Closed operations of Nigerian fintech company Okra in May 2025
In a surprising turn of events, Nigerian open banking startup Okra, known for its innovative API infrastructure connecting bank accounts to third-party apps, has announced its cessation of operations in May 2025. The company, which had raised $16.5 million, struggled with market adoption and strategic direction in its later years.
Okra's closure can be attributed to a combination of internal strategic issues, external economic challenges, leadership instability, and unmet market expectations within Nigeria’s evolving fintech ecosystem. The company faced significant difficulties after pivoting late in 2024 to Nebula, a cloud infrastructure product aimed at offering a naira-based alternative to foreign cloud services amid Nigeria’s naira depreciation. However, the Nebula product failed to gain sufficient traction, and the high foreign exchange costs and market conditions further exacerbated the situation.
The leadership departures of key figures, including co-founder David Peterside in 2022 and CEO Fara Ashiru Jituboh in May 2025, also weakened the company's stability. Despite significant funding, the shutdown's handling was criticised for lacking transparency and introspection.
Okra returned roughly $4M-$5.5M to its investors upon closure, marking the end of a six-year journey in the Nigerian fintech sector. The company's poster-child status as a pioneer in African open banking, promising "one API for all financial data," has been replaced by a systemic failure in startup discipline and founder accountability, according to some observers.
Meanwhile, better-funded rivals Mono and Stitch have raised $17.6 million and $52 million, respectively, indicating a competitive landscape in the Nigerian fintech sector. The long-awaited open-banking rules in Nigeria will not be enforced until August 2025, stalling revenue growth for API providers like Okra.
As for the future, Nebula, the cloud-services spin-off of Okra, is no longer in operation. Fara Ashiru Jituboh, a co-founder of Okra, has stepped down to join UK startup Kernel as head of engineering. The industry awaits further developments in Nigeria's fintech sector, as the landscape continues to evolve and adapt to the challenges presented.
Finance and technology played a significant role in Okra's journey, as the company pivoted late in 2024 to Nebula, a cloud infrastructure product aimed at offering a naira-based alternative to foreign cloud services amid Nigeria’s naira depreciation. Despite the potential in this field, the Nebula product failed to gain sufficient traction, highlighting the challenges in the intersection of technology and finance within the Nigerian fintech industry.
The shutdown of Okra, in May 2025, was criticized for lacking transparency and introspection, raising concerns about industry standards and accountability in the finance sector.
