Abstract
This study develops an integrated model that extends the means-end theory with customer value research and examines continuance intention towards using mobile financial services. A large-scale online questionnaire targeting M-PESA customers in Kenya was employed to analyze the research model. The results indicate that utilitarian and hedonic values affect continuance intention. Hedonic and personal values impact customer satisfaction, while customer satisfaction influences continuance intention. Customer satisfaction mediates the indirect effects of hedonic and personal values on continuance intention. This study presents a value-based framework to examine the hierarchical influences of customer value on attitudes and outcome behaviors. This study offers several research contributions as well as insights for practitioners to enhance mobile financial services for sustained adoption, use, economic and developmental success.
Highlights
M-PESA from Safaricom is the dominant mobile financial service (MFS) in Kenya
This study examines the roles that customer value perceptions have on the long-term viability and success of M-PESA in Kenya
This study develops an integrated model to explore the impacts of perceived value of M-PESA on customer satisfaction and the continuance intention to use M-PESA
Summary
M-PESA from Safaricom is the dominant mobile financial service (MFS) in Kenya. More than 23 million subscribers have been using M-PESA since 2007 (Omigie, Zo, Rho, & Ciganek, 2017) accounting for about $28 billion in 2015 alone or roughly 44% of Kenya’s gross domestic product (Masinde, 2016). MFS consists of mobile banking services and mobile payment services (Lee, Park, Chung, & Blakeney, 2012). MFS is a driving force for financial inclusion in developing countries. Low-income, under-banked, and un-banked customers utilize M-PESA to receive.
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