The verdict in three sentences
There is no universally cheapest provider: the winner depends on the average basket and the direction of flows (collection or withdrawal). On small tickets, a percentage fee wins; on large ones, a capped fee (like the Paystack 2 000 NGN cap) becomes unbeatable. The right approach is a per-ticket decision grid, not a single provider.
The 2026 comparison table
Here are the reference fees observed in 2026 for merchant collection (cash-in). Figures are orders of magnitude and vary with negotiated volume.
| Provider | Cash-in fee | Cap | Best for |
|---|---|---|---|
| Paystack | 1.5 % | 2 000 NGN cap | Large tickets |
| Flutterwave | 1.4 % | Variable | Multi-country |
| OPay | 1 % | Variable | Small-mid ticket |
| Moniepoint | 1 % | Variable | High volume |
| MTN MoMo | 1 % | Variable | Mobile money |
| Kuda | 1.5 % | Variable | SME banking |
| Stripe | 2.9 % + 0.30 EUR | None | International customers |
On a 5 000 NGN basket, OPay costs 50 NGN while Stripe costs about 335 NGN: the pure percentage crushes the international card on small amounts.
The effect of the cap and cash-out
The Paystack 2 000 NGN cap changes everything above a certain threshold: as long as 1.5 % of the amount stays under 2 000 NGN you pay the percentage; beyond that you pay the fixed cap, making large tickets very cheap.
| Amount | 1.5 % no cap | With 2 000 NGN cap | Winner |
|---|---|---|---|
| 20 000 NGN | 300 NGN | 300 NGN | Equal |
| 100 000 NGN | 1 500 NGN | 1 500 NGN | Equal |
| 133 000 NGN | 2 000 NGN | 2 000 NGN | Threshold |
| 300 000 NGN | 4 500 NGN | 2 000 NGN | Cap |
| 1 000 000 NGN | 15 000 NGN | 2 000 NGN | Cap |
On top of this comes agent cash-out, which costs 1 to 2 % when the seller withdraws funds in cash: a cost to include if your model involves many withdrawals.
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Mini case study
Chidi runs an online store in Lagos with a 5 000 NGN average basket and 900 orders per month, i.e. 4 500 000 NGN collected. With a 1.5 % provider, he pays 67 500 NGN in monthly fees. By routing eligible payments to a 1 % provider, he drops to 45 000 NGN, i.e. 22 500 NGN saved per month, 270 000 NGN per year, without changing his offer.
FAQ
Which provider is cheapest in 2026? On small and mid tickets, 1 % providers like OPay and MTN MoMo dominate. On large tickets in Nigeria, the Paystack 2 000 NGN cap becomes unbeatable.
Should I pick a single provider? No. A per-ticket decision grid combined with multi-provider routing minimizes fees while maximizing success rate.
Should cash-out enter my calculation? Yes if you withdraw often in cash: 1 to 2 % agent cash-out can exceed the saving made on cash-in.
Is Stripe too expensive for Africa? For local collection, yes, at 2.9 % + 0.30 EUR. But it remains essential for international customers paying by card.
Are fees negotiable? Often, above a certain monthly volume. A high-volume merchant can obtain rates below the public grids.
Let's talk about your project. We build your per-ticket routing grid to cut fees without sacrificing conversion. 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.
