Kwara community where residents trade with vouchers “special currency”

SEGUN ODUNAYO writes on Ijara-Isin, a small community in Kwara State, which has its unique means of buying and selling

Ijara-Isin is a sleepy small community in Isin Local Government Area of Kwara State, North-Central, Nigeria. The villagers are quiet people who go about their business peacefully.

Many of the indigenes are farmers and petty traders, who sell at the popular Oja-Oba Market (the king’s market).

During a visit to the community market, our correspondent observed as customers offered in exchange for goods what appeared like vouchers.
The notes are very popular among the market men and women and are in different denominations – 100, 200, 500, 5,000, 10,000 – which determine their values.

The coloured papers are said to be recognised and accepted for goods and services in the community. While traders accept the naira as a means of exchange, they also accept the vouchers.

It was gathered that the voucher system was introduced in 2021 shortly after a new traditional ruler, Oba Ajibola Ademola, emerged in the community.

The Managing Director of Ijara-Isin Development Fund and Corporative, Oluwafemi Alo, said the traditional ruler got the initiative after a trip to the United States of America.

Alo said, “He visited America in 2021 and saw how some factories used vouchers as a means of exchange to keep money circulating within their community, thereby bringing growth to their people.

“After he became king, he implemented a similar scheme here. He noticed that whenever he gave out jobs in the community, artisans and those who worked for him took all the cash outside the community, which did not impact the community positively. So, when he gives out jobs now, he pays a certain percentage in naira and issues out the rest in  our local vouchers.

A trader, Omolara Babalola, said the voucher had greatly improved business transactions in the village.

She said, “Oba Ademola created this so that we can make more sales in this market. The voucher isn’t available in any other city except here. It is acceptable in this market and has improved our sales because it helps our people spend their money in the community rather than taking it outside.”

Most of the market women in the community collect both vouchers and cash. Whenever they collect vouchers, they come to the Ijara-Isin Development Fund and Corporative office to save them in their accounts, where we convert the vouchers to cash for them so that they can restock.”

The IDFC manages the voucher system in the community.

According to Alo, all printed vouchers have  serial numbers, which are always captured at their backend server.

A cash officer with the IDFC, Mukaila Abdulrahman, said he signed on every voucher brought to the market, adding that it was part of the process of authenticating them.

One of the trade also said it reduce theft in the community

She said, “The voucher is a protective measure against thefts because it is useless to whoever snatches it from us. If you steal it from us, you can’t go to IDFC to exchange it for cash; you’d be caught. Therefore, we can remain in the market till as late as 8pm and no robber can come to attack us because the voucher is useless to them.”

A community official, Akinleye Tolulope, said he worked directly with the king and got paid in both vouchers and cash.

He said, “This initiative is to build the economic system here. Most of us working with the king get paid 60/40 or 70/30 per cent in the ratio of vouchers to cash. The larger portion is paid via voucher, while the rest is paid in naira.
“I don’t live in the community but since I get paid in vouchers, I’d have to patronise their market and buy things I need to take home.”

However, only three persons have the right to issue the voucher: the king, the managing director and the account officer of the IDFC.

As naira circulates across the country, the voucher travels from the palace (or the IDFC office as the case may be) to villagers, from where it circulates to market women and to the ‘bank’ (IDFC office).

The IDFC managing director said vouchers could be got as a reward for work done, thus becoming payment or received as a gift for an action embarked upon.

Therefore, in my perspective, since the commercial transaction value is the same, I don’t think it has violated any law and I think kudos should be given to the people of Ijara-Isin and their monarch for the thinking of what can make life easier for their people. When their people buy goods outside of their community, they still use naira and they also accept naira within their community.”

Source punch newspaper