Nigerian fintech startup Okra has shut down operations in May 2025, resulting in the layoff of its entire workforce. The company, which had raised over $16.5 million and was a pioneer in open banking in Africa, faced insurmountable financial challenges. A steep rise in cloud infrastructure costs, driven by Nigeria's currency depreciation, consumed most of its revenue. This led to a strategic pivot toward offering its own cloud product, Nebula, but ultimately the company could not sustain operations. The shutdown marks the end of a five-year journey for the startup, which had integrated with major banks across the continent.
