The verdict in three sentences
The headline rate from Paystack, Flutterwave or Hub2 tells only half the story: the real costs hide in settlement (T+1 vs T+2), FX fees (1-2 %) and card chargebacks (~NGN 5,000). An aggregator advertising 1.4 % can cost more than a 1.5 % rival once FX and cash-flow delay are folded in. Compare the total effective cost, not the pricing-page rate.
2026 fee comparison table
2026 order-of-magnitude rates for online collection. Rates vary by country, currency and negotiated volume.
| Aggregator | Local rate | Cap / flat fee | FX fee | Settlement |
|---|---|---|---|---|
| Paystack | ~1.5 % | +NGN 100, cap NGN 2,000 | ~1 % (intl) | T+1 |
| Flutterwave | ~1.4 % | variable | 1-2 % | T+1 / T+2 |
| Hub2 | ~1.8 % | per country | included/variable | T+1 |
| Wave / OM (direct) | ~1.0-1.4 % | per operator | n/a (local) | instant - T+1 |
Paystack's NGN 2,000 cap is an edge on large baskets: above ~NGN 130,000 the effective rate falls below 1.5 %.
The three hidden fees to watch
| Hidden fee | 2026 order of magnitude | When it hits |
|---|---|---|
| FX fee | 1-2 % of amount | Payment in foreign currency |
| Card chargeback | ~NGN 5,000 / dispute | Customer dispute |
| Settlement delay | 1-2 days of cash flow | Every payout |
| Payout fee | ~NGN 50-100 / withdrawal | Transfer to bank |
On 1,000 orders/month with 15 % international, FX fees alone at 1.5 % on those orders can add up to the equivalent of several hundred thousand FCFA a year.
Mini case study
Chinelo sells fashion accessories online, 1,000 orders/month at an FCFA 30,000 average basket (FCFA 30,000,000 revenue). On Flutterwave at 1.4 % she pays FCFA 420,000/month in visible fees. But 15 % of sales come from the diaspora, with ~1.5 % FX: those 150 orders add ~FCFA 67,500/month of invisible FX, plus about 3 chargebacks at NGN 5,000. Real total: ~FCFA 495,000/month instead of the 420,000 advertised — 18 % more fees than the pricing page suggests.
FAQ
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Which aggregator is cheapest in 2026?
On headline cost, Flutterwave (~1.4 %) beats Paystack (~1.5 %) and Hub2 (~1.8 %). But once FX and settlement are included, the ranking can flip depending on your share of international sales.
What does T+1 vs T+2 settlement actually change?
T+1 credits your account next day, T+2 the day after. On tight cash flow, one extra day on FCFA 30,000,000 of monthly volume can strain your ability to restock.
How do I avoid FX fees?
Collect in local currency where possible, show prices in the customer's currency, and convert in batches rather than per transaction. A multi-currency module limits exposure.
Is Paystack's cap worth it?
Yes for large baskets: above ~NGN 130,000 the NGN 2,000 ceiling drops the effective rate. For small baskets the advantage disappears.
Can I combine several aggregators?
Yes. Routing international cards to one and local payments to another optimizes total cost. We set up this smart routing at checkout.
Let's talk about your project. We audit your real fees and route each payment to the cheapest aggregator. 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.
