Factors influencing attitudes and intention to adopt financial technology services among the end-users in Lagos State, Nigeria

Financial technology (Fintech) innovation has brought a dynamic change to the financial sector as new products and services are offered by conventional banks and other companies offering banking services through various online platforms. The attitudes of the end-users tend to play a great role in the adoption of any technology. This paper investigated the factors influencing the attitudes and intention of the end-users towards using Fintech services within the purview of an expanded technology acceptance model (TAM). The study was conducted on 467 end-users in Lagos State, Nigeria, using structural equation model analysis. The results revealed that perceived usefulness, perceived ease of use, service trust and social influence have positive and significant impact on users' attitude towards Fintech service with path weights of 0.55, 0.63, 0.27 and 0.41, respectively, at 1% level of significance. In addition to this, users' attitude towards Fintech services is positively significant in influencing the adoption of Fintech service with path weight of 0.85 at 1% level of significance. The study suggests that more investment is made in Fintech innovations and that banks sensitize the general public using social media, TV and radio stations. Further, proper regulatory measures by the relevant regulatory agency must be implemented to instil confidence and trust in the end-users. This would boost the level of adoption of Fintech among the end-users in Nigeria.