Okra's Co-Founder, Fara Ashiru, Affiliates with UK's Kernel Organization
### Fara Ashiru's Departure and Okra's Closure: A Turning Point for Nigeria's Fintech Sector
Fara Ashiru, co-founder and former CEO of Nigerian fintech startup Okra, has joined Kernel, a UK-based AI company, as Head of Engineering [1][2][3]. This move marks the end of Ashiru's five-year journey with Okra, which ceased operations in May 2025, shortly after her exit [1][3][4].
Okra, a pioneer in Africa's open banking and open finance landscape, built APIs that enabled users to securely connect their bank accounts to third-party applications [1][3][4]. However, the company faced significant challenges, including a difficult regulatory and competitive environment, and the discontinuation of several core open-finance products designed to assess creditworthiness for lenders [2].
In an attempt to diversify, Okra pivoted to cloud services, introducing the Nebula cloud infrastructure product. Yet, this move did not yield enough traction to sustain operations, and with Ashiru's departure, Okra entered liquidation [3][4].
The closure of Okra has had several impacts:
1. **Leadership Void:** Ashiru was the last remaining co-founder and had been the company’s sole leader since David Peterside's departure in 2022. No successor was announced following Ashiru's exit, creating uncertainty for employees and stakeholders [3]. 2. **Strategic Pivot and Failure:** Okra’s attempt to diversify into cloud infrastructure (Nebula) came too late to offset the revenue loss from discontinued financial API products, ultimately failing to secure the company’s future [3][4]. 3. **Investor and Market Confidence:** Despite raising over $16.5 million from prominent global investors, the shutdown signals a setback for the Nigerian fintech community and may affect investor confidence in similar startups [2][3][4]. 4. **Legacy:** Ashiru and her team are recognised for pioneering open banking in Africa, working with major brands and integrating with major Nigerian banks, but the company’s abrupt end highlights the risks faced by even the most innovative fintechs in challenging markets [1][4].
The impact of Okra's closure extends beyond the company itself. It raises questions about the future of open banking in Nigeria, the global mobility of Nigerian tech talent, investor sentiment, and the need for robust business models, regulatory clarity, and diversified revenue streams in Nigeria's fintech ecosystem [2][4].
Ashiru's move to Kernel, a UK-based AI startup, will be closely watched as a case study in founder resilience and cross-border tech leadership [1][3]. Meanwhile, Okra is navigating these challenges without its co-founder and CEO, with Bodunrin Akinola now serving as the Head of People and Habib Akinpelu as the Legal Counsel [5].
- [1] TechCabal (2025). Fara Ashiru Leaves Okra to Join Kernel as Head of Engineering. Retrieved from https://techcabal.com/2025/05/27/fara-ashiru-leaves-okra-to-join-kernel-as-head-of-engineering/ - [2] TechCrunch (2025). Okra, the Nigerian Fintech Startup, Shuts Down. Retrieved from https://techcrunch.com/2025/05/27/okra-the-nigerian-fintech-startup-shuts-down/ - [3] The Guardian (2025). Okra Shuts Down: What Happened to the Nigerian Fintech Startup? Retrieved from https://www.theguardian.com/business/2025/may/27/okra-shuts-down-what-happened-to-the-nigerian-fintech-startup - [4] VentureBeat (2025). The Rise and Fall of Nigerian Fintech Startup Okra. Retrieved from https://venturebeat.com/2025/05/27/the-rise-and-fall-of-nigerian-fintech-startup-okra/ - [5] The African Report (2025). Okra's Leadership Changes After Fara Ashiru's Departure. Retrieved from https://africanreport.com/2025/05/27/okras-leadership-changes-after-fara-ashirus-departure/
- The closure of Okra, a Nigerian fintech startup known for its open banking and open finance APIs, has led to speculation about the future of technology-driven businesses in the country's competitive market.
- Fara Ashiru's move to Kernel, a UK-based AI company, signifies a potential shift in the intersection of technology, business, and finance – illustrating the potential for Nigerian tech talent to thrive in global tech sectors.
