The News Agency of Nigeria (NAN) reports that each of the victims, whose number was not specified by the Emir, received N350,000.
Many of the affected cattle breeders were still taking refuge in mosques and neighbours in communities not affected by the clash.
The crisis broke out three weeks ago.
Presenting the cheques to the beneficiaries in his palace, the emir advised all communities in the state to eschew bitterness, rancour and acrimony capable of causing disaffection among them.
“Always live together in peace and harmony among yourself for more development to be attained,” the emir said.
The traditional ruler condemned violence and advised the Fulani cattle breeders and the Yoruba community to embrace peace.
The monarch called on the Commissioner of Police in Kwara, Mr Agboola Oshodi-Glover, to investigate the causes of the mayhem and bring the culprits to book.
He commended the state Governor, Dr Abdulfatah Ahmed, for his intervention in the crisis by providing relief materials to all the victims.
Responding on behalf of the victims, Alhaji Muhammed Fulani, head of cattle breeders in Asa Local Government Area, thanked the emir for his gesture.
He said the money would go a long way to alleviate the suffering of the victims.
NAN recalled that a communal clash broke out between some Yoruba and Fulani cattle breeders in Alapa in October, resulting to the death of some people and destruction of property worth millions of naira. (NAN)