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.
Park Aminat Omodara Agbarere Mohammed Ibrahim Okin Biscuit Rasheed Jimoh Tafidan Kaiama Oke-Ode New Model Police Station Kwara State Football Association Kupchi Hosea Maxwell Bello Taoheed Abubakar Wale Oladepo Yashikira KWAFFA Isiaka Oniwa Ramat Oganija Ejidongari Muslim Media Watch Group Of Nigeria Theophilus Oyebiyi Oba Mogaji Abdulkadir Arandun Abdullahi Samari Oko Sulyman Atolagbe Alege Kudirat Arinola Lawal IESA Saka Asiat Ayinke Cornelius Adebayo Kayode Laro Ahmed Idris Mohammed Amos Justus Sayo Arca Santa Risikat Lawal NNPP Moses Salami United Nigeria Airline Dorcas Afeniforo Hassan Taiye Salam Kwara State Infrastructure Development Fund Ilorin Descendants Progressive Union Temitope Ogunbanke Oluwatoyin Lukman Olushola Saraki Tunde Saad Kwara Liberation Group IsDB Student Learning Support Helpline Rebecca Olanrewaju Mahmud Ayinla Giwa Toun Okewale-Sonaiya John Obuh Patience Jonathan Michael Ologundea 3MTT Salihu S. Yaru Muslim Cementary Musibau Akanji Ilorin Emirate Stakeholders Forum Kwara State University Of Education Deji Ajani Aliyu Adebayo Abdulfatai Ahmed Asa LGEA School Igbaja SSUCOEN Aisha Abodunrin Ibrahim Olatunde Michaels Ilorin Airport SSA Youth A.O. Belgore Sulyman Abdulkareem Fola Consultant Mutawalle Ishola Balogun Fulani Olatunji Ibrahim Bolaji Nagode

