Fara Ashiru, co-founder and CEO of Nigeria’s open-finance startup Okra, has joined UK-based Kernel as Head of Engineering.
Kernel builds AI-powered agents for revenue operations and is tapping Ashiru to lead technical growth.
Why it matters
Ashiru’s exit casts doubt on the future of Okra, which she co-founded in 2019 and steered through turbulent shifts in Nigeria’s fintech landscape.
Her departure follows the company’s pivot from open banking APIs to cloud infrastructure, a move many saw as a response to a tough competitive and regulatory environment.
By the numbers
- $16.5M: Total raised by Okra
- $52M: Funding secured by rival Stitch
- 40: Engineers hired under Ashiru’s leadership
Catch up quick
- Okra was once a major player in Nigeria’s open-finance space, providing APIs for lenders to assess user creditworthiness.
- The startup raised $16.5 million from investors like Susa Ventures and TLcom Capital.
- In 2022, co-founder and COO David Peterside left the company, leaving Ashiru to run both the technical and business sides.
- In 2024, Okra discontinued three flagship products—Balance, Income, and Transaction—after concluding they were no longer viable.
- That same year, Okra pivoted to cloud services, competing with players like Nobus Cloud and MainOne.
Between the lines
Sources close to the company suggest the product shift and market pressure left Okra struggling to maintain relevance in a field dominated by better-funded rivals like Mono and Stitch.
Zoom out
Nigeria’s open banking ecosystem has seen slow regulatory adoption. Key rules weren’t signed off by the Central Bank until 2025, leaving startups like Okra to navigate unclear paths to monetization and scalability.
What’s next
Ashiru’s new role at Kernel allows her to apply her experience in fintech and API infrastructure to AI revenue tools, a space with growing global demand.
Back at Okra, the remaining leadership team—including Head of People Bodunrin Akinola and Legal Counsel Habib Akinpelu—is left to steer the company without its founding CEO.
Source: The Condia
