Nigerian Fintech Okra Shut Down as Co‑Founder Fara Ashiru Moves to UK’s Kernel
Nigeria’s fintech scene just lost one of its trailblazers, Okra, once hailed as Africa’s Plaid, quietly ceased operations in May 2025. Just days later, co-founder Fara Ashiru Jituboh exited to join British AI‑agent startup Kernel as Head of Engineering. Her departure and the shutdown mark a sobering moment for open‑banking in Africa—here’s why it matters and what it means for the future of fintech innovation.
Rise of an API Powerhouse
Founded in 2019 by Ashiru and David Peterside, Okra built the backbone of Nigerian open‑banking with their secure consent‑based APIs. Backed initially by a $1M TLcom Capital pre‑seed round and a $3.5M Series A led by Susa, Okra raised over $16.5M. With APIs integrated into major banks and partnerships with the likes of Renmoney, Bamboo, Branch, and AIICO, usage surged, growing 175% in early 2020.
The Cloud Gamble and Economic Headwinds
In 2024, Okra tried to pivot with Nebula, its naira‑priced cloud stack meant to challenge AWS and Azure locally. But it was a bet too big: cloud infrastructure is capital‑intensive, especially in a market dominated by global hyperscalers.
Compounding its troubles, Nigeria’s delayed open‑banking regulations and weakening naira drove costs up just when revenue growth stalled. Meanwhile, rival API providers like Mono and Stitch raised $17.6M and $52M respectively, deep-pocketed and ready to scale.
What Went Wrong
- Regulatory lag slowed revenue generation while the CBN’s rules were still pending.
- Currency depreciation drove cloud costs through the roof.
- Funding gaps meant Okra couldn’t ride the cloud pivot for long.
- Market overcrowding kept margins thin against funded competitors.
Despite a promising debut, Okra’s pivot came too late, spending more than it could recoup.
Leadership Exodus
Ashiru’s exit in June to Kernel, a UK AI startup, signalled the final turning point. Without its technical co‑founder and facing a pivot without fit, Okra quietly wound down operations in May. Her LinkedIn notes the end of a five‑year run that shaped open‑banking in Nigeria.
Broader Implications for Fintech
Okra’s demise isn’t just a local story; it’s a cautionary tale for African fintechs:
- Timing matters: Innovate before regulations arrive, don’t wait until it’s too late.
- Currency risk kills margins fast.
- Scale matters: Local alternatives need deep pockets to challenge global platforms.
- Pivot with care: Cloud is a long-game bet, not every startup can survive it.
Still, Okra leaves a legacy. It accelerated open‑banking adoption, laid groundwork for APIs, and inspired a new generation of Nigerian fintech builders
What’s Next?
- Mono, Stitch, and rivals may fill Okra’s void, but revenue models still depend on regulation.
- NITDA’s looming data‑localisation rules could give local cloud providers a leg up, though enforcement remains key.
- Ashiru’s move to Kernel, a UK AI startup, underscores the global demand for African‑trained technical talent.
Final Juggernut Insight
Okra’s shutdown is both a punch and a lesson for Nigeria’s tech ecosystem: brilliant ideas must navigate regulation, economics, and competition. As Financial Juggernut often emphasizes, innovation needs the right mix of timing, capital, and context. Okra reshaped open‑banking, but its end reminds us that great ideas alone don’t guarantee survival in a complex market