Accenture Invests in African Fintech Startup Okra
Accenture makes an investment in Nigeria-based fintech company Okra, an open finance data infrastructure startup serving the rapidly expanding African financial services market, through Accenture Ventures.
According to a previously released Accenture study, by 2025, fintech startups could capture as much as $78 billion, or 3.9 percent of the projected $2 trillion total global banking payments market. This could be the stem of the company's investment in Okra, which was made through Accenture Ventures’ Project Spotlight — Accenture Ventures’ immersive engagement and investment program aimed at connecting emerging technology startups with the Global 2000 to fill strategic innovation gaps.
In the aftermath, Okra will also have access to Accenture’s global innovation network, and the opportunity to co-innovate with Accenture software engineers, system architects and payments experts.
“Okra is a rising fintech star in the high-growth global digital financial services arena, and in the African market, which is home to the world’s largest unbanked population, including a sizable number of underbanked consumers and small-to-medium sized enterprises,” said Tom Lounibos, managing director, Accenture Ventures. “We believe that Okra has the potential to address critical challenges in Africa and we’re excited to work closely with the team to help scale its solutions for maximum impact.”
“By enabling individuals and corporations in Nigeria to connect their bank accounts directly to third-party applications, Okra is powering the much-needed connectivity layer between financial institutions, fintech companies and consumers,” said Fara Ashiru Jituboh, co-founder, chief executive officer and chief technology officer of Okra. “Gaining access to Accenture’s global banking experts, clients and technology ecosystem partners through Project Spotlight will contribute greatly to the success and growth of our business moving forward.”
By enabling individuals and corporations in Nigeria to connect their bank accounts directly to third-party applications, Okra is powering the much-needed connectivity layer between financial institutions, fintech companies and consumers
Founded in 2019 and based in Lagos, Nigeria, Okra is an open finance platform that enables developers and businesses to build personalized digital services and fintech products for customers.