Technology adoption, cultural values, and digital financial inclusion

Abstract

Improving financial inclusion is a challenge policy makers and businesses face globally. The widespread and growing availability of mobile devices provides a possible technological solution to the issue of financial inclusion measured in this study as the frequency of use of mobile financial services. Since financial inclusion has been shown to vary globally across nations, the role of culture in moderating the adoption of mobile financial services is assessed quantitatively in the context of Zambia. Partial least squares structured equation modelling was applied to the extended unified theory of acceptance and use of technology (UTAUT2) with cultural moderators. An online questionnaire was used to collect data from 239 Zambian adults who use mobile financial services. While the overall model showed significant predictive relevance for behavioural intention and frequency of use of mobile financial services, none of the cultural moderators was found to have a statistically significant impact on the relationship between behavioural intention and frequency of use. Other findings that were supported and can provide a basis for useful intervention by government and business are the significant effects of habit and perceived support for use on frequency of use of mobile financial services.