Kwara Village King Develops His Own ‘Currency’ to Drive Economic Empowerment in his Community
- A Kwara village king has developed a unique currency for his village after visiting abroad and seeing the same
- He believes the currency 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 the 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 Premium Times, 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 who is also known as Mount Olive loved what he saw in the US and in August 2021 decided to create a TLK voucher for residents within his community, Ijara-Isin.
Source: Getty Images
Why the money was created
Premium Times in its report noted that the King converted an abandoned community postal office into the community microfinance bank location called Ijara-Isin Development Fund Centre (IDFC).
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
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.
A Facebook post also explained:
"Ajibola has introduced a purchasing "voucher" known as TLK which is to be used to purchase goods in their market.
"The voucher system, which is pegged to the naira, is not displacing the naira. Rather, it is a means of facilitating trade within the economy."
Who is Oba Ademola?
According to a report by Midlandpost, Ademola is a foremost business icon and industrialist who loves cars with brands like Mercedes Benz, the luxurious Jaguar in the X-Range, top Chinese brands and others in his garage.
IMF calls on Nigeria to abandon official exchange rate
Legit.ng had earlier reported that the International Monetary Fund is asking Nigeria to ditch the official exchange rate.
According to the IMF, the use of the official exchange rate is hurting the economy of Nigeria and asked the CBN to review its policies.
IMF also called for the Nigerian government to do away with fuel subsidy and use the funds in building infrastructure.
Source: Legit.ng
