African Journal of Science, Technology, Innovation and

Development

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Factors influencing attitudes and intention to

adopt financial technology services among the
end-users in Lagos State, Nigeria

Yusuf Opeyemi Akinwale & Adam Konto Kyari

To cite this article: Yusuf Opeyemi Akinwale & Adam Konto Kyari (2020): 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, DOI:
10.1080/20421338.2020.1835177

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Published online: 31 Dec 2020.

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African Journal of Science, Technology, Innovation and Development, 2020
https://doi.org/10.1080/20421338.2020.1835177
© 2020 African Journal of Science, Technology, Innovation and Development

Factors influencing attitudes and intention to adopt financial technology services among the
end-users in Lagos State, Nigeria
Yusuf Opeyemi Akinwale * and Adam Konto Kyari

College of Business Administration, Imam Abdulrahman Bin Faisal University, Dammam, Saudi Arabia
*Corresponding author email: yoakinwale@iau.edu.sa; yemiiakinwale@yahoo.com

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.

Keywords: financial technology, technology acceptance model, end-users, intention to adopt

Introduction decades and it’s connected to the emerging technologies

The financial industry is facing a dynamic and systemic
change in financial technology (Fintech) innovation glob-
ally (Schindler 2017). This poses a lot of challenges for
banks as they need to adapt to this new technological
wave if they want to remain in business (Gomber,
Koch, and Siering 2017; Kyari and Akinwale in press).
This has led to a fast-growing adoption of Fintech inno-
vation in the industry (Frame, Larry Wall, and White
2019; Mention 2019). Fintech can be referred to as a
number of innovative services which utilize evolving
information technologies, among which are cloud com-
puting, Internet of Things, and big data, to widen financial
product and service platforms (Nakashima 2018). This
has led to some Fintech companies outside the conven-
tional banking system to operate and compete with
banks (Chishti and Barberis 2017; Navaretti et al. 2017;
Nicoletti 2017). These Fintech companies use technology
for diverse financial solutions such as lending, payments,
borrowing, and personal financial management, among
others (Al-Ajlouni and Al-hakim 2018). These companies
aim to entice customers with products and services that
are more efficient, user-friendly, automated, and transpar-
ent than those currently available in the traditional
banking system (Dorfleitner et al. 2017). Fintech offers
different opportunities to users through improvement in
transparency, reduction of costs, eradication of middle-
men, and easier accessibility to financial information
(Zavolokina, Dolata, and Schwabe 2016). Different
types of innovations which currently dominate Fintech
comprise peer-to-peer lending, mobile payment systems,
artificial intelligence and machine learning, digital advi-
sory and trading systems, crypto currencies and the
BlockChain, and equity crowdfunding among others.
The construct ‘Fintech’ has been in existence for
of everyday businesses which encompass the sale and pur-
chase of household consumable needs, business capital
and inventories and banking transactions (Chong et al.
2019). In this twenty-first century, banks and other finan-
cial institutions started transforming from traditional
banking methods to modern-day technologies in order
to satisfy customers (Gabor and Brooks 2017).
In order to remain competitive and continue to have a
greater market share in the financial industry, banks have
invested heavily in Fintech and, at the same time, have
acquired some Fintech companies (Kyari and Akinwale
in press). Although reasonable attention has been
devoted to Fintech in the financial industry, many
people still doubt the continuous use of Fintech in the
long-term as users are sceptical due to the considerable
risks attached to it. End-users would like to evaluate
both the benefits and the risks inherent in Fintech usage
before making a decision on the adoption of such a
product or service (Chong et al. 2019). This poses a
great challenge to the Fintech companies since they
need to increase the potential benefits of using Fintech
products as well as limiting the potential risks (Chan
2015). Fostering alliances between the regulators, the
incumbent banks and the Fintech companies is essential
in working towards reducing the potential financial risks
that could emanate from the industry (Anagnostopoulos
2018).
The rate at which new information and communi-
cation technologies (ICT) and innovation are diffused
and adopted goes beyond the features of the technologies
and innovation themselves, since of equal importance are
the features of the users at whom they are directed (Akin-
wale 2018a; Escobar-Rodríguez and Romero-Alonso
2014; Teo, Lee, and Chai 2008). While only a few

African Journal of Science, Technology, Innovation and Development is co-published by NISC Pty (Ltd) and Informa Limited (trading as Taylor & Francis Group)
2 Akinwale and Kyari
countries such as China, Australia, the United Kingdom,
Korea and Finland, among others, have adopted Fintech
widely (Ernst and Young 2018; Jin, Seong, and Khin
2019; Kim et al. 2016), the rate of adoption still
remains at a preliminary stage in Malaysia and many
emerging and developing countries (Jin, Seong, and
Khin 2019; Kyari and Akinwale in press).
Continuous innovative technology has been shaping
the financial sector and this creates a prospect for the
banks and Fintech companies to find better alternatives
to satisfy consumers’ needs and that are more convenient
(Devadevan 2013). Nevertheless, there is a need for the
financial industry to firstly comprehend the level of accep-
tance of consumer concerning technology adoption of
financial services prior to the actual adoption of such tech-
nology. There are few studies that have been conducted in
both developed and developed countries on the adoption
of fintech innovation by the banks (Al-Ajlouni and
Al-hakim 2018; Kerenyi, Molnar, and Muller 2018;
Kyari and Akinwale in press; Thakor in press);
however, there are much fewer studies on the adoption
of fintech by end-users. It is equally important to know
that any technology/innovation developed but not prop-
erly adopted by the end-users is doomed to fail. Since
Nigeria is ranked as the largest economy in Africa and
Lagos State is the commercial hub of Nigeria, there is a
need to estimate the nature of Fintech services adopted
by the bank’s customers and the factors influencing their
intention to adopt Fintech services. The objectives of
this study are to investigate the nature of Fintech services
being adopted by the end-users as well as examine the
factors influencing the attitude and intention of end-
users towards adopting Fintech services.
The rest of the paper includes a review of the empiri-
cal literature in the next section, the methodology there-
after, followed by the presentation and analysis of data,
with the final section concluding.
Empirical literature and hypothesis formulation
This paper is embedded in the theory of technology accep-
tance model propounded by Davis (1989). According to
this theory, the behavioural intention of the user to
accept a certain technology is influenced by two main
factors, namely, perceived ease of use and perceived use-
fulness. Perceived usefulness is the level at which a user
believes that utilizing the technology will boost his/her
job performance and is a significant factor influencing
acceptance of an information system. Perceived ease of
use on the other hand is referred to as the level at which
a user opines that utilizing certain technology will be
free of effort (Davis 1989). There are some related past
studies in the literature which have been empirically
carried out on technology adoption and revealed the posi-
tive influence of perceived usefulness on the intention of
the users (Akinwale and Adepoju 2019; Hong and Zhu
2006; Ng and Kwok 2017). Meanwhile, perceived ease
of use which is the level at which users are more comfor-
table with expending less energy in the course of learning
and using new technologies (e.g. Fintech services) has
also been acknowledged to significantly contribute to
their adoption of such technologies (Akinwale, Ilevbare,
and Ogundari 2015; Hu et al. 2019; Szopinski 2016).
Some studies have also expanded the technology accep-
tance model by incorporating social influence and trust
due to their relevance in adoption of innovative technol-
ogies (Chuang, Liu, and Kao 2016; Kim et al. 2016).
For instance, Oliveira et al. (2016) in their study con-
ducted in Portugal indicated that social norm is statisti-
cally significant regarding the intentions of users in
adopting mobile payment system. The behavioural inten-
tion of an individual towards adopting a particular tech-
nology is influenced by the individual’s social circles
and relatives (Oliveira et al. 2016). The study by
Heijden, Verhagen, and Creemers (2003) revealed that
trust and experiences when using new technology will
positively influence a consumer’s purchasing attitude.
They further showed that the attitude toward acquiring a
product is greater when brand awareness and service
trust of consumers is higher. In addition, some other
studies (Chuang, Liu, and Kao 2016; Hu et al. 2019;
Jünger and Mietzner 2019) also showed that users’ trust
in Fintech services is statistically significant in influen-
cing their attitudes towards adoption. It is presumed that
once customers believe that the information provided by
companies is true, they tend to adopt a positive attitude
toward such companies.
Hu et al. (2019) investigated the adoption intention of
Fintech services among 387 active customers of a com-
mercial bank in Heibei China. The results, using the struc-
tural equation model, revealed that the trust of the bank’s
customers in Fintech services has a significant effect on
their attitudes towards adoption. More so, the results of
the TAM showed that perceived ease of use and perceived
risk have no significant impact on users’ attitudes toward
the adoption of Fintech services. Chansaenroj and Techa-
kittiroj (2015) assessed the connection between intention
to use mobile banking and perceived ease of use in Thai-
land. The result showed a positive relationship between
them, indicating that every time a newly introduced tech-
nology is easier to use it raises potential users’ intention to
use mobile banking. Jünger and Mietzner (2019) con-
ducted a survey among 323 German households in 2017
regarding the tendency of the households to switch from
their traditional banks to Fintech companies as well as
the factors which influence the propensity of German
households to change from traditional banks to Fintech
companies. The results indicated that 31% of the
sampled households are willing to switch from a tra-
ditional bank to a Fintech company, demonstrating that
the new Fintech companies could take a significant
market share from the traditional banks. The results also
revealed that the households’ likelihood to switch to a
Fintech company is influenced by factors such as financial
literacy, transparency, level of trust and comfort with a
new system. In specific terms, households with low
levels of trust and preference for transparency have a
greater likelihood of adopting Fintech, whereas the per-
ception of German households about price are not statisti-
cally significant to influence their propensity to switch.
Ryu (2018) investigated the factors influencing the
continuous intention to use Fintech services among 243
Fintech users in Korea in 2017. The outcomes of the
 African Journal of Science, Technology, Innovation and Development
study, that used the structural equation model, revealed
that the perceived benefit and risk significantly influenced
the users’ continued intention to use Fintech services,
though the perceived benefit had a much stronger influ-
ence on Fintech usage decision than the perceived risk.
Furthermore, convenience was the strongest and most
consistent positive factor which significantly affected
the perceived benefit out of the three perceived benefit
factors considered, whereas legal risk was the most sig-
nificant negative factors which influence the Fintech con-
tinuance intention of the users out of the four risk factors
included.
Kim et al. (2016) studied the adoption of payment-
type Fintech services of users in Seoul using Elaboration
Likelihood Model (ELM) and Technology Acceptance
Model (TAM). The outcomes of the study disclosed that
usefulness, ease of use and credibility had positive
impacts on intention to use. Meanwhile, self-efficacy
was also positively impacted the intention to use,
whereas concern for information privacy was found to
be a negative factor impeding the path to intention to
use. This study implies that convenience and usefulness
are the central factors that could promote usage of
payment-type Fintech services in Seoul.
Chuang, Liu, and Kao (2016) integrated brand and
service trust to TAM in investigating the consumer behav-
ioural intentions in using Fintech service among 440
effective consumers in Taiwan. The results disclosed
that the perceived usefulness, brand and service trust,
and perceived ease of use are positively significant on atti-
tudes toward using Fintech Service, which then positively
impacted the behavioural intention to use such Fintech
service. In the study of Thakor and Merton (2019), trust
is also considered as a significant factor to Fintech adop-
tion from both the lenders and borrowers’ perspectives.
Bergmann and Maçada (2019) analyzed the relationship
between fintech adoption and continuance intention of
the end-users in Brazil. The result revealed that there is
an association between users’ continuance intention and
trust, perceived benefits, security risk, financial risk, but
no relationship was found between users’ continuance
intention and operational risk. Lee (2018) examined the
factors that influence Bitcoin acceptance among 224
Bitcoin users in Korea. An extended model of TAM
was proposed and tested with an online survey sample
by using the PLS method. The results exhibited that the
behavioural intention to use Bitcoin is significantly
impacted by perceived security and perceived usefulness.
Meanwhile, perceived ease of use did not have a signifi-
cant direct effect on behavioural intention, but indirectly
influences intention.
Chong et al. (2019) analyzed the factors that affect
Fintech adoption in Malaysia in different age groups
among 300 respondents using TAM and Unified Theory
of Acceptance and Use of Technology (UTAUT). The
results revealed that personal innovativeness, perceived
usefulness, social influence, perceived ease of use, secur-
ity concerns, perceived enjoyment and demographic
factors influence the intention to adopt Fintech in Malay-
sia, as all the aforementioned variables are statistically
significant in the model. More so, the result of the
3
gender perception indicated that males in Malaysia have
a higher intention of adopting Fintech than females.
Despite the emergence of financial technologies glob-
ally, there is a dearth of studies relating to the factors
impacting financial technology adoption among the end-
users in sub-Saharan African countries, specifically in
Nigeria. The understanding of such factors could form
the basis for policymaking in influencing the users of
financial technologies in Nigeria.
Based on the empirical studies aforementioned, this
article hypothesized the following:
H1: Perceived usefulness has a positive and significant
impact on users’ attitude towards using Fintech services
H2: Perceive ease of use has a positive and significant
impact on users’ attitude towards using Fintech services
H3: Service trust has a positive and significant impact on
users’ attitude towards using Fintech services
H4: Social influence has a positive and significant impact
on users’ attitude towards using Fintech services
H5: Users’ attitude towards using Fintech services has a
positive and significant impact on intention to adopt
Fintech services by the end-users
Methodology
The data, sampling technique and size as well as the
methods of the study are presented in this section.
Sample and data
This data, through the use of questionnaire, was obtained
between last quarter of 2019 and first quarter of 2020 in
Lagos State, Nigeria. The questionnaire was administered
in Lagos State due to convenience and the nature of
people in the state. Lagos State is the industrial hub of
Nigeria which comprises people from diverse ethnicity,
religion and education background. In addition to the con-
venience nature of the sampling method, the questionnaire
was purposively distributed to the end-users who are
using any of the Fintech services at the period of data col-
lection. After eliminating the questionnaires that were not
filled properly, the analysis was conducted on the remain-
ing 467 respondents. The sample size selection which is
based on Cochran (1963) with 95% confidence level
was adopted whereby 385 samples are presumed good
enough to analyse, which is less than the actual sample
of 467 respondents obtained.
Variable measurement
The specific objective of the study is to investigate the
nature of Fintech services and factors influencing the atti-
tudes and intention to adopt Fintech service among end-
users in Nigeria. All the variables of the constructs are
measured on five point likert-scale ranging from ‘1 =
Not sure’ to ‘5 = Most likely’. Based on the literature,
the following questions were used to capture the
variables.
(1) Perceived Usefulness (PU)
PU1: I think using Fintech service can make life more
convenient
PU2: I think I can quickly get information using a Fintech
service
PU3: I think I will not be restricted by time and location if
using Fintech Service
4 Akinwale and Kyari
(2) Perceived Ease of Use (PEU)
PEU1: I think it is easier to finalize transactions using
Fintech services
PEU2: I think it is easier to download application pro-
grams from internet using Fintech service
PEU3: I believe most Fintech services are easier to learn
and use without going through the service manual
(3) Service Trust (ST)
ST1: I am confident of the Fintech service provided by the
banks and other firms
ST2: I believe the transaction system of Fintech service is
secured
(4) Social Influence (SI)
SI1: I think my friends and relatives would also use
Fintech service
SI2: I think many businesses in my community would
also use Fintech service
(5) Attitudes towards using Fintech (ATB)
ATB1: My experience with Fintech services is great
ATB2: I think it is very convenient to check information
using Fintech service anytime and anywhere
ATB3: I think having more knowledge and awareness
about Fintech will influence my level of adoption of it
(6) Intention to Adopt Fintech service (INT)
INT1: I want to use the service provided by Fintech
service
INT2: I want to use Fintech service to connect
information
Method
This study analyses the factors influencing willingness to
adopt Fintech services among the end-users under the
purview of the theory of technology acceptance model
using structural equation model (SEM). Structural
equation model is adopted for testing the hypotheses in
this study as a result of its ability to determine the
causal linkages between differing factors which denote
dependent and independent variables in the model
(Yasin et al. 2009). This warrants the use of SEM in esti-
mating a model whereby a certain dependent variable at
one point could be used as an independent variable in a
successive point (Hair et al. 2010). SEM is a statistical
technique which examines the association between mul-
tiple variables based on the covariance matrix of variables
(Akinwale 2018b; Hu et al. 2019). Kaiser-Meyer-Olkin
(KMO) and Bartlett’s test was carried out to show the ade-
quacy of the sample size, and the result revealed that
KMO index is 0.917 which indicates the adequacy of
the sample size as the value is greater than 0.6 which is
usually used as the reference point. Moreso, Bartlett’s
test of Sphericity is also significant at p < 0.001 illustrat-
ing that there is a minimum of two of the variables
which are intercorrelated. After eliminating 6 variables
upon the preliminary pilot tests based on feedback from
experts, respondents and the results of Eigenvalue test,
15 variables were then used for SEM analysis.
Analysis and discussion
Table 1 showed the demographic data of the sampled
respondents. Majority (74.7%) of the respondents are
between the age of 18 and 40 years, whereas 13.9% of
the respondents are between age of 41 and 60 years,
7.9% are below 18 years while 3.4% are above 60
years. This shows that larger proportions of the respon-
dents are young and are more inclined towards the use
of technology related services. Ernst and Young (2018)
asserted that young customers have an increasing need
for financial services which give them easier access
from anywhere and at any time. The respondents are
approximately equally distributed between male (49%)
and female (51%). Table 1 also reveals that 27% of the
respondents are students, 12% work in financial insti-
tution, 10.7% engage in trading, 9% in services, 8.1% in
catering and hotel, 7.5% in agriculture, 6% in academics,
5.1% in pharmaceuticals, 4.9% in ICT related businesses,
4.5% in manufacturing, and 4.3% in oil and gas firms.
Also, majority (34.5%) of the respondents have Bachelor
degrees and its equivalent, and the least (2.1%) of the
respondents have primary school leaving certificate.
This indicates that the sampled respondents are from
different sectors of the economy, and also that an
average respondent is literate base on their educational
background.
Table 2 shows the nature of Fintech services the cus-
tomers use in the last three years. The Fintech services
here refer to mainly all financial transactions being
carried out with the use of modern technology and internet
services. The result reveals that money transfer payments
of various forms constitute the largest proportion (84.2%)
of the Fintech services being used by the respondents. The
proportions of respondents’ usage of other Fintech ser-
vices include 75.4% for savings and investment, 71.9%
for insurance, 63% for financial planning, 60.6% for bor-
rowing, and 43% for others. This indicates that majority
of the sampled respondents are aware and make use of
Fintech services, and these could not be disassociated
from the fact that many Nigerian youths are conversant
with internet financial transaction.
Table 3 shows that the Cronbach’s Alpha of the six
constructs ranged from 0.71 to 0.82. More so, all the vari-
ables have factor loadings which ranged from 0.60 to
0.87.
Table 4 displays the result of the structural relation-
ship among the factors influencing willingness to adopt
Fintech services among the banks’ customers through
structural equilibrium model using AMOS 26 statistical
package. The results of Table 4 and Figure 1 show that
perceived usefulness, perceived ease of use, service trust
and social influence have positive and significant impact
on users’ attitude toward using Fintech services with cor-
responding path weights of 0.55, 0.63, 0.27 and 0.41,
respectively. All the four constructs are significant at
1% level of significance. The results validate hypotheses
one to four as stated in this paper. It could be seen that per-
ceived ease of use and perceived usefulness are more
impactful in influencing users’ attitude towards the use
of Fintech services as shown by their regression
weights. These results are in line with the results obtained
from related empirical studies (Chansaenroj and Techakit-
tiroj 2015; Chong et al. 2019; Chuang, Liu, and Kao 2016;
Lee 2018), although this is against the study of Hu et al.
(2019) which stated that perceived ease of use could not
 African Journal of Science, Technology, Innovation and Development 5

Table 1: Demographic data

Respondents’ characteristics Description Frequency %

Age (in years) Below 18 37 7.9
18–25 183 39.2
26–40 166 35.5
41–60 65 13.9
Above 60 16 3.4
Total 467 100
Gender Female 240 51
Male 227 49
Total 467 100
Occupation Trading 50 10.7
Information technology related business 23 4.9
Pharmaceutical 24 5.1
Catering and Hotel 38 8.1
Oil and Gas 20 4.3
Manufacturing 21 4.5
Services 42 9.0
Agriculture 35 7.5
Financial institution 56 12.0
Academics 30 6.4
Students 126 27.0
Others 2 0.4
Total 467 100
Highest Academic Qualification Ph.D 11 2.4
Masters 20 4.3
Postgraduate Diploma 54 11.6
Bachelors and Higher national Diploma 161 34.5
Ordinary National Diploma 68 14.6
National Certificate Examination 74 15.8
Senior School Certificate 69 14.8
Primary School Leaving Certificate 10 2.1
Total 467 100

significantly influenced the users’ attitude towards
Fintech services. The results of this study further indicate
that the confidence and trust that people have in using
financial technology platforms having in mind that their
private information are secured also played a great role
in influencing the users’ attitude towards using Fintech
services. More so, the impact of social influence in
terms of relatives, friends and the community where the
potential users found themselves is also significant in
influencing the users’ attitudes towards using Fintech ser-
vices in Lagos State, Nigeria. The results are consistent
with some studies on trust (Heijden, Verhagen, and Cree-
mers 2003; Hu et al. 2019; Jünger and Mietzner 2019) as
well as in line with other studies on social influence
(Chong et al. 2019; Oliveira et al. 2016).
In addition to this, users’ attitude towards using Fintech
services also has positive and significant impact on users’
intention to adopt Fintech services. This is revealed by
the path from ATB to INT in Figure 1 with regression
weight of 0.85, which is significant at 1% level of signifi-
cance, hence validates the fifth hypothesis. In addition to
this, all the variables have a positive and significant indirect
effect on users’ intention to adopt Fintech services through
users’ attitude towards using Fintech services. The out-
comes of these hypotheses are consistent with the
expanded technology acceptance model adopted for this
study. This indicates that the intention to adopt Fintech ser-
vices by the end-users is influenced by the attitude of the
users towards using such Fintech services. Meanwhile,
users’ attitude towards using Fintech services is also influ-
enced by perceived usefulness, perceived ease of use,
service trust and social influence. This suggests that end-
users have greater likelihood of improving their intention
to adopt Fintech services as perceived ease of use, per-
ceived usefulness, service trusts and social influence
increase. People in Lagos, Nigeria use Fintech services

Table 2: Nature of Fintech services used by respondents in the last three years

Fintech Services Frequency %

Money transfer payment (This includes mobile phone payment, payment via crypto currency, oversea remittances, 389 83.3
online digital-only bank without branches)
Insurance (This includes car insurance using telematics, activity-based health insurance) 336 71.9
Savings and Investment (This includes peer-to-peer platforms for high-interest investments, online investment 352 75.4
advice and investment management)
Borrowings (This includes borrowing using peer-to-peer platforms, borrowing using online short-term loan 283 60.6
providers)
Financial Planning (This includes online budgeting and financial planning tools) 294 63.0
Others 202 43.3
6 Akinwale and Kyari

Table 3: Reliability test showing Cronbach’s alpha and loadings of the constructs and factors

Cronbach’s Factor
Constructs and variables alpha loading
Perceived Usefulness (PU) 0.82
I think using FinTech service can make life more convenient .76
I think I can quickly get information using a FinTech service .81
I think I will not be restricted by time and location if using FinTech Service .79
Perceived Ease of Use (PEU) 0.73
I think it is easier to finalize transactions using FinTech services .72
I think it is easier to download application programmes from internet using FinTech service .67
I believe most FinTech services are easier to learn and use without going through the service 0.77
manual
Service Trust (ST) 0.71
I am confident of the FinTech service provided by the firm .75
I believe the transaction system of FinTech service is secured .61
Social Influence (SI) 0.75
I think my friends and relatives would also use FinTech service 0.79
I think many businesses in my community would also use FinTech service 0.60
Attitudes towards behaviour 0.78
My experience with FinTech services is great 0.72
I think it is very convenient to check information using FinTech service anytime and anywhere 0.87
I think having more knowledge and awareness about FinTech will influence my level of adoption of
it
Intention to adopt Fintech services (INT) 0.72
I want to use the service provided by FinTech service 0.69
I want to use FinTech service to connect information 0.74

Figure 1: Structural equation model showing the path weights

when they realize that the services will enhance their job relations closer to the potential end-users are also using the
performance, when the services make their financial trans- services.
actions easier to perform, when the platform on which the The results of this empirical study confirmed the a
services is provided are trusted and when more people and priori expectation from the theory of technology

Table 4: Results of the hypothesis tests

Hypothesis Path Path weights Inferences

H1 Perceived usefulness → Attitudes towards using Fintech services 0.55*** Supported
H2 Perceived ease of use → Attitudes towards using Fintech services 0.63*** Supported
H3 Service trust → Attitudes towards using Fintech services 0.27*** Supported
H4 Social influence → Attitudes towards using Fintech services 0.41*** Supported
H5 Attitudes towards using Fintech services → Intention to adopt Fintech services 0.85*** Supported
H, hypothesis; ***p < 0.01.
 African Journal of Science, Technology, Innovation and Development
Table 5: Results of the model fit indices
P χ2 P (χ 2)
Values 652.3 0.18
acceptance model. Table 5 shows the results of the model
fit of the data wherein the probability value of the chi-
square is 0.18 depicting the anticipated result for model
fit. While the goodness of fit index (GFI) is 0.81 which
is a slight below the threshold of 0.9, normalized fit
index (NFI) is 0.92 which is above the minimum require-
ment of 0.9 and root mean square error approximation
(RMSEA) is 0.041 which is also in line with the expec-
tation of less than 0.05. These results indicate that the
model generally fits the data (Jöreskog and Sörbom 1996).
The managerial implications of this study are impor-
tant for the growth of the financial sector from all stake-
holders, viz; Fintech service providers (conventional
banks and Fintech companies), regulatory agency and
the end-users (customers). Since the end-users are being
influenced by perceived usefulness and perceived ease
of use, the Fintech service providers should improve
their services provided so as to have wider customers’
coverage as this would enable end-users to use such
service for financial planning and borrowing among
others. This would further create healthy competition
between the banks and the Fintech companies. Also,
more investment in Fintech related products and services
by the banks are envisaged in the foreseeable future.
There is a need for more sensitization of the general
public on the benefits and risks inherent in using
Fintech services as social influence and service trust
also tend to influence a user’s intention to adopt it,
although the effect of service trust on a user’s Fintech
adoption is relatively lesser than that of others. This war-
rants the need for financial regulatory agencies to ensure
proper regulations that would provide safe and secured
financial platforms which uplift the trusts and confidence
of the end-users in Fintech products and services.
Conclusion
This paper studied the factors which influence the banks’
end-users of Fintech services in Lagos State, Nigeria. This
study is carried out within the context of technology
acceptance model (TAM) towards financial technology
adoption by the banks’ customers. The data was obtained
from 467 banks’ customers and results showed that
money transfer payment accounted for the mostly used
Fintech services by the banks’ customers in the last
three years. This is followed by savings and investment,
insurance, financial planning and borrowing, respectively.
The outcomes indicate that the residents of Lagos State
are somewhat familiar with Fintech services. The results
of the structural equation model revealed that perceived
usefulness, service trust, perceived ease of use and
social influence have positive and significant influence
on users’ attitudes toward using Fintech services. Conse-
quently, users’ attitude towards using Fintech service has
positive and significant impact on the intention to adopt
Fintech services by the end-users. There is a need for
7
GFI NFI RMSEA
0.81 0.92 0.041
regulatory agency in the financial sector to further
improve security and safety around the Fintech services
so as to further boost the confidence and trust of the
end-users, as trust has been identified as a significant
factor which influences users’ adoption, though the path
weight is relatively less than that of others. Also, relatives
in terms of family, friends and community are very signifi-
cant in influencing the users’ attitude and intention to
adopt Fintech services, so it is important for the general
public to be sensitized on the importance of financial tech-
nology products and services, which could be done by
banks through various channels such as television, radio
and social media. The study is limited to the Nigerian
business hub which is Lagos State; further study could
be conducted to cover all the states in the country.
Disclosure statement
No potential conflict of interest was reported by the
authors.
ORCID
Yusuf Opeyemi Akinwale http://orcid.org/0000-0003-
3955-2606
Adam Konto Kyari http://orcid.org/0000-0003-0899-
8912
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