The Ijara-Isin community in the Isin Local Government Area of Kwara South Senatorial district has reportedly created a means of exchange for its people.
It was gathered that Ademola Ajibola, the village king introduced to boost economic activities.
Reports added that Ajibola came up with the idea after he visited the United States where he witnessed vouchers being used as a means of exchange in some factories.
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The king thereafter in August 202, decided to create a TLK voucher for residents within his community, Ijara-Isin.
To achieve this dream, reports held that the King converted an abandoned community postal office into the community microfinance bank location called Ijara-Isin Development Fund Centre (IDFC).
The report said:
“Because IDFC does not have the licence to operate as a micro-finance bank, it uses the licence of a micro-finance bank owned by the king, Mount Olive Microfinance Bank, Ilorin.”
However, It is reported that the manager of IDFC, Yomi Odumade mentioned the voucher was not money but simply a means to boost the economy of the community.
Odumade further explained that the voucher was introduced to allow residents in the community to transact their businesses within the community rather than going out or simply saving Naira in the bank.
A Facebook post also said:
“The voucher system, which is pegged to the naira, is not displacing the naira. Rather, it is a means of facilitating trade within the economy.”
