Ijara-Isin is a small, peaceful community in Isin Local Government Area of Kwara State, Nigeria. The community has its unique means of buying and selling, which guarantees seamless transactions among residents.
During a visit to the community market, it was observed that customers were offering vouchers in exchange for goods. The notes are recognised and accepted within the community, which has been beneficial to traders who make more sales and have more money circulating within the community.
The managing director of Ijara-Isin Development Fund and Corporative, Oluwafemi Alo, mentioned that the voucher system was introduced by the traditional ruler, Oba Ajibola Ademola, after his trip to the United States in 2021. Oba Ademola saw how factories used vouchers as a means of exchange to keep money circulating within their community, thereby bringing growth to their people. The idea was to make the money spent in the community, rather than outside.
The vouchers are issued by the king, managing director, and account officer of the IDFC. The IDFC also manages the vouchers issued. All printed vouchers have serial numbers, which are captured at the backend server, making it easy to track vouchers if they get lost or stolen.
According to a cash officer with IDFC, Mukaila Abdulrahman, people can buy goods worth thousands of naira at the market with vouchers. The market women come to the IDFC office to change vouchers for cash. The voucher system has helped reduce theft in the community as the notes are worthless if stolen.
Although the Central Bank of Nigeria holds the authority to issue and manage currency issues, the use of vouchers within the community is regarded as unofficial currency and has not contravened any laws. Some legal luminaries have expressed their support of the voucher system, as long as it does not contradict any existing laws.
The issuance of vouchers has allowed Ijara-Isin to build its economic system, and the voucher system’s success may inspire other communities to develop their unique means of exchange. With the success of similar initiatives elsewhere, it is safe to say that alternative currencies can indeed foster economic growth in communities.
