The verdict in three sentences
The rate the aggregator advertises, the famous MDR, is only the visible tip: the FX markup, payout fees, chargeback fees and monthly minimums can double the real cost. You must choose your aggregator by total cost of ownership (TCO), not by the sticker rate. A cross-border order of GHS 50 advertised at 2.5% can actually cost more than 4% once fees stack.
Anatomy of an advertised rate
When someone quotes "1% on mobile money", check what is missing. Here are the typical fee layers in 2026.
| Fee type | 2026 range | When it applies |
|---|---|---|
| Mobile money MDR | 1,0 to 1,5 % | every transaction |
| Card MDR | 2,5 to 3,5 % | card payment |
| FX markup | 2,0 to 3,5 % | cross-border sale |
| Payout fee | GHS 1 (100 to 500 FCFA) | each bank transfer |
| Chargeback fee | 3,000 to 6,500 FCFA | dispute / reversal |
| Monthly minimum | 0 to 25,000 FCFA | if volume is low |
The FX markup is the sneakiest: it never appears in the "rate" but silently applies to the exchange rate used.
The Ghana case: when 1% becomes 4.2%
In Ghana, MoMo is advertised at 1% and card at 2.5 to 3.5%, plus a settlement fee of GHS 1. On a small order, that fixed fee weighs heavily.
| Item on a GHS 50 order | Amount | Effective cost |
|---|---|---|
| MoMo MDR 1% | GHS 0.50 | 1,0 % |
| Fixed settlement fee | GHS 1.00 | 2,0 % |
| Allocated payout fee | GHS 0.30 | 0,6 % |
| Smoothed chargeback provision | GHS 0.30 | 0,6 % |
| Total effective cost | GHS 2.10 | 4,2 % |
The 1% headline rate becomes 4.2% effective, more than four times the advertised figure, purely because of fixed and stacked fees.
Compare by TCO, not sticker
| Aggregator type | Advertised MDR | Hidden fees | Estimated effective cost |
|---|---|---|---|
| Aggressive "low-cost" | 0,9 % | payout + minimum + FX | 3,5 to 4,5 % |
| Transparent standard | 1,4 % | payout included | 1,6 to 2,0 % |
| International premium | 2,5 % | FX included | 2,8 to 3,2 % |
A frequent paradox: the aggregator with the lowest headline rate ends up the most expensive for a small average basket.
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Mini case study
Fatou sells crafts online from Accra to the diaspora, average basket GHS 300, 120 orders/month of which 40% are cross-border. Her "1%" aggregator actually cost: 1% MDR + 2.8% FX on 40% of sales + GHS 2 payout per order + GHS 50 monthly minimum. Real effective cost: about 3.9%, roughly GHS 1,400/month on GHS 36,000 volume. Switching to a transparent aggregator at 1.8% all-in, she drops to ~GHS 650: GHS 750 saved per month.
FAQ
What is the FX markup and why is it invisible?
It is the margin the aggregator adds on top of the interbank exchange rate, between 2 and 3.5% in 2026. It does not show in the advertised "rate" because it is baked into the exchange rate applied, hence its invisibility.
Are chargeback fees really a risk?
Yes: each dispute costs 3,000 to 6,500 FCFA even if you win. Above a 1% dispute rate, it becomes a significant item to provision for.
How do I compute my real effective cost?
Take all fees for one month (MDR + FX + payout + chargebacks + minimum) and divide by total collected volume. That is your only honest number to compare two aggregators.
Does low volume change the picture?
Hugely. Fixed fees (settlement, monthly minimum) weigh proportionally more on small baskets and low volumes, inflating effective cost well beyond the MDR.
Let's talk about your project. We audit your real fees and select the aggregator with the best total cost for your average basket. 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.
