For each of the services you offer, you need to add your fee, to be able to turn in a profit.

  • Fixed Costs
    • Cost of tools (e.g Tab, phone, PC, etc)
    • Cost of rentals & branding
  • Variable Costs
    • Transaction Charges
      • POS Transaction Charges
      • Account maintenance, 
      • Charge on Transfer (COT), 
      • Charges per mile, 
      • SMS charges
    • Cost of Data (for your phone, PC, Tab)
    • Cost of POS paper etc
    • Cost of Bulk SMS
    • Cost of transport To & From Bank

  • Be Competitive
  • Be flexible
  • Charge more for high volume transactions

Please take note that services such as Bills payment, Sports betting, deposit to account/wallet, money transfer, etc all fall under this category, as in all these cases, the customer comes with actual cash to you, and you have to use money in your account/wallet to  complete these transactions. Most times, cash-in fees vary by volume of transaction. Here are typical charges per volume:

  • N0 - N5000: 100-200
  • N5000 - N10,000: 150-200
  • N10,000 - N15,000: 200-250
  • N15,000 - N20, 000: 200-250

This includes any case where the customer is coming to you to withdraw money from their account/wallet.

  • Typical POS withdrawal fees: N100 - N200 (per N5,000 withdrawn)
  • Typical Cardless withdrawal fees: N100 - N250 (per N5,000 withdrawn)
  • Typical USSD withdrawal fees: N100 - N200 (per N5,000 withdrawn)
  • Typical Online Transfer withdrawal fees N70 - N200 (per N5,000 withdrawn)

A strategy you can adopt to give the best pricing is to work with different operators for different services.

  • Operators with low transfer fees are good for cash in services (e.g GTBank that currently has a transfer fee of N10 to all bank and for all amounts)
  • Operators with zero stamp duty on your account and low POS or careless withdrawal fees are great for cash-out services, since this will require you getting cash into your account.

1. Work towards forming an association with other operators in your area and set the price and you all adhere to it. 2. If that's not working, find another operator with cheaper fees.