Okra, a fintech startup that has pioneered open finance solutions in Nigeria, is exploring new options to enable the continued growth of its payments business as part of a broader strategic reset.
Following a period of major internal transitions, the company is refocusing on its core strengths in payments infrastructure – streamlining operations to drive growth and long-term sustainability.
In a recent LinkedIn statement, co-founder Fara Ashiru, confirmed that Nebula – the company’s cloud services business, has been discontinued and that the company is undergoing internal restructuring with a renewed focus on scaling its payments business.
The renewed focus on payments signals a move to build on existing momentum and deepen the value of its platform in a fast-evolving market.
Launched as an API-driven platform to enable open banking, Okra quickly gained a reputation as one of Africa’s most promising fintech startups. Its technology allowed third-party developers and businesses to access financial data and build services on top of existing banking infrastructure – powering products in lending, personal finance, and more.
While details of the company’s restructuring are still emerging, sources suggest that Okra is exploring partnerships, leadership changes and potential new backers as part of its transition. The move is also expected to streamline operations, improve agility, and allow for targeted investment in product development and customer growth.
Industry watchers note that this reset comes at a time when digital payments in Nigeria are experiencing exponential growth, driven by rising mobile adoption, a youthful population, and regulatory pushes toward a cashless economy.
Okra’s decision to double down on its payments infrastructure positions it to serve as a critical enabler for startups and SMEs seeking faster, more reliable transaction capabilities. If successful, the company could cement its place as a foundational layer in Africa’s evolving fintech stack.
Hi, please can you address the topic from your previous article stating that Okra is shutting down. This articles says pivoting but the July 3 insists it is shutting down.
Can you address that mix-up.