The verdict in three sentences
There is no universal "best PSP": the winner depends on your monthly volume and average basket. A fixed fee per transaction penalises small baskets, a pure percentage penalises high volumes, and hidden fees (payout, conversion, chargeback) open gaps of several million FCFA a year. The right decision is made with a calculator that simulates your real total cost at 1M, 5M and 20M FCFA/month.
The real-cost formula
A PSP's total cost is not just its headline rate. The relevant formula is:
Total cost = (volume × % per tx) + (number of tx × fixed fee) + payout fees + hidden fees
| Component | What it covers | Impact |
|---|---|---|
| % per transaction | Main commission | Dominates at high volume |
| Fixed fee per tx | Floor amount | Dominates on small baskets |
| Payout/settlement fee | Transfer to your account | Often forgotten |
| FX conversion | EUR/USD → FCFA | 1 to 1.5% if international |
| Chargeback / dispute | Customer contest | Occasional but costly |
A low average basket (< 3,000 FCFA) makes the fixed fee dominant: favour a pure-percentage PSP. A high basket with high volume makes the percentage dominant: negotiate a tapering rate.
Annual cost comparison by tier (2026)
Assumptions: average basket 8,000 FCFA. Figures = 2026 order of magnitude, confirm per your contract.
| PSP | 1M FCFA/mo | 5M FCFA/mo | 20M FCFA/mo |
|---|---|---|---|
| Wave | ~1.0% → 120,000/yr | ~1.0% → 600,000/yr | ~1.0% → 2,400,000/yr |
| Orange Money | ~1.5% → 180,000/yr | ~1.5% → 900,000/yr | ~1.4% → 3,360,000/yr |
| Paystack | ~1.5% → 180,000/yr | ~1.5% → 900,000/yr | ~1.3% (tapered) → 3,120,000/yr |
| Flutterwave | ~1.4% → 168,000/yr | ~1.4% → 840,000/yr | ~1.3% → 3,120,000/yr |
| Stripe (intl) | ~2.9% → 348,000/yr | ~2.9% → 1,740,000/yr | ~2.9% → 6,960,000/yr |
Winner by tier: Wave stays the most competitive across all three tiers for local use, while Stripe is only justified for international collection. At high volume, the negotiated tapering of Paystack/Flutterwave can close the gap.
Mini case study
Moussa runs an online shop in Abidjan: 5M FCFA/month volume, average basket 8,000 FCFA (625 transactions/month). On Stripe (a legacy from his first site), he pays ~2.9%, i.e. 145,000 FCFA/month, 1,740,000 FCFA/year.
By moving local collection to Wave (~1.0%) while keeping Stripe only for his 8% diaspora customers, his local bill drops to ~46,000 FCFA/month. Net saving: ~99,000 FCFA/month, i.e. ~1,188,000 FCFA/year — enough to fund a whole acquisition campaign.
Become a Kolonell referral partner
Need a professional website?
Kolonell builds websites that attract clients, optimized for the Sénégalese market. Free quote in 2 minutes.
Do you advise merchants on their PSP or website choice? Join the Kolonell referral partner program and turn your recommendations into revenue. You introduce a client, we design and deliver, you earn a commission.
| Project type referred | Commission on sale | Recurring |
|---|---|---|
| Showcase website | 15% | + 5% recurring |
| E-commerce | 12% | — |
| Marketplace | 10% | — |
| Institutional | 8% | — |
On a 2,000,000 FCFA e-commerce shop, that means 240,000 FCFA of commission for a simple introduction. An active partner introducing 2 to 3 projects a month builds a serious side income.
FAQ
Why does the best PSP change with volume?
Because the cost structure mixes fixed fees and percentage. On small baskets the fixed fee dominates; at high volume the percentage dominates and negotiated tapering becomes decisive.
Do payout fees really matter?
Yes. A settlement transfer billed per occurrence can add several thousand FCFA a month, especially if you withdraw often. Batch your payouts to cut this line.
Should I use one PSP or several?
Often several: a cheap local PSP (Wave/OM) for the bulk of sales, and Stripe/Flutterwave only for international customers.
How do I estimate my real total cost?
Apply the formula: volume × % + number of transactions × fixed fee + payout + hidden fees. Simulate at 1M, 5M and 20M FCFA/month to see the tipping point.
How much does the Kolonell referral program pay?
15% on a showcase site (+ 5% recurring), 12% on e-commerce, 10% on marketplace, 8% on institutional. On an average e-commerce project, that often exceeds 200,000 FCFA per introduction.
Let's talk about your project. We build your shop with the optimal PSP for your volume — and you can become a referral partner. 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.
