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Inside the Fall of Okra Africa’s Open-Banking Pioneer
Formerly Nigeria’s open-banking frontrunner, Okra launched in 2019, raised over $16 million, and became the go-to fintech for API-driven financial data access across Africa . But in May 2025, the startup quietly shut down both its API services and its cloud platform, Nebula, citing a blend of regulatory delays, macro pressure, and unsustainable costs from naira depreciation and dollar-based cloud bills . Despite efforts to pivot, Okra returned about $5–5.5 million of unused investor funds, calling it a “responsible exit” .
With Nigeria’s open-banking policy expected in August 2025, the sector awaits regulatory support. In the interim, competitor Mono has shifted focus, leaving a significant gap in the ecosystem .
#Okra #OpenBanking #Fintech #StartupNigeria #RegulatoryChallenges #TechStartups #InvestorExit #NigeriaTech
Formerly Nigeria’s open-banking frontrunner, Okra launched in 2019, raised over $16 million, and became the go-to fintech for API-driven financial data access across Africa . But in May 2025, the startup quietly shut down both its API services and its cloud platform, Nebula, citing a blend of regulatory delays, macro pressure, and unsustainable costs from naira depreciation and dollar-based cloud bills . Despite efforts to pivot, Okra returned about $5–5.5 million of unused investor funds, calling it a “responsible exit” .
With Nigeria’s open-banking policy expected in August 2025, the sector awaits regulatory support. In the interim, competitor Mono has shifted focus, leaving a significant gap in the ecosystem .
#Okra #OpenBanking #Fintech #StartupNigeria #RegulatoryChallenges #TechStartups #InvestorExit #NigeriaTech
Inside the Fall of Okra Africa’s Open-Banking Pioneer
Formerly Nigeria’s open-banking frontrunner, Okra launched in 2019, raised over $16 million, and became the go-to fintech for API-driven financial data access across Africa . But in May 2025, the startup quietly shut down both its API services and its cloud platform, Nebula, citing a blend of regulatory delays, macro pressure, and unsustainable costs from naira depreciation and dollar-based cloud bills . Despite efforts to pivot, Okra returned about $5–5.5 million of unused investor funds, calling it a “responsible exit” .
With Nigeria’s open-banking policy expected in August 2025, the sector awaits regulatory support. In the interim, competitor Mono has shifted focus, leaving a significant gap in the ecosystem .
#Okra #OpenBanking #Fintech #StartupNigeria #RegulatoryChallenges #TechStartups #InvestorExit #NigeriaTech
