Factors that Influence the Acceptance of Mobile Money in Nigeria

Abstract

Availability of Mobile phones creates opportunities for banking institutions to introduce new services. Among the latest services in banking institutions in Nigeria is mobile money. Thus, the purpose of this study is an attempt to identify the underlying factors that influence the mobile money acceptance in South East of Nigeria. This paper extends the applicability of the Technology Acceptance Model (TAM) with other constructs, like ‘‘perceived credibility (PC)’’, the ‘‘amount of information about mobile money (AIMCs)’’, “perceived financial cost (PFC)”, and ‘‘perceived expressiveness (PE)’’ to study the intention to accept mobile money. Data were collected from 314 bank customers in South-east of Nigeria, and was analyzed using the partial least square structural equation modelling technique. The result of hypotheses testing confirmed that perceived ease of use, perceived financial cost, and Amount of information about mobile money are the important influencer for the intentions to accept mobile money. However, perceived usefulness, perceived credibility, perceived expressiveness and self efficacy are not important in predicting the intentions of south-east customers to accept mobile money. This study provides new information about an emerging market and technology to the practitioners, government and academics. The study extends the understanding of TAM to newly emerging contexts such as the mobile money in South east of Nigeria.