In this conversation, Obi Ofokansi shares his professional background and experiences in the nonprofit sector, including international development, human rights, and emergency disaster relief.
Our discussion touches on several topical issues in the sector from localisation agenda/decolonisation of finance in nonprofits to automation to AI and to finding the right balance between programme delivery teams, impact and supporting/enabling teams and integrating the finance and programme delivery teams.
Obi also touches on unique findings from internal audits, including instances of inappropriate use of donor funds and explores the importance of internal audit functions and the challenges of expense management in nonprofit organizations.
Listen to our perspectives on whether it is the end of the International NGO/Nonprofit sector as we know it.
Obi shares his favourite finance tool … listen to the full episode to find out what it is!
KEY TAKEAWAYS
Challenges in the nonprofit sector include financial sustainability, project management, and balancing program delivery with support functions.
A holistic strategy that integrates finance into program planning and decision-making is essential for organizational success.
Having local expertise is essential for navigating complex financial regulations in different countries.
The concept of decolonization of finance involves shifting decision-making power to local partners and country offices.
BEST MOMENTS
"… you and I know that most people do not look at the details, especially when they are at a senior level, what they do is expenses come and they just say fine and they sign it….”
… I don't think the finance function will ever become redundant even with the advent of AI, at least not completely…”
EPISODE RESOURCES
Connect with Obi https://www.linkedin.com/in/obi-ofokansi-5645a215/
Obi's previous appearance The Nonprofit Bookkeeper: Flipping the Script: Introducing your Host on Apple Podcasts
ABOUT YOUR HOST
Aishat operates her own bookkeeping and accounting services practice – BAnC Services which focuses primarily on serving non-profits. Before founding her practice, she dedicated over two decades to the non-profit sector.
With her podcast, Aishat shares practical insights and expertise to streamline financial management for non-profits; and shines a light on the often unseen & unheard efforts that uphold the delivery of a non-profit’s mission.
Beyond her professional endeavours with non-profits, Aishat is deeply committed to supporting single mothers with navigating financial management challenges and is the author of "Money Solutions for Single Mums". She also champions financial literacy among young black adults and thrives in discussions about money management.
Work with Aishat: www.bancservices.co.uk
CONNECT
