Nigerian Fintech Company Okra Ceases Operations After Five-Year Journey
After five years of operation, Nigerian fintech company Okra has officially shut down, marking the end of a journey that once positioned it as a key player in Africa’s open banking revolution. Co-founded in 2019 by Fara Ashiru Jituboh and David Peterside, Okra ceased operations in May 2025 after raising over $16 million in funding.
Okra was renowned for its promise to provide “one API for all financial data,” offering secure, real-time access to bank accounts and financial information for third-party apps. Its services were widely adopted in lending, digital banking, and remittance sectors, powering identity and income verification, transaction analysis, and financial authentication for clients such as Renmoney, Branch, Bamboo, and AIICO Insurance.
Challenges Leading to Closure
Despite early success and rapid growth, Okra faced challenges that ultimately led to its closure. Regulatory setbacks, economic pressures, and a costly strategic pivot all played a role in the company’s decision to cease operations. Nigeria’s open banking regulations, which were anticipated to come into effect in August 2025, hindered adoption by banks and impacted Okra’s revenue potential.
The devaluation of the naira in 2023 and 2024 also posed significant cost pressures for Okra, as dollar-denominated cloud infrastructure expenses became inflated. In response, the company launched Nebula, a cloud services platform aimed at reducing infrastructure costs. However, Nebula failed to gain traction and was discontinued in May 2025, contributing to Okra’s financial strain.
Competitive Landscape and Industry Trends
Operating in a highly competitive market alongside rivals like Mono, OnePipe, and Stitch, Okra faced stiff competition. While Okra raised $16.5 million in total funding, competitors like Stitch secured up to $52 million, enabling them to expand more rapidly and aggressively.
Industry analysts suggest that Okra’s closure reflects broader trends in Africa’s fintech ecosystem, including increasing investor caution, regulatory delays, and the high costs of conducting business. Despite concerns about the fate of investor funding, a source close to the company indicated that Okra still possesses substantial capital and plans to return three years of runway to investors.
CEO’s Statement and Future Plans
Fara Ashiru Jituboh, who served as CEO and CTO of Okra, confirmed the shutdown and has since taken on a new role as Head of Engineering at Kernel, a UK-based AI startup. In a statement, she expressed gratitude for the journey with Okra, highlighting the impact of the technology built, collaborations with major brands across the continent, and the pioneering role Okra played in advancing open banking in Africa.
As Okra closes its doors, the company’s legacy lives on in the fintech industry, serving as a reminder of the challenges and opportunities present in Africa’s rapidly evolving financial technology landscape.
