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Factors influencing attitudes and intention to adopt financial technology services among the end-users in Lagos State, Nigeria

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  • Yusuf Opeyemi Akinwale
  • Adam Konto Kyari

Abstract

Financial technology (Fintech) innovation has brought a dynamic change to the financial sector as new products and services are offered by conventional banks and other companies offering banking services through various online platforms. The attitudes of the end-users tend to play a great role in the adoption of any technology. This paper investigated the factors influencing the attitudes and intention of the end-users towards using Fintech services within the purview of an expanded technology acceptance model (TAM). The study was conducted on 467 end-users in Lagos State, Nigeria, using structural equation model analysis. The results revealed that perceived usefulness, perceived ease of use, service trust and social influence have positive and significant impact on users’ attitude towards Fintech service with path weights of 0.55, 0.63, 0.27 and 0.41, respectively, at 1% level of significance. In addition to this, users’ attitude towards Fintech services is positively significant in influencing the adoption of Fintech service with path weight of 0.85 at 1% level of significance. The study suggests that more investment is made in Fintech innovations and that banks sensitize the general public using social media, TV and radio stations. Further, proper regulatory measures by the relevant regulatory agency must be implemented to instil confidence and trust in the end-users. This would boost the level of adoption of Fintech among the end-users in Nigeria.

Suggested Citation

  • Yusuf Opeyemi Akinwale & Adam Konto Kyari, 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, Taylor & Francis Journals, vol. 14(1), pages 272-279, January.
    • Handle: RePEc:taf:rajsxx:v:14:y:2022:i:1:p:272-279
    DOI: 10.1080/20421338.2020.1835177
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    Cited by:

    1. Budi Setiawan & Thich Dai Phan & Jennifer Medina & Martijn Wieriks & Robert Jeyakumar Nathan & Maria Fekete-Farkas, 2024. "Quest for financial inclusion via digital financial services (Fintech) during COVID-19 pandemic: case study of women in Indonesia," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 459-473, June.
    2. Gorka Briones de Araluze & Natalia Cassinello Plaza, 2023. "The Relevance of Initial Trust and Social Influence in the Intention to Use Open Banking-Based Services: An Empirical Study," SAGE Open, , vol. 13(3), pages 21582440231, July.
    3. Mohamed El Adib & Mohamed Achraf Nafzaoui, 2023. "Analysis of the determinants of digital technology adoption in Moroccan audit firms: development of an explanatory conceptual model Analyse des déterminants de l'adoption des technologies numériques d," Post-Print hal-04193924, HAL.

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