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Determinants for the acceptance of mobile money service in Nigeria

M.B. Saidu
M., Kasim
M.K. Maharazu
A. Isa


In an effort to close the financial gap between the banked and unbanked Nigerian population, mobile money services have been introduced. The alternative banking provides access to financial services for individuals who do not own bank accounts, thereby promoting a cashless society in the country. It provides a platform for small savings for low earners, especially the rural populace, and also facilitates the transfer and receipt of money and payments for goods and services in a more convenient manner. However, many studies have revealed low user acceptance for this alternative banking service in Nigeria. The aim of this study, therefore, was to investigate the determining factors for the acceptance of mobile money services in Nigeria using the self-service technology acceptance model. An online questionnaire was shared among online users of smart phones across the country using survey methodology, from which three hundred and eighty-nine responses were analyzed for the study. The result revealed that perceived usefulness and perceived ease of use have significant influence on user acceptance of mobile money services in Nigeria, while need for interaction and perceived risk of mobile money acceptance were found to have insignificant influence on the acceptance of alternative banking services. The study will guide policymakers regarding mobile money service implementation strategies. The study emphasizes the recommendation that mobile network operators and financial institutions increase their efforts to make mobile money platforms more user-friendly and valuable. It further suggests future research consider more determinants like ethnicity, literacy, trust, security, and others.