The verdict in three sentences
An aggregator's headline rate — often 1.4 % — almost always hides 0.5 % FX and 100 fixed units per transaction. On small baskets, the real cost can double to 2.8 % or more. Above 4,000,000 FCFA in monthly volume, a direct operator contract beats the aggregator.
Breaking down a basket's true cost
An aggregator rarely bills a single line. It stacks a percentage, a fixed fee, an FX spread when currencies differ, and sometimes a settlement fee.
| Component | Advertised rate | Real cost on 25,000 FCFA basket |
|---|---|---|
| Commission % | 1.4 % | 350 FCFA |
| Fixed fee | 100 units | 100 FCFA |
| FX spread (outside FCFA zone) | 0.5 % | 125 FCFA |
| T+2 settlement fee | 0.2 % | 50 FCFA |
| Real total | 1.4 % advertised | 625 FCFA, i.e. 2.5 % |
The real rate is therefore almost double the headline, and the gap widens on small baskets where the fixed fee weighs more.
Real cost varies sharply by country
On the same 25,000 FCFA basket (or roughly 20,000 in local currency), the all-in cost changes by corridor and operator.
| Country | Basket | All-in aggregator cost | Settlement |
|---|---|---|---|
| Country 1 | 25,000 FCFA | 2.3 % | T+2 |
| Country 2 | 25,000 FCFA | 2.4 % | T+2 |
| Country 3 | 25,000 FCFA | 2.7 % | T+3 |
| Country 4 (Ghana) | ~20,000 local | 2.9 % | T+2 |
| Country 5 | ~20,000 local | 2.6 % | T+1 |
Inside the FCFA zone there is no FX spread, so cost stays under 2.5 %. Outside, currency conversion adds 0.4 to 0.6 points.
When to go direct with the operator
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A direct contract removes the aggregator's margin but requires technical integration and sometimes a volume minimum.
| Monthly volume | Aggregator cost (~2.5 %) | Direct cost (~1.2 % + integration) | Decision |
|---|---|---|---|
| 1,000,000 FCFA | 25,000 FCFA | 200,000 FCFA amortised | Stay aggregator |
| 4,000,000 FCFA | 100,000 FCFA | 48,000 FCFA + amortised | Tipping point |
| 10,000,000 FCFA | 250,000 FCFA | 120,000 FCFA | Go direct |
| 30,000,000 FCFA | 750,000 FCFA | 360,000 FCFA | Direct essential |
Mini case study
Ibrahim, who runs an electronics shop in Accra, sells 260 items a month at 25,000 FCFA average, or 6,500,000 FCFA in volume. With his aggregator at a real 2.5 %, he pays 162,500 FCFA in fees monthly. Switching to a direct wallet mix at 1.3 %, his fees drop to 84,500 FCFA. Monthly saving: 78,000 FCFA, or 936,000 FCFA a year, more than enough to amortise a direct integration estimated at 400,000 FCFA in under six months.
FAQ
How do you spot an aggregator's hidden fees? Ask for a simulation on three typical baskets (5,000, 25,000, 100,000 FCFA) and compare the amount actually credited to the amount paid. The gap reveals the real rate, often 1.5 to 2 times the headline.
Does the fixed fee really matter? Massively on small baskets. On a 2,000 FCFA basket, a 100-unit fixed fee is already 5 % on its own.
At what volume should you go direct? The tipping point sits around 4,000,000 FCFA a month. Below that, the aggregator stays simpler and often cheaper all-in.
Is T+2 settlement negotiable? Yes, on high volumes you can sometimes get T+1. Each day saved frees on average 3.3 % of monthly volume in cash.
Can you mix aggregator and direct? Yes, and it is optimal: direct for high-volume operators, aggregator for the long tail of rare payment methods.
Let's talk about your project. We audit your real fees and cost out your switch to direct. 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.
