The verdict in three sentences
An aggregator's headline rate (1.4 to 2 %) says almost nothing about the real cost: setup, withdrawal, currency (FX) and chargeback fees pile on top. The most painful item is often the security reserve: 5 to 10 % of your volume frozen for 30 to 90 days at some PSPs. Before signing, demand the full grid and simulate your effective all-in rate.
The costs nobody advertises
These fees rarely appear on the pricing page but show up on monthly statements.
| Hidden fee | 2026 order of magnitude | Trigger |
|---|---|---|
| Setup fee | 0-150,000 FCFA | account opening |
| Withdrawal fee | 0.5-1 % or fixed | transfer to bank |
| Currency fee (FX) | 2.5-4 % | payment in foreign currency |
| Chargeback | 5-15 USD/case | customer dispute |
| Inactivity fee | 5,000-15,000 FCFA/mo | dormant account |
| Security reserve | 5-10 % for 30-90 days | merchant risk |
FX is the silent killer: collecting in EUR or USD then converting to FCFA can cost 2.5 to 4 % more than the advertised merchant rate.
Comparison of five aggregators
2026 orders of magnitude for a standard pan-African merchant, before negotiation.
| Aggregator | Headline rate | Setup | FX | Security reserve |
|---|---|---|---|---|
| PSP A | 1.5 % | 0 FCFA | 3.0 % | 5 % / 30 d |
| PSP B | 1.4 % | 50,000 FCFA | 2.5 % | 7 % / 60 d |
| PSP C | 1.8 % | 0 FCFA | 4.0 % | 10 % / 90 d |
| PSP D | 1.6 % | 100,000 FCFA | 3.5 % | 5 % / 45 d |
| PSP E | 2.0 % | 150,000 FCFA | 2.8 % | 8 % / 60 d |
A PSP at 1.4 % headline can cost more than a competitor at 1.8 % once FX and reserve are included. Always compare the effective rate, not the shop-window rate.
Mini case study
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Fatou, an accessories exporter from Dakar, collects 4,000,000 FCFA a month, 40 % of it in EUR via an aggregator at 1.5 % headline. On the foreign-currency share (1,600,000 FCFA), FX at 3 % adds 48,000 FCFA. The PSP also holds 5 % for 30 days, freezing 200,000 FCFA of cash. Her real effective rate climbs to about 2.7 %, nearly double the advertised rate.
FAQ
How do I spot a security reserve?
It appears in the terms as rolling reserve or guarantee reserve. Ask for the exact percentage and duration before signing, since it can lock 5 to 10 % of your volume for 90 days.
Is FX negotiable?
Yes, above a certain foreign-currency volume, the FX margin can drop from 4 % toward 2 %. Collecting directly in FCFA when possible remains the best protection.
Are inactivity fees common?
Some PSPs charge 5,000 to 15,000 FCFA per month on accounts with no transactions. Officially close or suspend accounts you no longer use.
Is a chargeback expensive?
Each dispute costs 5 to 15 USD in fixed fees, on top of the refunded amount. A high chargeback rate can also trigger a stricter security reserve.
Let's talk about your project. We audit your PSP grid and compute your effective all-in rate. 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.
