Okra Shuts Down, Citing Market Challenges, Returns Millions to Investors
Nigeria’s fintech scene has experienced a setback with the closure of Okra, an open banking startup that ceased operations in May 2025. After six years of aiming to revolutionize financial accessibility, Okra is now returning an estimated $4 million to $5.5 million in unused capital to its investors. This closure comes as CEO and co-founder Fara Ashiru Jituboh transitions to a role at Kernel, a UK-based firm, marking a significant shift for one of Africa’s promising fintech companies.
Navigating the African Fintech Landscape: The Challenges Faced by Okra
Okra, founded in 2019 by Fara Ashiru Jituboh and David Peterside, sought to connect financial institutions and third-party applications through a secure API infrastructure. This innovative platform facilitated real-time data exchange, streamlining financial services and promising a more interconnected financial ecosystem. However, despite initial successes and partnerships with major Nigerian banks, the company ultimately succumbed to “strategic and market challenges,” as reported by TechPoint. This development highlights the difficulties of scaling fintech businesses within the African market, where regulatory hurdles, infrastructure limitations, and market volatility can present significant obstacles to long-term sustainability and profitability.
Okra’s closure, though disappointing, serves as a reminder of the inherent risks involved in the rapidly evolving African tech landscape. While the company’s innovative approach initially generated considerable excitement and investment, the complexities of navigating the market ultimately proved insurmountable. The decision to return unused funds to investors demonstrates a commitment to responsible financial stewardship, even in the face of closure.
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