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Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency

Author

Listed:
  • Last Mazambani
  • Emmanuel Mutambara

Abstract

Purpose - Financial technology innovation within the developed world is driving financial markets, yet its adoption is lagging among consumers in emerging markets. At the same time, most African economies continue to be at the tail end of global financial innovations adoption. Given lagging consumer adoption of cryptocurrency in South Africa, the purpose of this paper is to apply the theory of planned behaviour (TPB) to predict behavioural intention to adopt cryptocurrency. Design/methodology/approach - A survey instrument based on the TPB was used to collect quantitative data for predicting adoption from adult distance students at the Mancosa, Cape Town campus. For data analysis, the two-step structural equation modelling approach was used. Findings - The findings indicate that attitude and perceived behavioural control positively impact the intention to adopt cryptocurrency. Subjective norm showed a negative non-significant influence. Overall, the results of the study show that the model has a good model fit and can be used to explain the theory. Research limitations/implications - The results of this study may not be generalisable to the wider population as it is only based on a cross-sectional study of a sample of adult students at a single institute in South Africa. Originality/value - The contribution of this paper is threefold: it is one of a few studies on the behavioural intention to adopt cryptocurrency in South Africa using the TPB model, it contributes towards the use of predictive behavioural economics models in understanding consumer behaviour critical to accelerating the adoption of financial innovations, and the results of the study also inform behaviour change strategies that can be applied by practitioners or policymakers to improve adoption. Studies of this nature may lead to the development of financial innovation in emerging markets through a nuanced understanding of consumer behaviour.

Suggested Citation

  • Last Mazambani & Emmanuel Mutambara, 2019. "Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 11(1), pages 30-50, October.
    • Handle: RePEc:eme:ajemsp:ajems-04-2019-0152
    DOI: 10.1108/AJEMS-04-2019-0152
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    Citations

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    Cited by:

    1. Shashi Kant Srivastava & Verma Deepika Chandra & Srinivas Jangirala & Janardan Krishna Yadav, 2024. "The Genesis of the Crypto-economy: Application of the Institutional Theory," Vikalpa: The Journal for Decision Makers, , vol. 49(3), pages 244-256, September.
    2. A. Irimia-Diéguez & F. Velicia-Martín & M. Aguayo-Camacho, 2023. "Predicting Fintech Innovation Adoption: the Mediator Role of Social Norms and Attitudes," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-23, December.
    3. Hasnan Baber & N M Baki Billah, 2022. "Fintech and Islamic Banks - an integrative model approach to predict the intentions," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 24(2), pages 24-45, December.
    4. Jorge Andrés-Sánchez & Laura González-Vila Puchades & Mario Arias-Oliva, 2023. "Factors influencing policyholders' acceptance of life settlements: a technology acceptance model," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(4), pages 941-967, October.
    5. Arpaci, Ibrahim, 2023. "Predictors of financial sustainability for cryptocurrencies: An empirical study using a hybrid SEM-ANN approach," Technological Forecasting and Social Change, Elsevier, vol. 196(C).

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