Factors Influencing Consumers’ Adoption of Mobile Financial Technology (FinTech) Services in Calabar, Nigeria

This research explored the primary factors driving consumer adoption of mobile financial technology (FinTech) services in Calabar, Nigeria. Anchored in the key constructs of the Unified Theory of Acceptance and Use of Technology (UTAUT)—including performance expectancy, effort expectancy, social influence, and facilitating conditions—the study aimed to assess their influences on the acceptance of mobile FinTech solutions. Employing a cross-sectional survey design, structured questionnaires were used to collect primary data from 357 individuals utilizing mobile FinTech services in Calabar. The gathered data underwent analysis through descriptive statistics, while multiple linear regression in SPSS 26 was employed to test the proposed hypotheses. The results indicated that all four UTAUT constructs—performance expectancy, effort expectancy, social influence, and facilitating conditions—had a significant and positive effect on the adoption of mobile FinTech services within the study area. Based on these findings, the study suggested that mobile FinTech service providers should focus on meeting customer expectations by ensuring reliable transaction processes, implementing advanced security measures such as encryption, offering round-the-clock customer support, ensuring timely transactions, maintaining transparent fee structures, and integrating diverse banking services to create a seamless user experience. These measures can enhance trust and satisfaction among users. Additionally, the study recommended that providers prioritize user-friendly features, such as easy software installation and updates, simplified registration processes, intuitive interfaces, straightforward account management, minimal learning curves, and efficient notification systems, to ensure a smooth and hassle-free experience for users. Other recommendations were also provided to further improve mobile FinTech service adoption and user engagement.