Okra, one of Nigeria’s pioneering open banking startups, has closed down after five years, with co-founder Fara Ashiru moving to UK-based Kernel as Head of Engineering.
Okra, founded in 2019 by Fara Ashiru and David Peterside, was a trailblazer in Africa’s open finance scene. It developed technology that let users securely connect their bank accounts to third-party apps, working with major financial firms like Renmoney and AIICO Insurance. The startup raised over $16.5 million in funding and expanded across the continent.
In May 2025, Okra decided to wind down operations. Ashiru confirmed the closure and expressed pride in the company’s impact and the talented team behind it. She left Okra in May and started her new role at Kernel, a UK startup, in June 2025.
“It was an incredible journey; we built impactful technology and helped pioneer open banking in Africa. I’m grateful for the community, customers, investors, and team who supported us over the past five years.” – Ashiru said
As Okra exits, the fintech ecosystem in Nigeria continues to evolve, with startups adapting to new challenges and opportunities in digital finance.
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