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.
Adewuyi Funmilayo Ayoade Akinnibosun Matthew Babaoye Babatunde Ishola Babaita Aishat Mohammed Lawal Aliyu Adebayo Police Commissioner Rihanat Ajia Bamikole Omishore Saka Keji Ahman Pategi Haruna Olawale Sulaiman Monsurat Omotosho Ahmad Fatima Bisola Omoniyi M. Ayinla Aasiyat Bello Oyedepo Majlis For Sadakah, Zakat And Waqf Mohammed Yahaya Barki Offa Muhammad Fawaz Abubakar Kwara State Polytechnic Kunbi Titiloye Ilorin Likeminds Foundation Olaiya Zuberu Yaman Arinola Lawal Abdulsalam Firdaous Amosa Suleiman Yahya Alapansapa Abdulganiyu AbdulAzeez Afolasade Opeyemi Kemi Mashood Abdulrafiu Agboola Soffiyyallah Kamaldeen Ishola Balogun Fulani Saheed Akinwumi Balogun Fulani Abdulmajeed Wahab Yahaya Dumoye KwaraLearn Mubarak Oladosu Lola Olabayo KWATMA Kwara South Oba Mogaji Abdulkadir JAMB Benin Republic Emir Of Shonga SARS Funmilayo Mohammed Raimi Iyanda BIR Kola Bukoye Sherif Shagaya Muhammed Akanbi Abdulmumini Sanni Jawondo Ajibola Ademola Julius Pacify Labs Abdulrazaq Solihudeen Mohammed Tunde-Jimoh Dele Momodu Bukola Ajikobi Oniye Woro Societe Generale Bank Of Nigeria Aisha Abodunrin Ibrahim Buhari Baakini Summit University Tunji Moronfoye Ayo Salami Government High School (GHS), Adeta Road Transport Employers Association Of Nigeria IsDB Saliu Ajia Dauda Adeniran Adeshola Umar Sanda Yusuf Esuwoye Kawu

