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THE IWOFA SYSTEM IN YORUBALAND AND THE LAWS THAT WAS REGULATING IT

THE IWOFA SYSTEM IN YORUBALAND

The term Iwofa has no equivalent in English. It denotes one who serves another periodically in lieu of the interest on money lent. In short, it is one in service for interest. It has also been compared to slavery by those ignorant of the legal conditions ruling the system; but an Iwofa is a free man, his social status remains the same, his civil and political rights are intact, and he is only subject to his master in the same universal sense that “a borrower is servant to the lender.”

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