Weird News
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 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 liked it and in August 2021 decided to create a TLK voucher for residents within his community, Ijara-Isin.
Why the money was created
…..Premium Times also in its report 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.
-
Entertainment4 days ago
Popular Nollywood Actor, Ogunjinmi Is Dead
-
News6 days ago
Passengers Overpower Bandits, Kill One
-
Entertainment2 days ago
Nigerian gospel singer Is dead
-
Metro/Crime4 days ago
Nigerian Prison Comptroller Kidnapped
-
Politics2 days ago
Tinubu to reshuffle cabinet, as some ministers marked for replacement
-
Metro/Crime2 days ago
Fashion Designer, Okada Rider Die In Osogbo Auto Crash
-
Education5 days ago
Student Bullied by Classmates Gives 48-hrs Ultimatum To School Authorities
-
Entertainment6 days ago
Another Veteran Nollywood Actor Is Dead