Fara Ashiru, the co-founder and former CEO of Nigerian fintech company Okra, has exited the company following its official shutdown. Ashiru announced that she joined UK-based startup Kernel as Head of Engineering in June 2025, ending a five-year journey of building one of Africa’s earliest open banking platforms.
According to updates on her LinkedIn profile and a statement to Techpoint Africa, Okra shut down operations in May 2025.
“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 said.
Ashiru expressed gratitude to Okra’s team, investors, and partners, highlighting their role in building what was once a trailblazer in the fintech space.
From Frustration to Fintech Innovation
Ashiru co-founded Okra in 2019 with David Peterside, driven by the inefficiencies of fintech platforms in integrating with Nigerian banks. With experience at Canva, BMW, and JP Morgan, Ashiru returned to Nigeria to develop an API-powered solution that enabled secure connections between users’ bank accounts and third-party apps.
Okra quickly became a leader in Africa’s open finance sector. It formed strategic partnerships with Renmoney, Branch, Bamboo, and AIICO Insurance, and recorded a 175% surge in API usage in early 2020.
Funding and Growth
The startup raised over $16.5 million in disclosed funding. Its $1 million pre-seed round led by TLcom Capital and $3.5 million seed round led by Susa Ventures laid the groundwork for further expansion. Peterside exited the company in 2022.
Okra positioned itself among Nigerian tech companies like Layer3 and Nobus offering naira-denominated alternatives to AWS and Microsoft Azure. The company was also known for its commitment to secure data exchange, user-consent APIs, and real-time financial access—elements that made it a key enabler of Africa’s digital financial services infrastructure.
What This Means for African Fintech
The closure of Okra comes during a time of market consolidation and growing regulatory pressure in the African fintech space. Startups are facing tighter investor scrutiny and adapting to shifts in demand and compliance.
Ashiru’s move to Kernel signals a new chapter, as she continues her mission to innovate in tech from a global stage.
“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,” she concluded.