Factors influencing the behavioural intention to adopt mobile money transfer services in South Africa

Abstract

South Africa is a country that faces many socio-economic challenges including unemployment, poverty and inequality and could benefit substantially to enhancements of financial inclusion to close the economic gap. Despite the country having a highly developed financial infrastructure and well-regulated financial sector, and achievements of growing financial inclusion levels, the country still experiences a significant number of adults who are financially excluded. This study focused on the factors influencing the intention to adopt mobile money transfer services in South Africa which could be used as a financial inclusion strategy. According to the UTAUT and TAM frameworks utilised in the study, the leading factors that influence the behavioural intention to adopt mobile money transfer services included, attitude, utilitarian performance expectancy, effort expectancy, social influence, hedonic performance expectancy, self- efficacy, trust, perceived risk, perceived security and facilitating conditions. The key findings revealed that attitude, hedonic performance expectancy, social influence, risk, security and facilitating conditions had a significant influence on behavioural intention to adopt mobile money transfer services in South Africa. However, utilitarian performance expectancy, effort expectancy, self-efficacy and trust, were found to have insignificant influence on the behavioural intention to adopt mobile money transfer services in South Africa.