Fara Ashiru, co-founder of Nigerian open banking startup Okra, has confirmed the company’s operational wind-down in May 2025 and her subsequent move to UK-based startup Kernel as Head of Engineering.
The transition ends Okra’s five-year run as an early architect of Africa’s open finance infrastructure.
In a statement to Techpoint Africa, Ashiru acknowledged Okra’s impactful journey: “We built technology that worked with major brands across the continent and pioneered open banking in Africa.” She expressed gratitude to investors, customers, and team members who supported the venture since its 2019 launch.
Co-founded by Ashiru and David Peterside (who exited in 2022), Okra solved bank-fintech integration hurdles in Nigeria through API-driven data infrastructure. Key milestones included:
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Securing over $16.5 million in funding from investors like TLcom Capital and Susa Ventures.
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Partnering with Renmoney, Branch, and Bamboo, achieving 175% API usage growth by 2020.
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Developing naira-denominated cloud alternatives to global providers alongside peers like Nobus.
The shutdown aligns with broader African fintech consolidation, where regulatory shifts and funding pressures have prompted recalibration. Industry observers note Okra’s foundational role in standardizing secure data sharing despite market volatility.
Okra’s closure underscores challenges in scaling financial infrastructure across fragmented African markets. While advancing financial inclusion through real-time connectivity, the startup faced intensifying competition and evolving compliance demands across operating countries.
Ashiru’s pivot to Kernel—focusing on global data security—leverages expertise from building Africa-centric solutions. Her departure concludes a significant chapter in Nigeria’s fintech evolution, even as open banking frameworks mature continent-wide.
