Senegalese startup Nixacom is providing affordable, payroll-deducted financing for tech products in partnership with local banks.
Founded in October 2023 by CEO Cheikh Gueye, CFO Elhaji Fall and CTO Wangel Yohannes, Nixacom is a tech financing company that makes premium tech products like smartphones, laptops, and tablets accessible to individuals and corporations.
“A customer logs onto our website and picks which product they are looking for, fill out a KYC, and once we receive all the information we see which of our partner institutions they are eligible with and get them financed directly through us, and get them their product,” Gueye told Disrupt Africa.
Nixacom came about after Gueye and his team saw a gap in the market for accessible financing solutions for tech products, where high upfront costs make technology unattainable for many.
“Current alternatives, like mobile carriers with rigid service-linked financing, fall short of addressing this need. Our payroll-deduction model, partnered with banks, makes us unique in the market,” he said.
The startup’s demo phase has been “highly successful”, with over 3,400 customers signing up organically. Bootstrapped and pre-revenue, Nixacom has developed full-stack applications to streamline the process for customers, and plans to expand into other West African countries and Bangladesh.
“Our scalable platform and established banking partnerships will enable us to grow into these markets seamlessly,” said Gueye.
Once it monetises, Nixacom will generate revenue through profit margin on products sold, a three per cent origination fee for approved customers, and referral fees for co-branded debit card accounts with partner banks.
“The biggest challenges have been navigating regulatory frameworks, establishing trust with banks and corporations, and ensuring our platform is user-friendly for a diverse customer base. Despite these hurdles, we’ve built strong partnerships and are well-positioned to succeed,” Gueye said.
