Okra, one of Nigerias pioneering open banking startups, has quietly ceased operations after five years in business, marking a sobering moment for the countrys fintech ecosystem.
Founded in 2019, Okra raised more than 16 million in funding from investors including TLcom Capital and Susa Ventures, positioning itself as a leading provider of APIs that allowed fintechs and banks to securely connect customers financial data.
However, sources familiar with the matter said Okra struggled to navigate persistent regulatory delays around Nigerias open banking framework, which has yet to achieve full rollout and adoption despite years of policy groundwork.
The company also faced tough competition from rivals like Mono and Stitch, both of which had stronger regional expansion and deeper funding to weather Nigerias currency devaluation and investor caution in the fintech sector.
While Okra did not publicly announce the closure, multiple employees confirmed the winding down began in late May 2025, with systems going offline and remaining staff moving on to new ventures.
