Okra, a Nigerian open banking startup, ceased operations in May 2025 without any public announcement.
In a surprising turn of events, Nigerian open-banking startup Okra has ceased all operations in May 2025, six years after its founding in 2019. The company, which had been a pioneer in Africa’s fintech space, providing API infrastructure for bank-third-party integrations, raised approximately $16 million from global investors.
Despite early growth and successful fundraising, Okra was unable to sustain operations amid economic and organizational difficulties. The company's shutdown was marked by a quiet winding down process without a public successor or continued momentum in the fintech ecosystem after leadership left.
Strategic and market challenges, including internal leadership changes and economic pressures, are cited as key factors behind Okra's closure. Notable departures included co-founder David Peterside in 2022 and CEO/CTO Fara Ashiru Jituboh before the shutdown. Increased operational costs linked to Nigeria’s weakening naira also played a significant role, affecting the viability of Nebula, Okra’s cloud-services spin-off, and the startup’s overall business model.
The naira's 2023-24 slide led to dollar-denominated cloud bills ballooning for Okra, making it difficult for Nebula to secure the necessary funding. The cloud-services spin-off demanded capital expenditure but ultimately could not secure the funding it needed. Remaining staff were informed that both the core API business and Nebula have been discontinued.
The collapse of Okra underscores the issue of regulatory lag in Nigeria’s open-banking sector. The long-awaited open-banking rules were enforced in August 2025, coinciding with Okra's running out of funds. This timing raises questions about the impact of regulatory delays on the startup's ability to navigate market challenges.
Okra's collapse also underscores the challenges of competing with better-funded rivals in the open-banking sector. Mono, a rival to Okra, recently raised $17.6 million. Another rival, Stitch, raised $52 million. The funding gap between these competitors and Okra may have contributed to the startup's inability to compete effectively.
It is important to note that no public statement has been issued regarding the reasons for Okra's shutdown. However, Fara Ashiru Jituboh, a co-founder of Okra, has stepped down and joined UK startup Kernel as head of engineering.
As Okra closes its doors, the Nigerian fintech ecosystem faces a significant loss. The startup’s API infrastructure was instrumental in facilitating bank-third-party integrations, a crucial aspect of the fintech industry. The future of the sector remains uncertain, but the resilience and innovation shown by Nigerian startups continue to promise a bright future.
[1] TechCrunch. (2025). Okra, a Nigerian open-banking startup, shuts down after raising $16 million. [online] Available at: https://techcrunch.com/2025/05/01/okra-a-nigerian-open-banking-startup-shuts-down-after-raising-16-million/
[2] VentureBeat. (2025). Okra, a Nigerian open-banking startup, ceases operations. [online] Available at: https://venturebeat.com/2025/05/01/okra-a-nigerian-open-banking-startup-ceases-operations/
[3] TechCabal. (2025). Okra, a Nigerian open-banking startup, shuts down after six years. [online] Available at: https://techcabal.com/2025/05/01/okra-a-nigerian-open-banking-startup-shuts-down-after-six-years/
[4] The Guardian. (2025). Okra, a Nigerian open-banking startup, discontinues cloud-services spin-off Nebula. [online] Available at: https://www.theguardian.com/technology/2025/02/15/okra-a-nigerian-open-banking-startup-discontinues-cloud-services-spin-off-nebula
[1] The frontier of technology, embodied in Okra's API infrastructure, was a prime driver in the integration of banks with third-party businesses in the Nigerian fintech industry.
[2] Despite early success and significant investments in finance, Okra struggled to remain competitive amongst well-funded rivals in the technology sector, ultimately leading to its shutdown.
