Tafidan Kaiama     Bilikis Oladimeji     Iyabo Adewuyi     Eruku     Hassan Abdulazeez Elewu     Okala Baba     Ethical College     Oluwarotimi Boluwatife Adenike     Principal Private Secretary     Aliyu Muhammed     Chief Imam Of Lafiagi     Crystal Corner Shops     Elerin Of Adanla     Sarakite     Abdulwasiu Bolaji Adeyi     Babs Iwarere     Abdulraufu Mustapha     Overland     Kwara State Coalition Of Business And Professional Associations     Oya State     Segun Abifarin     Emir Of Lafiagi     Fareedah Dankaka     Isiaka Gold    

Cloud Tag: What's trending

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

Ajibike Katibi     KWSIEC     Apaola     Moronfoye     Lanre Jimoh     Emir Of Lafiagi     Hakeem Lawal     Taofik Abdulkareem Babaita     Yusuf Aiyedun     Razak Atunwa     Ramadhan     Tanke Road     Shuaib Boni Aliyu     ITP     Junior Secondary School Certificate Examinations     Saad Omo\'ya     Oyin-Zubair     Yusuf Amuda Abubakar     Yakub Ali-Agan     Oluronke Adeyemi     Mazars Consulting     Wahab Femi Agbaje     Sulyman Age AbdulKareem     Iyiola Oyedepo     Nurudeen Mohammed     Ghali Alaaya     Kudirat Arinola Lawal     Amos Bajeh     Eleyele     Abdullahi Saadudeen Alikinla     Mamman Saba Jibril     KwaraLearn     Valsolar-Kwara Company Limited     Kwara Coalition Of Business And Professional Associations     Aso-ofi     Funmilayo Braithwaite     Lateef Fagbemi     Afonja     Oba Abdulkadir La\'aro     Onilu     Alaaya     Ilorin South     Oloje     Yakubu Mohammed Abdullahi     Aisha Buhari     Abiodun Oyedepo     Park     Ahmed Dankaya     Sunset Workers     School Of Nursing     Ilorin Central Mosque     Obuh     Igbaja     Wahab Olasupo Egbewole     Dunmade     Bello Taoheed Abubakar     Abdulraheem Olesin     Folashade Omoniyi     Makama Of Ilorin     Garba Idris Ajia     Bello Oyebanji     Tunde Mukaila Mustapha     Ajia-Bako     Ganiyu Abolarin     Emir Of Kano     Air Peace     Isiaq Khadeejah     MMWG     Abdullahi Samari     Abdulquawiy Olododo     Sheikh Hamzat Yusuf Ariyibi     Volunteers Of Ilorin Community And The Emirate     GAMA     Omoniyi Ayinla     Cassava Growers\' Association     Afolabi-Oshatimehin     Mahfouz Adedimeji