Nigerian fintech startup Okra, once a pioneer of open banking APIs on the continent, is shutting down operations following the exit of its co-founder and former CEO/CTO, Fara Ashiru Jituboh.
Jituboh confirmed the closure to Techpoint Africa, saying the company decided to wind down in May 2025 after five years of building what she described as impactful technology and helping to pioneer open finance in Africa.
“The company made the decision to wind down operations in May,” she said. “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. I’m proud to have worked alongside some of the smartest and most talented people.”
According to her LinkedIn profile, Jituboh left Okra in May and has since taken on a new role as Head of Engineering at British startup Kernel.
A Trailblazer for Open Banking in Africa
Founded in 2019 by Jituboh and David Peterside, Okra set out to build APIs that let users securely connect their bank accounts to third-party apps. The goal was to enable seamless financial data sharing for products such as credit, savings, and payments, helping fintechs integrate with Nigerian banks.
Okra quickly established itself as an early leader in open finance infrastructure. The startup integrated with major Nigerian commercial banks and worked with brands like Renmoney, Branch, Bamboo, and AIICO Insurance.
Its technology saw rapid uptake, with API usage growing 175% in early 2020. By its seed round in 2021, Okra had signaled ambitions to expand across Africa, aiming to provide developers with the infrastructure to create digital-first financial products.
Funding and Strategic Shifts
Okra raised over $16.5 million in total funding, including $1 million in pre-seed investment led by TLcom Capital and a $3.5 million seed round led by Susa Ventures. The figures suggest the company secured additional rounds after its initial seed stage.
However, the startup faced significant headwinds in Nigeria’s macroeconomic environment. As the naira depreciated sharply, cloud infrastructure costs soared, consuming most of Okra’s revenue apart from salaries.
In October 2024, Okra launched Nebula, an in-house cloud infrastructure product aimed at countering rising foreign exchange-driven costs. Nebula was part of a wave of local solutions—including offerings from Nobus and Layer3—designed to provide naira-priced alternatives to global cloud providers like AWS and Azure.
Leadership Transitions and Industry Impact
Jituboh’s exit comes two years after co-founder David Peterside departed in 2022. The company has not yet confirmed a successor for her role, but new leadership announcements are expected in the coming days.
Beyond Okra, Jituboh’s background includes roles at Canva, BMW, and JP Morgan. She previously explained that her decision to return to Nigeria to launch Okra was driven by frustration with the lack of integration between fintech apps and local banks.
Under her leadership, Okra helped catalyze Nigeria’s open finance ecosystem, enabling new digital experiences and financial products across the industry.
As the company winds down, her departure marks the end of a pivotal chapter for one of Nigeria’s most prominent fintech startups. While Okra transitions away from its original open banking mission, its legacy includes advancing API integration in Africa and tackling local infrastructure challenges head-on.