Nixacom AI, a Senegalese fintech startup founded in 2023, is carving out a niche in the country’s rapidly expanding electronics financing market. The company has developed a proprietary AI-driven lending platform that connects customers with banks to finance tech products such as laptops, smartphones, and tablets. Focusing on both corporate and individual clients, Nixacom AI’s progress brings it closer to becoming a major force in the growing fintech ecosystem of Senegal as well as its booming electronics market.
Senegal’s electronics market is thriving, with imports of electrical and electronic equipment reaching $647.12 million in 2023, according to the United Nations COMTRADE database. The sector accounts for 23.5% of the total eCommerce market in the country, a share expected to increase in the coming years. Despite this growth, access to financing remains a significant barrier for many consumers. Traditional credit systems often exclude a large segment of the population due to stringent eligibility criteria and a lack of credit history.
Nixacom AI aims to address this gap by offering a seamless, AI-powered financing solution. The platform requires customers to submit pay slips, bank statements, and identification documents, which the AI system analyzes to determine creditworthiness. This automated process reduces the risk for partner banks while improving accessibility for consumers.
Since its official launch in April 2024, Nixacom AI has seen notable traction. The company has received over 7,000 loan applications, with 1,400 approvals and 86 clients funded within the first two weeks of operations.
Currently bootstrapped, the startup plans to raise a seed funding round in the coming months. Co-founder and CEO Cheikh Gueye emphasizes the company’s mission: “We’re not just a lending platform; we’re creating a new market by giving customers access to financing they never thought they could have.”
A Unique Business Model
Nixacom AI differentiates itself from traditional lenders and competitors by integrating directly with financial institutions rather than merely connecting customers to them. This model offers banks a low-risk solution while providing consumers with more transparent financing options. The company generates revenue through referral fees from partner banks, profit margins on tech product sales, and origination fees from customers.
The startup has partnered with First Bank of Nigeria’s Senegal branch and Credit Mutual, two major financial institutions in the region. These partnerships enable Nixacom AI to offer payroll-deducted loans, ensuring repayment directly from customers’ salaries. This approach minimizes default risk, a critical factor in a market where economic volatility can impact employment rates.
While currently focused on Senegal, Nixacom AI has broader ambitions across Francophone Africa. The company sees significant potential in white-labeling its AI-driven KYC (Know Your Customer) system to banks and eCommerce companies. Additionally, it is exploring the introduction of financial products such as debit cards, savings accounts, and insurance services.
“We see a world where we can roll out other financial products and expand into neighboring countries,” Gueye said. “Our platform not only serves customers but also helps banks build low-risk customer pipelines, which is a win-win for everyone involved.”
Despite its early success, Nixacom AI faces challenges typical of startups in emerging markets. In Senegal, access to funding for fintech startups is more limited than in more mature markets like Nigeria. However, Gueye remains optimistic, citing the startup’s strong revenue potential and proprietary technology as key differentiators.
The company’s leadership team, including COO Elhadji Fall and CTO Wangel Yohannes, is also a source of inspiration for Senegal’s youth. “I want to show young people that there are opportunities here in Senegal,” Gueye said. “You don’t have to leave the country to build something meaningful.”
Gueye’s inspiration for Nixacom AI stemmed from his time in the United States, where he facilitated shipments of automobiles to Senegal. “I realized that access to financing is crucial for building a thriving business in Senegal. That’s what inspired Nixacom AI,” he said.
Nixacom AI’s emergence mirrors the broader expansion of Senegal’s fintech ecosystem, which is attracting increasing attention from investors and regulators. The recent passage of Senegal’s Startup Act and its implementation decree, designed to foster innovation and entrepreneurship, is expected to further bolster the sector.
As the fintech landscape evolves, Nixacom AI’s approach — blending artificial intelligence with financial inclusion — positions it as a pivotal player in reshaping the electronics financing market in Senegal. Whether the company can sustain its early momentum and scale across the region remains to be seen, but its ambitions signal a new wave of innovation in Francophone Africa’s fintech industry.