Fara-Ashiru-Jituboh - okra cofounder (1).webp
The Digest:

A notable shift in Nigeria’s fintech ecosystem sees pioneering open banking startup Okra cease operations, while its co-founder, Fara Ashiru, transitions to a new role abroad. Ashiru has officially exited Okra to join UK-based Kernel as Head of Engineering, a move confirmed via her LinkedIn profile and announced in a statement to Techpoint Africa by Ashiru herself.

Keypoints:
  • Fara Ashiru, Okra's co-founder and former CEO, has officially left the company.
  • Ashiru transitioned to her new role as Head of Engineering at UK-based Kernel in June 2025.
  • She confirmed that Okra decided to "wind down operations" in May 2025.
  • Ashiru co-founded Okra in 2019 to address fintech app integration issues with Nigerian banks.
  • Okra secured over $16.5 million in disclosed funding, including pre-seed and seed rounds.
  • The company was a key player in Africa's open finance landscape, partnering with institutions like Renmoney and Bamboo.
  • Its closure comes amid broader market consolidation and rising regulatory demands in Africa's fintech ecosystem.
The closure of Okra, a prominent open banking innovator, reflects the evolving dynamics and challenges within Africa's fintech sector. This signals a period of strategic recalibration for startups navigating increased regulatory scrutiny and investor caution in the industry.


Sources: Techpoint Africa, LinkedIn (Fara Ashiru's profile), Israel Ojoko (Journalist)