The news of Okra’s shutdown has left the Nigerian fintech industry watchers stunned, given the pivotal role the startup was playing in the open banking space in Nigeria.
Back in 2020, Okra had all the makings of a breakout African tech story: visionary founders, Silicon Valley backing, explosive revenue growth, and a product that was powering the future of finance on the continent.
While many are still wondering how such a promising firm could go under, an insider close to the company has now shed light on what really went wrong and how a once-thriving startup hailed as the “future of African fintech” became a cautionary tale.