Nigeria’s fintech boom produced startups that attracted millions of dollars from global investors and promised to solve major problems in the country’s financial system. Two of the most promising were Okra, an open-banking infrastructure company, and Lidya, a digital lender focused on small businesses. Okra raised more than $16.5 million before winding down in May 2025, while Lidya raised about $16.45 million before ceasing operations in October 2025. Both companies showed strong early promise, but neither survived long enough to fulfil its original ambitions.
Okra was founded in 2019 by Fara Ashiru Jituboh and David Peterside. The company built APIs that allowed people to securely connect their bank accounts to third-party applications, providing the infrastructure for fintech companies and other businesses to access financial data.
According to Techpoint Africa, Okra raised $1 million in pre-seed funding from TLcom Capital and later secured $3.5 million in funding led by Susa Ventures. The publication reported in July 2025 that the company had raised more than $16.5 million in total funding.
The startup gained traction quickly. Techpoint Africa reported that Okra’s API usage grew by 175% in early 2020, while the company integrated with major Nigerian banks and platforms including Renmoney, Branch, Bamboo and AIICO Insurance.
But after five years, the company came to an end. In July 2025, Techpoint Africa reported that Jituboh confirmed Okra had made the decision to wind down operations in May 2025. Jituboh subsequently joined British startup Kernel as head of engineering.
Lidya was founded in 2016 by Tunde Kehinde and Ercin Eksin, who had previously held senior roles at Jumia Nigeria and co-founded Africa Courier Express.
According to TechCrunch, the founders saw the financing difficulties faced by businesses while working at Africa Courier Express and launched Lidya to provide digital lending services to small and medium-sized businesses. The platform allowed businesses to apply for loans ranging from $500 to $50,000, with decisions targeted within 24 hours.
The company attracted significant investor backing. TechCrunch reported in July 2021 that Lidya had raised $1.3 million in 2017, $6.9 million in 2018 and $8.3 million in 2021, taking total funding to about $16.5 million. By then, the company said it had disbursed more than 25,000 loans.
Lidya also expanded beyond Nigeria. Techpoint Africa reported in July 2025 that the company entered Poland and the Czech Republic in 2020 before closing its operations in both countries in 2023 and refocusing on Nigeria.
The comeback did not last. BusinessDay reported on October 23, 2025, that Lidya had ceased operations after telling customers it was facing “severe financial distress” and could no longer continue in business. The newspaper reported that the company had raised $16.45 million in total funding.
For Okra and Lidya, the journey from promising fintech startups to shutdowns highlights a difficult reality of Nigeria’s technology sector. Raising millions and solving a genuine market problem does not automatically guarantee a sustainable business.
