Fintech company Okra, specializing in open banking from Nigeria, closed its operations in May 2025.
=========================================================================
In a surprising turn of events, Nigerian open banking startup Okra, known as the poster-child for African open banking, has ceased operations in May 2025. The company, which raised over $16 million from global investors, aimed to revolutionise financial access in Africa through API infrastructure connecting banks and third-party apps.
The shutdown of Okra was confirmed by a person familiar with the company. Both the core API business and the cloud-services spin-off Nebula have been discontinued. No public statement has been issued regarding the reasons for the shutdown, but several factors are believed to have contributed to the decision.
Internal Leadership Changes and Strategic Pivot Failures
Key contributing factors include leadership departures and a failed strategic pivot towards cloud infrastructure. David Peterside, one of the co-founders, left the company in 2022, and Fara Ashiru Jituboh, the other co-founder and then CEO/CTO, stepped down in May 2025, with no public successor named.
In late 2024, Okra launched Nebula, a naira-based cloud infrastructure product aimed at reducing the high costs of foreign cloud services due to naira depreciation. However, Nebula failed to gain significant market traction. The pivot fatigue experienced by Okra may have been due to the high costs associated with Nebula's demands.
Market and Operational Challenges
The company faced challenges linked to the economic environment, including Nigeria’s currency depreciation that increased operational costs, and difficulties in scaling the business despite earlier partnerships with major banks and fintechs.
The naira's slide in 2023-24 led to increased dollar-denominated cloud bills for Okra, causing cash burn. Meanwhile, rival open-banking startup Mono raised $17.6 million, outspending Okra on distribution. Stitch, another competitor, raised $52 million.
Impact on the Fintech Sector and Future Leadership
Okra’s closure is viewed as a significant event in Africa’s fintech space, marking the end of a pioneering open banking infrastructure startup but also highlighting the difficulties startups face in achieving sustainable product-market fit and scaling under challenging economic and leadership conditions.
Fara Ashiru Jituboh, one of the co-founders, has since taken a leadership role at Kernel, a UK-based startup that acquired Okra’s assets. The shutdown underscores the impact of currency pain on businesses in Nigeria, and the need for startups to navigate these challenges effectively to succeed.
The shutdown of Okra, a pioneering open banking startup aiming to revolutionize financial access in Africa, was caused by a combination of failed strategic pivots, such as the launch of Nebula, a naira-based cloud infrastructure product, and internal leadership changes, including the departure of co-founder David Peterside in 2022 and the stepping down of Fara Ashiru Jituboh, the other co-founder and then CEO/CTO, in May 2025. Despite partnerships with major banks and fintechs, Okra faced operational challenges due to Nigeria’s currency depreciation and increased competition in the business and technology sectors. Consequently, the company ceased operations in May 2025, leaving lessons for fintech startups facing similar challenges in Africa.
