Assessment of Mobile Money Enablers in Nigeria

This chapter describes how mobile money is an emerging and innovative financial service delivery mechanism. With huge success, recorded mostly in the developing economies, it is scholarly unclear the antecedents of its adoption. Using a survey of 151 respondents comprising both the banked and underbanked in the South-Western part of Nigeria, the authors used the PLS-SEM to test the research hypothesis. The results reveal the enablers of mobile money, which are social influence, performance expectancy, security and effort expectancy, and inhibitors such as system anxiety and cost. Privacy, trust, image and convenience were not found significant in this study. Social influence, performance expectancy and effort expectancy variables adapted from the UTAUT model have considerable influence on mobile money in Nigeria. Study implications and future directions are offered.