Fara Ashiru, co-founder and former CEO of Nigerian fintech startup Okra, has officially confirmed her exit from the company and the shutdown of its operations, marking the end of one of Africa’s earliest open banking ventures. Ashiru has since joined UK-based startup Kernel as Head of Engineering, according to updates on her LinkedIn profile. She transitioned into the role in June 2025, following her departure from Okra in May.
“The company made the decision to wind down operations in May. It was an incredible journey; we built impactful technology, worked with some of the biggest brands across the continent, and helped pioneer open banking in Africa,” Ashiru told Techpoint Africa.
“I’m proud to have worked alongside some of the smartest and most talented people, and I’m deeply grateful for the community, customers, investors, and team who supported us over the past five years.”
Pioneering Open Finance in Africa
Founded in 2019 by Ashiru and David Peterside, Okra aimed to address persistent integration issues between Nigerian banks and fintech applications. Drawing from her professional experience at Canva, BMW, and JP Morgan, Ashiru returned to Nigeria to build an API-powered data infrastructure that enabled secure, real-time bank connectivity for third-party apps.
The company quickly gained traction, forming partnerships with major financial services firms such as Renmoney, Branch, Bamboo, and AIICO Insurance. By early 2020, usage of its open finance API had grown by 175%, positioning Okra as a leading player in Africa’s nascent open banking ecosystem.
Funding and Growth
Okra secured over $16.5 million in disclosed funding. It raised $1 million in pre-seed capital from TLcom Capital, followed by a $3.5 million seed round led by Susa Ventures. Additional funding rounds were reported, although details were not disclosed publicly. Co-founder Peterside left the company in 2022.
Beyond Nigeria, Okra had ambitions to serve as a pan-African infrastructure layer for digital financial services. It focused on creating secure data-sharing protocols, user-consent APIs, and building tools that allowed developers to enhance financial transparency and inclusion.
The startup was also part of a new wave of Nigerian tech firms, including Nobus and Layer3, developing naira-denominated cloud infrastructure as alternatives to global providers such as AWS and Microsoft Azure.
Market Context and Industry Shift
Okra’s closure comes amid a period of market consolidation and recalibration within Africa’s fintech sector, where increasing regulatory scrutiny, funding headwinds, and demand for more sustainable business models have forced several companies to pivot or shut down.
While Okra’s end underscores the volatility of scaling fintech infrastructure in emerging markets, its legacy remains tied to helping define standards for open banking integration on the continent.
Ashiru’s new role at Kernel signals a shift from Africa-focused infrastructure to global tech leadership. As Head of Engineering, she is now part of a team working on new frontiers of data security and digital architecture, applying lessons from a startup that once aimed to redefine how Africa connects financially.
