Ademola Ajibola of Ijara-Isin, a community in Isin Local Government Area in Kwara South Senatorial District, Nigeria, has reportedly created a means of exchange for his community in an effort to boost economic activities.
According to reports, 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.
Because IDFC does not have a license to operate as a microfinance bank, it uses the license of Mount Olive Microfinance Bank, Ilorin, which is owned by the king.
Credit: Premium Times
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