TED Talks Daily A for-profit mindset for nonprofit success | Tolu Oyekan
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Feb 7, 2023 Tolu Oyekan, an advocate for inclusive finance, shares insights on how nonprofit organizations can leverage a for-profit mindset to achieve greater impact. He discusses the urgent financial access challenges facing Africa, where many remain unbanked. Oyekan emphasizes the importance of integrating profit-driven strategies in nonprofits to tackle issues like housing and climate change effectively. He also highlights innovative solutions such as agent banking and introduces GeoFin, a tool to better assess financial needs in underserved communities.
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Profit vs. Nonprofit Impact
- For-profit organizations often achieve faster impact than nonprofits, even with similar talent.
- This difference isn't solely about funding, but a deeper difference in operational urgency.
For-Profit Urgency
- For-profit companies have an annual cadence of accountability to investors, driving a sense of urgency.
- This urgency fuels their use of data analytics and evidence-based tools for profitability.
Financial Access in Nigeria
- Tolu Oyekan discusses expanding financial access in Nigeria, where many lack basic services.
- Agent banking, where local retailers provide financial services, offers a scalable solution.