Fara Ashiru, co-founder and former CEO of Nigerian fintech startup Okra, has officially ended her tenure at the company and joined UK-based tech venture Kernel, where she now serves as Head of Engineering.
According to updates shared on her LinkedIn profile, Ashiru stepped into her new position in June 2025 following her exit from Okra in May, wrapping up a five-year chapter of building one of Nigeria’s earliest open banking platforms.
Speaking to Techpoint Africa, Ashiru confirmed that Okra has ceased operations: “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.”
She added, “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.”
Founded in 2019 by Ashiru and David Peterside, Okra was conceived as a solution to the interoperability issues plaguing fintech platforms in Nigeria. Drawing from her professional experience at firms like Canva, BMW, and JP Morgan, Ashiru returned to Nigeria with a vision to build a secure API infrastructure allowing users to seamlessly connect their bank accounts with digital applications.
Under her leadership, Okra rapidly rose to prominence, forming strategic alliances with financial service providers such as Renmoney, Branch, Bamboo, and AIICO Insurance. By early 2020, the startup saw a 175% jump in API activity and was on course for regional expansion.
The company attracted considerable investor interest, securing $1 million in pre-seed capital from TLcom Capital and raising an additional $3.5 million in a seed round led by Susa Ventures. Okra’s total disclosed funding surpassed $16.5 million, hinting at possible undisclosed rounds. Peterside departed the company in 2022.
Okra stood out in Nigeria’s burgeoning tech ecosystem, offering naira-based cloud services in a market dominated by global giants like AWS and Microsoft Azure. Its emphasis on secure, consent-based data sharing made it a benchmark for open finance integration in the region.
Ashiru’s departure and the company’s shutdown come amid shifting investor sentiment and tightening regulatory frameworks, prompting consolidation and strategic reassessments among Africa’s fintech startups.
