Nissim Shamama was born in Tunis in 1805, the son of Rabbi Salomon Shamama and Aziza Krief, and headed one of the wealthiest and most prominent Jewish families in the region. He began as a cloth merchant in the Hara, the Jewish quarter of Tunis. Noticed by General Mahmoud Ben Ayed for his skill and head for figures, he became his treasurer and, from 1843, was in charge of tax collection, the customs of Tunis, Sfax and Sousse, and several monopolies.

In 1852-1853 he entered the service of the grand vizier Mustapha Khaznadar as receiver and treasurer general, and in 1860 became director of finances to the Bey of Tunis, who trusted his wisdom in managing the kingdom's finances. He was also the qaid, the official head of the Jewish community of Tunis.

Loved by many, he strove to help those in need, especially scholars, whom he helped to publish their books at a time when printing was hard to come by. But while his friends were many, so were his enemies, envious of his position. Having amassed an immense fortune, he left Tunisia and settled in Italy.

He died in Livorno on 24 January 1873; his estate gave rise to long and famous international lawsuits.