The verdict in three sentences
In Ghana, MTN MoMo and Airtel Money charge similar headline merchant rates near 1 % on collection, so the raw percentage rarely decides. The real gap is the net amount received once the E-levy, cash-out and bank payout are added. The right choice depends on your average basket, your customers' preferred wallet and your volume: above GHS 300,000/month, routing to the cheaper rail becomes basic hygiene.
The 2026 merchant grids by operator
2026 order of magnitude for merchant collection in Accra; exact rates depend on contract and negotiated caps.
| Operator | Collection fee | Cash-out / payout | E-levy exposure |
|---|---|---|---|
| MTN MoMo | ~1.0 % | ~1 % on withdrawal | Applies above threshold |
| Airtel Money | ~1.0 % | ~1 % on withdrawal | Applies above threshold |
| Bank payout | flat GHS 8–10 | per transfer | N/A |
| Merchant (dedicated) | ~0.75 %–1 % | reduced | Often exempt |
On a GHS 150 basket, a standard collection takes about GHS 1.5, while cash-out heavy flows can double the real cost. That GHS 1.5 gap is 4.5 % of margin on a product whose gross margin is GHS 30.
Net received by amount tier
| Amount collected | MTN (~1 %) | Airtel (~1 %) | With cash-out (~2 %) | Max gap |
|---|---|---|---|---|
| 50 | 0.50 | 0.50 | 1.00 | 0.50 |
| 150 | 1.50 | 1.50 | 3.00 | 1.50 |
| 500 | 5.00 | 5.00 | 10.00 | 5.00 |
| 1,000 | 10.00 | 10.00 | 20.00 | 10.00 |
| 5,000 | 50.00 | 50.00 | 100.00 | 50.00 |
On 500 transactions of GHS 150 (GHS 75,000 volume), collection costs about GHS 750, but adding systematic cash-out pushes it to GHS 1,500: a GHS 750/month swing, GHS 9,000 a year. Bank payout (GHS 8–10 per transfer) hurts merchants who withdraw too often.
Mini case study
Kwame, who runs a food business in Accra, collects 40 orders a day at GHS 150, about GHS 180,000 monthly. On cash-out-everything MTN MoMo at ~2 % effective, he pays GHS 3,600/month. By using a dedicated merchant account (E-levy exempt), keeping funds in-wallet for suppliers and batching one weekly bank payout, his effective cost drops to about 1.25 %, or GHS 2,250/month. Saving: GHS 1,350 a month, over GHS 16,000 a year.
FAQ
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Which wallet is cheapest for a merchant in Ghana?
MTN MoMo and Airtel Money are close, near 1 % on collection. A dedicated merchant account can cut that to 0.75 %–1 % and reduce E-levy exposure.
Should I offer both wallets at checkout?
Yes: each customer has a preferred wallet. Offering both avoids lost sales and lets you route to the cheaper rail, which can pull your blended cost under 1.3 %.
How much does a bank payout cost?
Around GHS 8–10 per transfer. Batching withdrawals (one weekly instead of daily) sharply cuts this line.
Does the E-levy affect merchants?
It can, above the daily threshold, but registered merchant accounts are often exempt. Structuring collection correctly avoids paying it twice.
At what volume should I optimise routing?
From GHS 300,000/month, the cash-out vs in-wallet gap alone tops GHS 750/month. Smart routing pays for itself immediately.
Let's talk about your project. We compare your wallets on your real basket and wire the cheapest routing into checkout. 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.