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.
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.
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.