Just In : Nigerian Monarch Develops Currency For His Subjects
A Kwara village king has developed a unique currency of his village after visiting abroad and seeing the same.
.,…The currency he believes will help bring empowerment to his community and help deepen financial inclusion Although questions have been raised by the government he has been able to prove that it is for good and not to become powerful.
…..A Nigerian village king, Ademola Ajibola of Ijara-Isin a community in Isin Local Government Area in Kwara South Senatorial district has been reported to have created a means of exchange for his community in an effort to boost economic activities.
,,,,,According to infomation gathered, Ajibola came up with the idea after his visit to the United States where he witnessed vouchers being used as a means of exchange in some factories.
.,.Ajibola liked it and in August 2021 decided to create a TLK voucher for residents within his community, Ijara-Isin.
Why the money was create
we also gathered report and noted that the King converted an abandon 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.”
How the voucher works as a means of exchange
It is reported that the manager of IDFC, Yomi Odumade said the voucher is not money but simply a means to boost the economy of the community.
According to him, 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.
