Fara Ashiru Jituboh, co-founder and former CEO/CTO of Nigerian fintech pioneer Okra, has departed the company just months following the debut of Nebula, its proprietary cloud infrastructure solution.
Based on her LinkedIn announcement, Jituboh left Okra in May 2025 to assume the role of Head of Engineering at British startup Kernel. Okra has also ceased operations, Jituboh confirmed to Techpoint Africa.
“The company decided to cease operations in May. It was an extraordinary experience; we developed meaningful technology, collaborated with some of the largest brands across the continent, and helped establish open banking in Africa. I’m honored to have worked with some of the brightest and most skilled professionals, and I’m deeply thankful for the community, clients, investors, and team who supported us throughout the past five years.”
Together with David Peterside, she established Okra in 2019 to develop APIs that allow users to safely link their bank accounts to third-party applications. The company spearheaded open finance across Africa, securing $1 million in pre-seed funding from TLcom Capital and an additional $3.5 million in a round led by Susa Ventures. Combined funding for the venture exceeded $16.5 million, indicating the startup secured additional capital beyond its seed round. Peterside left in 2022, and the company has not yet announced Jituboh’s replacement.
The introduction of Nebula in October 2024 represented a strategic move to address Nigeria’s dramatic increase in cloud computing expenses following naira devaluation. Okra joined several domestic companies, including Nobus and Layer3, in providing naira-priced cloud alternatives to international providers like AWS and Azure. As Jituboh noted in March 2025, escalating foreign exchange and infrastructure expenses meant that cloud services, aside from payroll, represented the company’s largest operational cost.
Prior to founding Okra, Jituboh gained experience at Canva, BMW, and JP Morgan. Her decision to return to Nigeria and launch Okra stemmed from personal frustration that fintech applications she relied on for financial management couldn’t integrate with Nigerian banking institutions.
During her tenure, Okra established connections with prominent Nigerian commercial banks and platforms including Renmoney, Branch, Bamboo, and AIICO Insurance. API usage surged by 175% in early 2020, and by the seed funding round in 2021, Okra had set ambitious goals for continental expansion. The company also pioneered open-finance infrastructure, empowering developers to build digital-first experiences and financial solutions.
The Journey and Legacy
Okra’s story reflects both the promise and challenges of building fintech infrastructure in Africa. The company successfully addressed a critical gap in the Nigerian financial ecosystem by enabling seamless bank-to-app connectivity, something that was previously difficult for local fintech companies to achieve.
The startup’s growth trajectory was impressive in its early years. The significant API usage growth in 2020 demonstrated strong market demand for their services, while partnerships with major financial institutions validated their technology and business model. Their role in pioneering open banking standards across Africa positioned them as industry leaders in financial technology infrastructure.
However, the company’s ultimate closure highlights the complex operational challenges facing African startups. The currency devaluation that prompted Nebula’s launch also illustrates how macroeconomic factors can significantly impact technology companies’ cost structures, particularly those dependent on international cloud services.
Market Impact and Industry Response
Okra’s closure comes at a time when the African fintech sector continues to attract significant investment and attention. The company’s pioneering work in open banking helped establish frameworks that other companies continue to build upon today.
The transition from Okra to Kernel represents a notable movement of African tech talent to international markets. Jituboh’s appointment as Head of Engineering at the British startup demonstrates the global recognition of expertise developed within the African tech ecosystem.
Industry observers note that while Okra’s closure marks the end of one chapter, the infrastructure and standards they helped establish continue to benefit the broader African fintech landscape. The company’s technical contributions to open banking protocols and API development have influenced how financial services integrate across the continent.
Looking Forward
Despite the company’s closure, Jituboh’s career trajectory from Nigeria to international tech leadership roles illustrates the growing global recognition of African tech talent. Her experience building fintech infrastructure in challenging markets like Nigeria provides valuable expertise for international expansion efforts.
The lessons learned from Okra’s journey—both its successes in pioneering open banking and the challenges that led to its closure—offer insights for other African startups navigating similar paths. The company’s story serves as both inspiration for what’s possible and a reminder of the complex dynamics facing technology companies in emerging markets.
As the African fintech sector continues evolving, the foundations laid by companies like Okra remain influential in shaping how financial services and technology integrate across the continent.
