Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators

The fast advancement of communications, mobile technologies, and the proliferation of smart devices has increased the importance of mobile banking services for banks, financial institutions, and users. In developing countries, especially in Africa, mobile banking can play a strong role, providing a way to overcome financial exclusion and physical distance by allowing local population to conduct financial transactions. Acceptance studies in this region are scarce, leaving us an almost unexplored area of research. We advance the body of knowledge on mobile banking acceptance by proposing an innovative and comprehensive theoretical model that combines the extended unified theory of acceptance and use of technology (UTAUT2) of Venkatesh, Thong, and Xu (2012), with cultural moderators from Hofstede, providing new insights into factors affecting the acceptation and how culture influences individual use behaviour. The model was tested using structural equation modelling (SEM), in a quantitative study conducted in an African country, reinforcing data and knowledge available from this important region. Performance expectancy, hedonic motivation, and habit were found to be the most significant antecedents of behaviour intention. To explain the mobile banking use behaviour the habit and culture moderator effects on behaviour intention over use behaviour were the most important drivers. Collectivism, uncertainty avoidance, short term and power distance were found to be the most significant cultural moderators.