Examining Fintech Adoption in the Banking Sector of a Developing Country

Abstract

Financial technology, popularly known as FinTech, has revolutionized access to financial services worldwide while its adoption still lags in developing countries. New questions have emerged concerning the Technology Acceptance Model’s (TAM) specific configuration in actual behavior, including perceived risks and trust in adopting innovations. In this regard, this study sought to explore the adoption factors of e-zwich in Ghana by integrating TAM and Prospect theory. Data were collected from 264 conveniently sampled respondents, and the partial least square Structural Equation Modeling (PLS-SEM) technique was employed to test the hypotheses. Results showed that users’ perceived ease of use (PEOU), perceived usefulness (PU), perceived risks, and trust in the services influence their intention to adopt the e-zwich (a Ghanaian FinTech) services. Again, the intention to use e-zwich influences the actual usage of the system. To deepen financial inclusion, the study makes essential theoretical and practical contributions. Target Audience This study may serve as a useful reference source for undergraduate and postgraduate students pursuing degree programs in information systems. Findings from this study may form the bedrock of discussions on Fintech adoption in developing economies. This study also highlights the influence of users’ PEOU and PU on their intention to adopt e-zwich (a Ghanaian FinTech). This exposition presents to practitioners such as e-zwich service providers the need to focus on the usefulness and gains that accompany e-zwich innovation and the need for consistent service redesign to drive adoption. For the practitioner, critical issues such as the influence of users’ perceived risk and service trust to adopt e-zwich services are discussed in this study. E-zwich service providers are thus entreated to continuously ensure that e-zwich services provided are trustworthy devoid of negative service trust issues to drive the adoption and use of e-zwich services in Ghana.