Individuals' attitudes and their adoption intentions of central bank digital currency : combining theories and analytics for deeper insights

Abstract

Leveraging a multi-theoretical and multi-method approach, this study investigated the factors influencing individuals' attitudes and intentions towards adopting central bank digital currency (CBDC). Data from Nigeria, a pioneering CBDC nation, were analysed using partial least squares structural equation modelling, which revealed that affordance-based positive valences, including seamless transactions, time convenience, and the societal positive valence of financial inclusion, are the strongest predictors of positive attitudes and, subsequently, usage intentions. Perceived financial cost emerged as the most significant barrier. Lifestyle compatibility demonstrated a moderate positive association with attitude. Further, fuzzy-set qualitative comparative analysis identified four necessary conditions for high usage intentions: seamless transactions, trust in the central bank, positive attitude, and the societal positive valence of financial inclusion. Additionally, six alternative configurations sufficient for high usage intentions were also revealed. These findings offer valuable insights for both theoretical research and policymakers, informing strategies to facilitate early CBDC adoption.