Determinants of older adults' central bank digital currency use behaviour in Nigeria: implications for inclusive and sustainable finance

Purpose The study aimed to extend the Unified Theory of Acceptance and Use of Technology (UTAUT) to identify the determinants of Central Bank Digital Currency (CBDC) use behaviour among older adults by introducing components of self-transcendence and conservation values from the theory of basic human value. The moderating effect of Security value and the mediating effects of intention were also examined. Design/methodology/approach Quantitative data were collected from 310 older adults in Southwestern Nigeria. The data were analyzed using partial least squares structural equation modelling (PLS-SEM). Findings Performance expectancy was the most significant determinant of CBDC use behaviour. Behavioural intention mediated the relationship between effort expectancy, social influence and facilitating conditions, while security moderated the relationship between effort expectancy and behavioural intention to use CBDC. The effects of conformity and benevolence values on CBDC use behaviour were insignificant. Research limitations/implications The study extends the UTAUT to predict FinTech use behaviour among older adults by providing a value-enhanced technology acceptance model. Practical implications The findings offer insight into the determinants of CBDC use behaviour among the age group most vulnerable to financial exclusion and help policymakers respond to identified factors to inform the design, deployment and updates of CBDC's. Originality/value The study addresses a significant gap in key factors predicting digital currency use behaviour generally, particularly CBDCs, as most studies using the UTAUT in FinTech focus more on Usage Intention. Our findings offer insights into usage patterns, which have practical implications and can inform studies on continual usage and barriers to CBDC use.