Co-founder and former Chief Executive Officer of Nigerian fintech startup Okra, Fara Ashiru, has officially exited the company and joined UK-based startup Kernel as Head of Engineering.
According to updates on her LinkedIn profile, Ashiru transitioned into her new role in June 2025, following her departure from Okra in May, marking the end of a five-year journey.
In a statement shared with Techpoint Africa, Ashiru confirmed that Okra had ceased operations, signaling the conclusion of one of Nigeria’s pioneering open banking startups.
“The company made the decision to wind down operations in May. It was an incredible journey; we built impactful technology, worked with some of the biggest brands across the continent, and helped pioneer open banking in Africa,” Ashiru said.
“I’m proud to have worked alongside some of the smartest and most talented people, and I’m deeply grateful for the community, customers, investors, and team who supported us over the past five years.”
From frustration to innovation
Ashiru co-founded Okra in 2019 alongside David Peterside, motivated by her firsthand experience of fintech apps that failed to integrate effectively with Nigerian banks.
- With prior stints at Canva, BMW, and JP Morgan, Ashiru returned to Nigeria to build an API-powered solution enabling users to securely connect their bank accounts with third-party apps.
- Okra quickly emerged as a trailblazer in Africa’s open finance landscape, securing strategic partnerships with financial institutions such as Renmoney, Branch, Bamboo, and AIICO Insurance. By early 2020, its API usage had surged 175%, setting the stage for regional expansion.
The startup secured significant early-stage backing, including $1 million in pre-seed funding from TLcom Capital, followed by a $3.5 million seed round led by Susa Ventures. Total disclosed funding exceeded $16.5 million, suggesting additional rounds post-seed. Peterside exited the startup in 2022.
A startup with a pan-African vision
Okra was part of a group of Nigerian tech firms, including Nobus and Layer3, providing naira-denominated cloud alternatives to major international platforms like AWS and Microsoft Azure.
- Its focus on secure data exchange, user-consent APIs, and real-time financial visibility helped set benchmarks for open banking integration across the continent.
- Under Ashiru’s leadership, Okra positioned itself not just as a technology provider but as a foundational layer for developers building Africa’s next-gen digital financial services.
The closure of the company comes amid broader market consolidation and strategic pivots in Africa’s fintech ecosystem, where rising regulatory demands and investor caution have reshaped startup trajectories.
