Fara Ashiru, the visionary co-founder and former CEO of Nigerian fintech disruptor Okra, has taken a significant step in her professional journey. After the closure of Okra, a pioneering force in Africa’s open banking landscape, Ashiru made a pivotal career move. She revealed that she had embarked on a new adventure as the Head of Engineering at Kernel, a UK-based startup with promising prospects.
The decision to part ways with Okra was not an easy one for Ashiru. Reflecting on this transformative period, she shared insights into the company’s closure and her future endeavors. In an emotional statement to Techpoint Africa and updates on her LinkedIn profile, Ashiru expressed profound gratitude for the remarkable experience she had at Okra. She reminisced about the groundbreaking technology they developed and the invaluable collaborations with major brands across the continent that reshaped Africa’s financial technology sector.
“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,”
said Ashiru, acknowledging both the challenges faced and achievements unlocked during her tenure at Okra.
Ashiru’s entrepreneurial spirit was ignited by frustrations stemming from inefficiencies within existing fintech platforms’ integration with Nigerian banks. In response to these challenges, she co-founded Okra in 2019 alongside David Peterside. Drawing upon her diverse professional background spanning reputable companies like Canva, BMW, and JP Morgan, Ashiru spearheaded the development of an API-powered solution at Okra. This innovative solution facilitated secure connections between users’ bank accounts and third-party applications—a game-changer in Africa’s financial ecosystem.
Okra swiftly ascended as a trailblazer in Africa’s open finance domain through strategic alliances with industry players such as Renmoney, Branch, Bamboo, and AIICO Insurance. The startup experienced exponential growth evidenced by a remarkable 175% surge in API usage early on in 2020—a testament to its relevance and impact within the sector.
Despite facing challenges common to startups navigating funding landscapes and operational complexities,Peterside exited his role at Okra in 2022—leaving behind a legacy characterized by resilience amid adversity.The startup successfully secured over $16.5 million through disclosed funding rounds,demonstrating investor confidence generated by its innovative approach.
Okra distinguished itself among Nigeria’s tech elite alongside formidable entities like Layer3and Nobusby offering local currency alternatives akin tonaira-denominated AWS or Microsoft Azure solutions.Additionally,the company earned acclaim for its unwavering commitmentto data security,user-centric APIs,and real-time financial accessibility—attributes that positioned it asa linchpinwithinAfrica’s burgeoning digital financial infrastructure.
The narrative surrounding Okra’s closure unfolds againstthe backdropofa shifting landscape rife with market consolidationand stringent regulatory oversightin African fintech arenas.Startups find themselves under heightened scrutiny necessitating agile responses to evolvingmarket dynamics.Ashiru’s pivot towards Kernel signifies anew chapterin her questfor tech innovationon aglobal scale.She espousesprideovercollaborationswith brilliant mindsand stakeholders who fueled their collective successoverthe precedingfive years.
In essence,FaraAshiruremains steadfast inherdedicationto propellinginnovationacross diverse technological frontiers.Her trajectoryfromOkratowardsKernelunderscoresher unwaveringcommitmenttolifelong learningand relentless pursuitof excellencewithinthe ever-evolvingfintechsphere.The confluenceof perseverance,resilience,and adaptabilityembodiedthroughoutAshiru’sprofessional odysseyepitomizesthe spiritof transformationthatcontinuesto shapeAfrica’sfintechnarrativepositively.
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