Honormeh Aganga Blog

Kwara Monarch Creates Local Currency to Boost Community Economy

Kwara Monarch Oba Ademola Ajibola of Ijara-Isin, the traditional ruler of Isin local government area kwara state has created a local currency for the community, according to the Oba himself, this new currency measure was carefully thought, planned, and implemented to serve as a means of exchange within locals of the community to ease the pressure the naira brings as it hasn’t been going right for his community.

Ademola Ajibola of Ijara-Isin

He went further to explain that this obviously is out of the norms and he’s expecting a lot of opposition to this regardless it is implemented to boost the economy of his community who are falling short in a lot of ways, and as a ruler of his people, it is his duty and not that of the Federal or state government but also every person in power to make a difference.

TLK Payment Voucher of Isin Local Government Area Kwara State

According to reports, Oba Ajibola had the idea after visiting the United States and seeing vouchers being used as a form of exchange in some factories, when he returned to Nigeria in August 2021, he devised the voucher system. Previously, the monarch had converted a portion of the community’s dormant Nigerian Postal Service office into a microfinance institution known as the Ijara-Isin Development Fund Centre (IDFC). The vouchers are now distributed by the microfinance bank,  although IDFC does not have a license to operate as a microfinance bank, it uses the license of Mount Olive Microfinance Bank, Ilorin, which is reportedly owned by the king.



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