The verdict in three sentences
In Lagos in 2026, OPay and Moniepoint dominate small-merchant collection with flat transfers at 10-50 NGN and POS terminals from 15,000 NGN. Accounts open fast with light KYC and settlement is often instant, which is why thousands of shops rely on them. For a stall a merchant code works; for higher volumes a POS terminal at the counter is the standard.
Fees, hardware and settlement
Both fintechs charge a flat amount per transfer rather than a percentage, plus affordable terminals with a small maintenance cost. That flat model is a big deal on large baskets.
| Item | 2026 detail (order of magnitude) |
|---|---|
| Transfer fee | 10 to 50 NGN per transfer |
| POS terminal | from 15,000 NGN |
| Subscription | 0 NGN |
| KYC required | ID + BVN |
| Activation time | 24 to 48 h |
| Settlement | often instant |
| Adoption | thousands of merchants |
A POS terminal card/transfer flow settles to the linked wallet, from which the merchant cashes out at an agent.
Lagos (OPay / Moniepoint) versus Cotonou (Moov Money)
In Cotonou, Moov Money leans on a classic percentage model over USSD.
| Criterion | OPay / Moniepoint (Lagos) | Moov Money (Cotonou) |
|---|---|---|
| Store tool | POS + merchant code | USSD merchant code |
| Transfer fee | 10 to 50 NGN | ~1% |
| POS hardware | from 15,000 NGN | not required |
| Standard limit | based on KYC tier | 2,000,000 FCFA/day |
| Settlement | often instant | to linked account |
| Smartphone needed | no (USSD/POS) | no (USSD) |
The flat fee favors large baskets; the percentage model can be cheaper on tiny amounts.
Mini case study
Chidi sells fabric in a Lagos market. He collects across 100 average sales of 15,000 NGN per month via Moniepoint.
- Flat fee at 30 NGN per transfer x 100 = 3,000 NGN/month.
- Cost per 15,000 NGN sale: 30 NGN.
- Subscription: 0 NGN.
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A percentage model at 1% on the same volume (1,500,000 NGN) would cost 15,000 NGN. On large baskets the flat model wins clearly; on very small amounts a percentage can be cheaper.
FAQ
What do OPay and Moniepoint charge merchants?
A flat 10 to 50 NGN per transfer with no monthly subscription. On large baskets this is far cheaper than a percentage model.
Do I need a smartphone to collect?
No, USSD and POS terminals work without a smartphone. POS terminals start around 15,000 NGN and settle to your wallet.
How fast is settlement?
Settlement is often instant to the linked wallet, from which you cash out at an agent. This speed is a key reason for their wide adoption.
Is Moov Money cheaper in Cotonou?
For tiny amounts a 1% percentage can beat a flat fee, but on large baskets the Lagos flat model of 10-50 NGN per transfer is cheaper. Choose by your average basket size.
How do I join the Kolonell referral program?
Refer a merchant who wants to sell online and earn 12% on the e-commerce store, 15% on a showcase site, 10% on a marketplace, 8% on an institutional project, plus 5% recurring. Contact us for your tracking link.
Let's talk about your project. We integrate OPay, Moniepoint, Wave and Orange Money on your Lagos store, tested end to end. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
