Factors Influencing Consumers’ Adoption of Mobile Financial Technology (FinTech) Services in Calabar, Nigeria
Main Article Content
Abstract
This research explored the primary factors driving consumer adoption of mobile financial technology (FinTech) services in Calabar, Nigeria. Anchored in the key constructs of the Unified Theory of Acceptance and Use of Technology (UTAUT)—including performance expectancy, effort expectancy, social influence, and facilitating conditions—the study aimed to assess their influences on the acceptance of mobile FinTech solutions. Employing a cross-sectional survey design, structured questionnaires were used to collect primary data from 357 individuals utilizing mobile FinTech services in Calabar. The gathered data underwent analysis through descriptive statistics, while multiple linear regression in SPSS 26 was employed to test the proposed hypotheses. The results indicated that all four UTAUT constructs—performance expectancy, effort expectancy, social influence, and facilitating conditions—had a significant and positive effect on the adoption of mobile FinTech services within the study area. Based on these findings, the study suggested that mobile FinTech service providers should focus on meeting customer expectations by ensuring reliable transaction processes, implementing advanced security measures such as encryption, offering round-the-clock customer support, ensuring timely transactions, maintaining transparent fee structures, and integrating diverse banking services to create a seamless user experience. These measures can enhance trust and satisfaction among users. Additionally, the study recommended that providers prioritize user-friendly features, such as easy software installation and updates, simplified registration processes, intuitive interfaces, straightforward account management, minimal learning curves, and efficient notification systems, to ensure a smooth and hassle-free experience for users. Other recommendations were also provided to further improve mobile FinTech service adoption and user engagement.
Article Details
Copyright (c) 2025 Etuk, Idorenyin Udo, Nneoyi Nnana Aripko, Edim Eka James (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abd Ghani, M., Rahi, S., Yasin, N. M., & Alnaser, F. M. (2017). Adoption of internet banking: Extending the role of technology acceptance model (TAM) with e-customer service and customer satisfaction. World Applied Sciences Journal, 35(9), 1918-1929.
Abubakar, I. R., & Aina, Y. A. (2019). The prospects and challenges of smart cities in developing countries. Land Use Policy, 87, 104-111. https://doi.org/10.1016/j.landusepol.2019.104111 DOI: https://doi.org/10.1016/j.landusepol.2019.104105
https://doi.org/10.1016/j.landusepol.2019.104111 DOI: https://doi.org/10.1016/j.landusepol.2019.104111
Akinwale, Y. O., & Kyari, A. K. (2022). Factors influencing attitudes and intention to adopt financial technology services among the end-users in Lagos State, Nigeria. African Journal of Science, Technology, Innovation and Development, 14(1), 272-279
https://doi.org/10.1080/20421338.2020.1835177 DOI: https://doi.org/10.1080/20421338.2020.1835177
Andrews, J. E., Ward, H., & Yoon, J. (2021). UTAUT as a model for understanding intention to adopt AI and related technologies among librarians. The Journal of Academic Librarianship, 47(6), 102-127.
https://doi.org/10.1016/j.acalib.2021.102437 DOI: https://doi.org/10.1016/j.acalib.2021.102437
Barkhordari, M., Nourollah, Z., Mashayekhi, H., Mashayekhi, Y., & Ahangar, M. S. (2017). Factors influencing adoption of e-payment systems: An empirical study on Iranian customers. Information Systems and E-business Management, 15, 89-116.
https://doi.org/10.1007/s10257-016-0311-1 DOI: https://doi.org/10.1007/s10257-016-0311-1
Barrane, F. Z., Karuranga, G. E., & Poulin, D. (2018). Technology adoption and diffusion: A new application of the UTAUT model. International Journal of Innovation and Technology Management, 15(06), 195-208
https://doi.org/10.1142/S0219877019500044 DOI: https://doi.org/10.1142/S0219877019500044
Bashir, B. K., & Muhammad, T. (2023). Factors influencing the adoption of mobile financial services in enhancing financial inclusion: Using structural equation modeling for the decision-making approach. Innovative Journal of Social Sciences, 11(2), 19-27.
https://doi.org/10.22159/ijss.2023.v11i2.47349 DOI: https://doi.org/10.22159/ijss.2023.v11i2.47349
Chan, R., Troshani, I., Rao-Hill, S., & Hoffmann, A. (2022). Towards an understanding of consumers' FinTech adoption: The case of Open Banking. International Journal of Bank Marketing, 40(4), 886-917.
https://doi.org/10.1108/IJBM-08-2021-0397 DOI: https://doi.org/10.1108/IJBM-08-2021-0397
Chavula, H. K. (2017). The role of ICT in economic growth and poverty reduction in Africa. Telecommunications Policy, 41(10), 907-919. https://doi.org/10.1016/j.telpol.2017.09.007
https://doi.org/10.1016/j.telpol.2017.09.007 DOI: https://doi.org/10.1016/j.telpol.2017.09.007
Chike, N. K., & Ogba, I. E. (2023). Factors influencing continuous intention to use mobile payment platforms in Southeast, Nigeria. European Journal of Business and Innovation Research, 11(8), 43-75.
https://doi.org/10.37745/ejbir.2013/vol11n84375 DOI: https://doi.org/10.37745/ejbir.2013/vol11n84375
Daka, C. G., & Phiri, J. (2019). Factors driving the adoption of e-banking services based on the UTAUT model. International Journal of Business and Management, 14(6), 43-52.
https://doi.org/10.5539/ijbm.v14n6p43 DOI: https://doi.org/10.5539/ijbm.v14n6p43
Dos Santos, A., & Kniess, C. T. (2018). Digital literacy and technology acceptance in developing countries. Journal of Technology and Development, 2(1), 65-75. https://doi.org/10.1057/s40803-018-0067-0
Dwivedi, Y. K., Rana, N. P., Jeyaraj, A., Clement, M., & Williams, M. D. (2019). Re-examining the unified theory of acceptance and use of technology (UTAUT): Towards a revised theoretical model. Information Systems Frontiers, 21, 719-734.
https://doi.org/10.1007/s10796-017-9774-y DOI: https://doi.org/10.1007/s10796-017-9774-y
Ebizie, P. I., Nkamnebe, A. D., & Ojiaku, O. C. (2022). Factors influencing cryptocurrency adoption among Nigerian university fintech entrepreneurs: A UTAUT perspective. British Journal of Marketing Studies, 10(3), 25-37.
https://doi.org/10.37745/bjms.2013/vo10.n3pp2537 DOI: https://doi.org/10.37745/bjms.2013/vo10.n3pp2537
Ediagbonya, V., & Tioluwani, C. (2023). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Technological Sustainability, 2(1), 100-119.
https://doi.org/10.1108/TECHS-10-2021-0017 DOI: https://doi.org/10.1108/TECHS-10-2021-0017
Ezenwafor, E., Adebayo, R. O., & Okafor, E. (2022). Predictors of intention to adopt fintech among digitally active customers in Nigeria: Online savings and investment platforms [OSIPS]. International Journal of Research in Business and Social Science, 11(10), 180-190.
https://doi.org/10.20525/ijrbs.v11i10.2196 DOI: https://doi.org/10.20525/ijrbs.v11i10.2196
Ferdaous, D. J., & Rahman, M. N. (2021). Banking goes digital: Unearthing the adoption of fintech by Bangladeshi households. Journal of Innovation in Business Studies, 1(1), 7-42.
Gagliardone, I., & Sambuli, N. (2019). Africa's digital future: The interplay of technology, politics, and policy. African Affairs, 118(470), 645-664. https://doi.org/10.1093/afraf/ady063
https://doi.org/10.1093/afraf/ady063 DOI: https://doi.org/10.1093/afraf/ady063
Joseph, T. E., Nwolisa, C. U., Obikaonu, P. C., & Alase, G. (2021). Monetary policy effectiveness and financial inclusion in Nigeria: FinTech,'the disrupter' or 'enabler'. International Journal of Applied Economics, Finance and Accounting, 9(1), 19-27.
https://doi.org/10.33094/8.2017.2021.91.19.27 DOI: https://doi.org/10.33094/8.2017.2021.91.19.27
Kalantari, M. (2017). Consumers' adoption of wearable technologies: literature review, synthesis, and future research agenda. International Journal of Technology Marketing, 12(3), 274-307.
https://doi.org/10.1504/IJTMKT.2017.089665 DOI: https://doi.org/10.1504/IJTMKT.2017.089665
Kihoro, J. M., & Kihoro, H. W. (2018). Unified theory of acceptance and use of technology (UTAUT) model for adoption and usage of e-government services in Kenya. African Journal of Science, Technology, Innovation and Development, 10(2), 193-199.
Kim, H. Y., Lee, J. Y., Mun, J. M., & Johnson, K. K. (2017). Consumer adoption of smart in-store technology: Assessing the predictive value of attitude versus beliefs in the technology acceptance model. International Journal of Fashion Design, Technology and Education, 10(1), 26-36.
https://doi.org/10.1080/17543266.2016.1177737 DOI: https://doi.org/10.1080/17543266.2016.1177737
Kurniasari, F., Tajul-Urus, S., Utomo, P., Abd Hamid, N., Jimmy, S. Y., & Othman, I. W. (2022). Determinant factors of adoption of fintech payment services in Indonesia using the UTAUT approach. Asian-Pacific Management Accounting Journal, 17(1), 97-125.
https://doi.org/10.24191/APMAJ.V17i1-04 DOI: https://doi.org/10.24191/APMAJ.V17i1-04
Kurniasari, F., Utomo, P., & Jimmy, S. Y. (2023). Determinant factors of Fintech adoption in organization using UTAUT theory approach. Journal of Business and Management Review, 4(2), 92-103.
https://doi.org/10.47153/jbmr42.6032023 DOI: https://doi.org/10.47153/jbmr42.6032023
Lee, M. J., Lee, G. S., & Park, J. Y. (2019). Assessing technology acceptance and usage behavior of elderly people in South Korea: A test of unified theory of acceptance and use of technology. Human Factors and Ergonomics in Manufacturing & Service Industries, 29(6), 321-331.
Mbiti, I., & Weil, D. N. (2017). Mobile banking: The impact of M-Pesa in Kenya. African Successes: Modernization and Development, 3, 247-293. https://doi.org/10.7208/chicago/9780226315850.003.0007 DOI: https://doi.org/10.7208/chicago/9780226315867.003.0009
https://doi.org/10.7208/chicago/9780226315850.003.0007 DOI: https://doi.org/10.7208/chicago/9780226315850.003.0007
Mishra, D. R., & Varshney, D. (2024). Academic integrity in higher education: Faculty perceptions, strategies, and digital challenges in the digital age. International Journal of All Research Education and Scientific Methods, 4(2), 245-258
Mishra, D. R., & Varshney, D. (2024). Comprehensive analysis of human and AI task allocation in the education sector: Defining futuristic roles and responsibilities. World Journal of Advanced Research and Reviews, 22(3), 10-30574.
https://doi.org/10.30574/wjarr.2024.22.3.1949
Mishra, D. R., & Varshney, D. (2024). Comprehensive analysis of human and AI task allocation in the education sector: Defining futuristic roles and responsibilities. World Journal of Advanced Research and Reviews, 22(3), 10-30574.
https://doi.org/10.30574/wjarr.2024.22.3.1949 DOI: https://doi.org/10.30574/wjarr.2024.22.3.1949
Mishra, D. R., & Varshney, D. (2024). Digital transformation (Dt): Promoting growth and efficiency in Uttar Pradesh organized retailing. International Journal for Research in Engineering Application & Management, 10(01), 32-37.
Mishra, D. R., & Varshney, D. (2024). Digital transformation (Dt): Promoting growth and efficiency in Uttar Pradesh organized retailing. International Journal for Research in Engineering Application & Management, 10(01), 32-37.
Mishra, R., & Varshney, D. (2024). Consumer protection frameworks by enhancing market fairness, accountability and transparency (FAT) for ethical consumer decision-making: Integrating circular economy principles and digital transformation in global consumer markets. Asian Journal of Education and Social Studies, 50(7), 640-652.
https://doi.org/10.9734/ajess/2024/v50i71494 DOI: https://doi.org/10.9734/ajess/2024/v50i71494
Mohammed, F., & Al-Jadidi, H. (2021). A study of the factors affecting the adoption of e-government services in Canada using the unified theory of acceptance and use of technology (UTAUT) model. Telematics and Informatics, 61, 101507.
Mwandila, D., & Simelane, T. (2017). Factors influencing the acceptance and use of e-learning technologies in higher education institutions in South Africa. International Journal of Education and Development using Information and Communication Technology, 13(3), 109-124.
Nchise, A., & Davies, C. (2019). Technology adoption in sub-Saharan Africa: Conceptual frameworks and policy implications. Journal of African Development Studies, 6(4), 81-99. https://doi.org/10.1108/JADS-06-2019-0097
Nguyen, T. T., Nguyen, D. T., & Bui, T. T. (2021). Adoption of mobile banking in Vietnam: A unified theory of acceptance and use of technology model. Journal of Economics and Development, 23(1), 91-114.
Ojiaku, O. C., Ezenwafor, E. C., & Osarenkhoe, A. (2024). Integrating TTF and UTAUT models to illuminate factors that influence consumers' intentions to adopt financial technologies in an emerging country context. International Journal of Technology Marketing, 18(1), 113-135.
https://doi.org/10.1504/IJTMKT.2024.135674 DOI: https://doi.org/10.1504/IJTMKT.2024.135674
Ojo, O. V., & Nwaokike, U. (2018). Disruptive technology and the fintech industry in Nigeria: Imperatives for legal and policy responses. Gravitas Review of Business and Property Law, 9(3), 78-91
https://doi.org/10.2139/ssrn.3306164 DOI: https://doi.org/10.2139/ssrn.3306164
Olatunji, T. (2020). Advancing the cause of fintech in Nigeria through regulation. The Gravitas Review of Business & Property Law, 11(4), 17-34.
Popescu, A. D. (2019). Empowering financial inclusion through fintech. Social Sciences and Education Research Review, 6(2), 198-215.
Rahi, S., Ghani, M., Alnaser, F., & Ngah, A. (2018). Investigating the role of unified theory of acceptance and use of technology (UTAUT) in internet banking adoption context. Management Science Letters, 8(3), 173-186.
https://doi.org/10.5267/j.msl.2018.1.001 DOI: https://doi.org/10.5267/j.msl.2018.1.001
Sarfaraz, J. (2017). Unified theory of acceptance and use of technology (UTAUT) model-mobile banking. Journal of Internet Banking and Commerce, 22(3), 1-20.
Shareef, M. A., Baabdullah, A., Dutta, S., Kumar, V., & Dwivedi, Y. K. (2018). Consumer adoption of mobile banking services: An empirical examination of factors according to adoption stages. Journal of Retailing and Consumer Services, 43, 54-67.
https://doi.org/10.1016/j.jretconser.2018.03.003 DOI: https://doi.org/10.1016/j.jretconser.2018.03.003
Sinha, A., & Park, H. (2020). The impact of ICT infrastructure on economic growth in sub-Saharan Africa. Telecommunications Policy, 44(3), 101890. https://doi.org/10.1016/j.telpol.2019.101890
Tusiime, R., & Bagorogoza, R. (2020). The adoption of National Health Insurance Scheme in Uganda: A unified theory of acceptance and use of technology approach. Journal of Public Health in Africa, 11(S1), 77-85.
Urus, S. T., Kurniasari, F., Faiza, S. M., Nazri, S. N., Utomo, P., Othman, I. W., Jimmy, S. Y., & Hamid, N. A. (2022). A comparative study of FinTech payment services adoption among Malaysian and Indonesian fresh graduates: Through the lens of UTAUT theory. Eastern-European Journal of Enterprise Technologies, 119(13), 78-93
Utami, A. F., Ekaputra, I. A., & Japutra, A. (2021). Adoption of FinTech products: A systematic literature review. Journal of Creative Communications, 16(3), 233-248.
https://doi.org/10.1177/09732586211032092 DOI: https://doi.org/10.1177/09732586211032092
Venkatesh, V. (2022). Adoption and use of AI tools: A research agenda grounded in UTAUT. Annals of Operations Research, 308(1), 641-652.
https://doi.org/10.1007/s10479-020-03918-9 DOI: https://doi.org/10.1007/s10479-020-03918-9
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 425-478.
https://doi.org/10.2307/30036540 DOI: https://doi.org/10.2307/30036540
Article Sidebar
