Oba Ademola Ajibola of Ijara-Isin, Isin Local Government Area, Kwara state has developed a unique currency for trading for members of his community as a way to bring empowerment and deepen financial inclusion for members of his town.
The village king according to reports, developed through currency for his community after travelling abroad to see it's effect.
Premium Times reported that the king conceived the idea after he visited the USA where he witnessed first hand the use of vouchers as means of exchange in some factories.
He loved what he saw in the United States and decided to replicate it by creating a TLK voucher for inhabitants of the Ijara-Isin community.
According to Premium Times, the King converted an abandoned postal office in the community into Ijara-Isin Development Fund (IDFC), a community microfinance bank.
Part of the Premium Times report reads:
"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."
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