Telecommunications Policy

How Financial Technology Promotes Financial Inclusion: Evidence from Asia

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Article Type: Full Length Article

Keywords: fintech; financial inclusion; Prospect Theory; Mobile Money

Corresponding Author: Saad Rehman

Superior University
PAKISTAN

First Author: Saad Rehman

Order of Authors: Saad Rehman

Abdul Rasheed

Shahid Hussain

Abstract: Many formerly unbanked people now have mobile phone access to banking services
thanks to advancements in financial technology. Although advancements in fintech
have been heralded as game-changers for expanding access to financial services,
their widespread adoption and use has lagged behind. This research contends that
more financial inclusion can be achieved by elucidating the conditions under which
fintech ideas are actually adopted. This investigation applies the Unified Theory of
Acceptance and Use of Technology 2 and the Prospect theory to the emerging
financial technology of mobile money. This research utilizes the method of partial least
squares structural equation modeling to analyze data from a survey taken by 670
participants. Results indicate that performance and effort expectations are significantly
related to the likelihood of using mobile money services. Mobile money service
adoption and use are not affected by price value, hedonic incentive, social impact, or
perceived risk, contrary to popular beliefs.

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Cover Letter

How Financial Technology Promotes Financial Inclusion: Evidence from Asia

Saad ur Rehman

PhD Scholar, Khwaja Fareed University of Engineering and Information Technology

Rahim Yar Khan, Punjab Pakistan

Saadateeq195@gmail.com

Waleed Khalid

Assistant Professor, Khwaja Fareed University of Engineering and Information

Technology Rahim Yar Khan, Punjab Pakistan

Shahid.randhawa@live.com

Abdul Rasheed

Assistant Professor, Khwaja Fareed University of Engineering and Information

Technology Rahim Yar Khan, Punjab Pakistan

Abdul.rasheed@kfueit.edu.pk
Title Page (with Author Details)

How Financial Technology Promotes Financial Inclusion: Evidence from Asia

Saad ur Rehman

Lecturer, Superior University Rahim Yar Khan, Pakistan

Saadateeq195@gmail.com

Abdul Rasheed

Assistant Professor, Institute of Business Administration, Khwaja Fareed University of

Engineering and Information Technology Rahim Yar Khan, Pakistan

Abdul.rasheed@kfueit.edu.pk

Shahid Hussain

PhD Scholar, Institute of Business Administration, Khwaja Fareed University of

Engineering and Information Technology Rahim Yar Khan, Pakistan

Shahid.randhawa@live.com
Manuscript (WITHOUT AUTHOR DETAILS) Click here to view linked References

How Financial Technology Promotes Financial Inclusion: Evidence from Asia

Abstract
Many formerly unbanked people now have mobile phone access to banking services thanks to
advancements in financial technology. Although advancements in fintech have been heralded as
game-changers for expanding access to financial services, their widespread adoption and use has
lagged behind. This research contends that more financial inclusion can be achieved by
elucidating the conditions under which fintech ideas are actually adopted. This investigation
applies the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) and the Prospect
theory to the emerging financial technology of mobile money. This research utilizes the method
of partial least squares structural equation modeling to analyze data from a survey taken by 670
participants. The results indicate that performance and effort expectations are significantly
related to the likelihood of using mobile money services. Mobile money service adoption and use
are not affected by price value, hedonic incentive, social impact, or perceived risk, contrary to
popular beliefs. Significant theoretical advances and important practical and policy implications
for expanding access to financial services are provided by this research.
Keywords: Fintech, Financial Inclusion, Prospect Theory, Mobile Money

1. Introduction

As per the World Bank's 2018 report, a substantial portion of the global population lacks access
to essential financial services, despite significant development strides (Abel et al., 2018). This
financial disparity is a global concern, as highlighted by (Celik, 2021). The emergence of
financial technology, often referred to as fintech, presents a viable technical approach to tackle
this particular challenge. According to scholarly study, fintech pertains to the provision of
financial services via technology, with a specific emphasis on mobile phones. The emergence of
financial technology, also referred to as fintech, presents a viable technical approach to tackle
this problem. Fintech encompasses the provision of financial services facilitated by technological
advancements, with a special emphasis on mobile phones, as highlighted in scholarly study
conducted by (Demirguc-Kunt et al., 2015; Li et al., 2017). In the context of Asia, it's crucial to
note that similar financial inclusion challenges exist. Asia is a country with a diverse
socioeconomic landscape, and many individuals, especially in underserved areas, lack access to
traditional banking services. However, the advent of fintech, including mobile money solutions,
has begun to transform the financial landscape. For example, mobile money, as defined by (Rahi
et al., 2019), allows people to conduct financial transactions conveniently through their mobile
devices.

Looking at global trends, a report by the World Bank, (2022), estimated that mobile phone
ownership was on the rise, with approximately 107 mobile phone subscriptions for every 100
individuals worldwide by the end of 2018. This proliferation of mobile phones has been a
significant driver of increased financial inclusion, as also noted by the (Salampasis & Mention,
2018). In Asia, similar aspirations exist, as mobile money is seen as a promising tool for refining
financial inclusion and reducing poverty. However, despite the promise of mobile money, its
widespread acceptance and usage still lag behind traditional cash systems, which is as
highlighted by (Junaidah Abu, 2016). Furthermore, as a result of the inherent virtual character of
mobile money transactions, some people demonstrate a reluctance to embrace this pioneering
financial service, echoing apprehensions that have been highlighted by (Osei-Assibey, 2015). An
important consideration in Asia is that a significant portion of the population lacks formal
education, making it challenging for them to embrace mobile money services. This aligns with
the findings of (Mohamad & Kassim, 2018), indicating that many unbanked individuals have
limited access to education. Furthermore, the use of mobile devices and associated services often
necessitates the employment of formal languages, mostly English. This may provide a significant
obstacle, especially for those residing in poor nations who possess little fluency in these
languages. In the context of Asia, a country characterized by significant linguistic variety, the
provision of mobile money services mostly in the English language has the potential to
discourage local citizens with limited reading skills from using this technology (Younas &
Farooq, 2019).

In the existing body of literature on mobile money, much of the attention has been directed
toward users' intentions to use this innovation, as evidenced in studies by (Goswami et al., 2022;
Lutfi et al., 2021; Senyo & Osabutey, 2020). Nevertheless, a significant study vacuum persists in
the examination of the determinants that impact the effective use of mobile money technology.
In a research endeavor examining the implementation of “mobile money services in Ghana”,
Akpene Akakpo et al. (2022), primarily attentive on users' behavioral intentions, without delving
into their perceptions of actual usage. It's important to recognize that the intention to use a
technology doesn't always translate directly into actual usage, as emphasized by (Adedokun &
Ağa, 2021).

This gap underscores the importance of extending the current literature by uncovering the
antecedents of the real-world acceptance and utilization of MFS. This is a gap in research that
this study aims to bridge. Furthermore, a significant portion of previous research on mobile
money has mostly used technology acceptance theories, which largely concentrate on the
characteristics that facilitate the adoption of technology, as seen in research by Demirgüç-Kunt et
al. (2020); Macedo, (2017); Osei-Assibey, (2015) among others. Consequently, there has been
limited exploration of other behavioral factors that may either drive or hinder the actual use of
the technology. The widespread use of mobile technology entails a multifaceted interaction
between the technological apparatus and human conduct. However, a limited number of research
have examined the comprehensive usage of mobile money, using insights from both technical
and behavioral theories. Therefore, it is important to get a thorough comprehension of the factors
that influence the adoption of mobile money, taking into account various theoretical frameworks.

The widespread use of mobile technology entails a multifaceted interaction between the
technological apparatus and human conduct. However, a limited number of research have
examined the comprehensive usage of mobile money, using insights from both technical and
behavioral theories. Therefore, it is important to get a thorough comprehension of the factors that
influence the adoption of mobile money, taking into account various theoretical frameworks.
Therefore, the overarching research question guiding our study is: "What factors influence the
utilization of mobile money?"

This scientific endeavor presents three noteworthy contributions. Initially, the investigation
focuses on identifying the factors that influence the level of adoption and utilization of fintech
advancements. The existing body of research has mostly focused on the comprehension of
behavioral intents. However, our study addresses a significant void by examining the practical
utilization of fintech advances in real-world settings. This investigation is of utmost importance
for both scholarly inquiry and practical implementation. Additionally, we want to ascertain the
factors that contribute to and impede the acceptance and utilization of fintech advancements. In
conclusion, our research contributes to the academic conversation around the advancement of
fintech innovation and its impact on facilitating financial inclusion. This is achieved via the
incorporation of insights derived from both behavioral and technical viewpoints.

The ensuing parts of the paper are organized in the following manner: Section 2 presents a
comprehensive examination of the scientific background and the theoretical underpinnings. This
part provides an overview of the notion of financial inclusion, reviews prior research on the
usage of MM, presents the UTAUT2 framework, and explores the Prospect theory.
Subsequently, Section 3 delineates the research model and the formulation of hypotheses.
Section 4 of the study explores the research methodology, while Section 5 provides an overview
of the data analysis process and the resulting findings. Section 6 of the paper provides a
comprehensive analysis of the research results, accompanied by an exploration of the theoretical
implications that arise from these findings. In the concluding section, Section 7, we provide a
summary of the paper and provide recommendations for future study as well as policy
implications.

2. Literature Review
2.1 Financial Inclusion

Financial inclusion refers to the provision of inexpensive and beneficial financial goods and
services, including payment systems, deposit facilities, insurance coverage, and lending
opportunities, to people and entities alike (Rahman et al., 2017; Senyo & Osabutey, 2020).
Historically, access to financial services predominantly relied on traditional banking institutions
and other financial entities. However, in today's rapidly evolving landscape, technology is
transforming the financial sector, such as telecommunications companies, to offer financial
services, commonly known as financial technology innovation (Grohmann et al., 2018).
Financial tech innovations have the potential to empower individuals who were previously
excluded from accessing financial services (Global Findex, 2021). One notable fintech
innovation that plays a pivotal role in advancing “financial inclusion is mobile money”
(Nuryakin et al., 2017).

This ecosystem comprises various key components, including “users, service providers,
merchants, agents, banks, and regulators” (Hasan et al., 2020). The term "users" refers to both
people and companies that make usage of MM goods and services. MM services are often
provided by service providers, who are commonly headed by telecommunication carriers, with
the responsibility of supplying these services to consumers (Nuryakin et al., 2017). Mobile
Money exhibits similarities with “other technological innovations such as mobile payments and
online banking”. However, it also possesses distinct features that set it apart from traditional
banking services. The registration process for mobile money is much less burdensome in
comparison to the procedure for obtaining a conventional bank account. This procedure may be
completed within a brief duration of less than five minutes. The simplified methodology shown
here presents a notable departure from the numerous prerequisites included in establishing a
conventional banking account (Mugambi et al., 2014; Muganyi et al., 2022). Furthermore,
mobile money services exhibit a high level of accessibility, hence expanding their coverage to
even the most rural and underserved regions. One notable advantage of digital banking is its
ability to obviate the need of a physical bank branch for conducting financial transactions, a
characteristic often attributed to conventional banking institutions (Demirguc-Kunt et al., 2015).

2.2 Unified Theory of Acceptance and Use of Technology

“The Unified Theory of Acceptance and Use of Technology (UTAUT)” was developed by
Venkatesh et al. (2003), as a conceptual framework for comprehending the manner in which
people perceive and use technology. The Unified Theory of Acceptance and Use of Technology
(UTAUT) was developed through the integration and consolidation of constructs derived from
eight established models. These models include the “Theory of Reasoned Action, the
Technology Acceptance Model, the Motivational Model, the Theory of Planned Behavior, the
Model of PC Utilization, the Diffusion of Innovation Theory, and the Social Cognitive Theory”.
The first Unified Theory of Acceptance and Use of Technology (UTAUT) consists of four
fundamental categories, namely “performance expectation, effort expectancy, social influence”,
and enabling factors. (Kim, 2012). Based on this theoretical framework, it is posited that
performance expectation, effort expectancy, and social influence have a direct effect on
behavioral intention. Additionally, enabling factors are hypothesized to have a direct impact on
both behavioral intention and use behavior (Venkatesh et al., 2003). A later revision of
“UTAUT” by Venkatesh et al. (2012), resulted in UTAUT2, which introduced three additional
constructs: “habit, hedonic motivation, and price value”. The objective of this development was
to enhance the practicality of the theory within organizational and consumer settings.

Despite the widespread application of UTAUT2 “in technology adoption and use research”,
Oliveira et al. (2016); Senyo & Osabutey, (2020); Yan et al. (2021), it tends to be more focused
on drivers of technology adoption and use and may not fully consider potential barriers to
technology use (Namahoot & Jantasri, 2022). Consequently, it is imperative for research to move
beyond examining the intention to use technology and instead focus on understanding the
antecedents to actual technology usage. This study incorporates UTAUT2 as one of its
theoretical frameworks due to its comprehensive nature, making it suitable for uncovering the
factors influencing mobile money usage. However, two key issues emerge from the discussions
on UTAUT2Initially, it is essential to go beyond the analysis of behavioral intention and instead
explore the manifestation of actual use behavior, since substantial disparities may exist between
intention and practical application in real-life scenarios (Oliveira et al., 2016; Venkatesh et al.,
2012). Additionally, in order to thoroughly examine the factors that influence the adoption of
technology, specifically mobile money services, it is necessary to supplement the Unified Theory
of Acceptance and Use of Technology 2 (UTAUT2) with other theoretical frameworks, such as
prospect theory (Dhir et al., 2018; Macedo, 2017; Senyo et al., 2021).
2.3 Performance Expectancy (PEY)

Performance expectancy is a crucial factor that assesses the extent to which a technology offers
benefits to users in the execution of specific activities (Venkatesh et al., 2012). Individuals are
more inclined to adopt a technology that offers them various advantages. On the other hand, a
technology without evident advantages may encounter a lack of acceptance. Within the domain
of mobile money services, individuals are inclined to use the technology when they believe it to
be advantageous. Mobile money is a widely acknowledged phenomenon that offers several
potential benefits such as enhanced convenience, improved accessibility to financial services,
and accelerated transaction processes (Chopdar et al., 2018), The element of performance
expectation has received little attention in academic studies. Hence, it is crucial to examine if the
idea of gaining advantages affects users' choices to employ MM facilities.

H1: PEY significantly impacts consumers' behavioral intention to usage MM services.

2.4 Effort Expectancy (EEY)

“Effort expectancy gauges the ease with which users can navigate and utilize a technology”
(Venkatesh et al., 2012). Specifically, it assesses the complexity or user-friendliness of a
technology. According to (Macedo, 2017), during the initial stages of technology adoption, ease
of use plays a pivotal role as it significantly influences people's intention to embrace an
innovation. Numerous studies Krishna Kishore & Sequeira, (2016); Senyo & Osabutey, (2020);
Yan et al., (2021) have continuously shown a favorable correlation between individuals'
perceived ease of use (effort expectation) and their desire to adopt and use technology. For e.g,
Mohamad & Kassim, (2019), found that effort expectancy positively affects “users' intention to
use near field communication (NFC) technology for public transport payments”.

Hypothesis H2: EEY significantly effects consumers' behavioral intention to usage MM

services.

2.5 Social Influence (SIN)

The concept of social influence explores the impact of influential persons, such as family
members and friends, on an individual's decision-making process regarding the adoption of a
certain technology (Venkatesh et al., 2012). In light of the fact that people who engage with
technology actively cultivate interpersonal connections, their decision-making processes are at
times influenced by persons inside their social networks. When influencers have either favorable
or unfavorable views on a technology, it is probable that their preferences will affect the choices
made by those within their network. Previous research Yan et al.(2021), on technology adoption
have emphasized the significant impact of social influence on the use of a novel technology. For
instance, Senyo & Osabutey, (2020), highlights the favorable effect of social factors on
consumers' inclination to embrace mobile payment solutions.

Hypothesis H3: SIN significantly affects users' behavioral intention to usage MM services.

2.6 Price Value (PVE)

The notion of price value revolves on the cognitive evaluation of the exchange between the
advantages acquired and the expenses linked to the use of a technology (Venkatesh et al., 2012).
Fundamentally, the monetary worth of a product or service tends to be elevated when the
advantages of using a certain technology surpass the expenses associated with its
implementation. The extant literature on technology adoption has shown inconclusive results on
the influence of price value on people' inclination to accept a novel innovation. For example,
Macedo, (2017); Oliveira et al. (2016); Senyo & Osabutey, (2020), have proposed that the
influence of price value on the desire to adopt technology is not statistically significant.
Conversely, Venkatesh et al. (2012), It is posited that the perceived worth of pricing has a
beneficial impact on individuals' desire to use technology.

Hypothesis H4: PVE significantly influences users' behavioral intention to usage MM services.

2.7 Habit (HBT)

Habit, as defined by Venkatesh et al. (2012), the outcome of former experiences is a

consequence of the consistent patterns seen in past activities. Habits are developed by the
process of humans engaging in particular acts automatically as a result of recurrent behaviors.
Numerous studies Dhir et al. (2018); Goswami et al. (2022); Wang et al. (2019), mobile money
has presented itself as a feasible substitute for traditional banking services, providing users with
convenient, rapid, and cost-efficient access to financial services (Wang et al., 2019).
Consequently, the frequent use of mobile money services has the capacity to foster habitual
behavior among a significant number of individuals. Over a temporal duration, these patterns of
conduct may have a positive impact on both the inclination to engage with the technology and
the proficient use thereof.

Hypothesis H5a: HBT significantly effects users' behavioral intention to usage MM services.

Hypothesis H5b: HBT significantly effects users' actual usage of MM services.

2.8 Behavioral Intention (BIN)

Behavioral intention refers to the likelihood that users will engage in a specific behavior
(Krishna Kishore & Sequeira, 2016). In the context of technology, a higher behavioral intention
is often associated with increased usage. Within the realm of technology adoption, numerous
studies Chopdar et al., (2018); Namahoot & Jantasri, (2022); Senyo & Osabutey, (2020), have
consistently established a positive relationship between behavioral intention and actual use. For
example, when investigating the use of information and communication technology (ICT) among
older adults, Demirgüç-Kunt et al. (2020), demonstrated that behavioral intention has a positive
impact on usage behavior.

The majority of pervious literature Liébana-Cabanillas et al. (2020); Macedo, (2017); Oliveira et
al. (2016), have predominantly treated behavioral intention as a primary outcome variable.
Consequently, the relationship between behavioral intention and the actual use of mobile money
services remains inadequately explored. Venkatesh et al. (2012), One may argue that there is a
notable disparity between persons' behavioral goals and their practical use of technology. Hence,
it is important to comprehend the impact of behavioral purpose on the actual use of conduct.

Hypothesis H6: BIN significantly influences the actual usage of MM services.

3. Research Methodology
3.1 Research Context

This study was conducted in Asia, a rapidly growing middle-income country in South Asia. Asia
has experienced a surge in mobile money adoption and has made significant strides in expanding
financial inclusion through digital financial services. Over the last decade, Asia has become one
of the prominent countries in the region to embrace MM account ownership and enhance
financial accessibility. The growth in mobile money services has been facilitated by increased
mobile phone penetration and ownership. As of 2023, Asia has witnessed a substantial increase
in the number of unique mobile phone subscribers, representing approximately 80.5% of the
population (Karandaaz Financial Inclusion Survey, 2023). Additionally, Asia has a mobile
internet penetration rate of 36.7% (Karandaaz Financial Inclusion Survey, 2023), a crucial factor
for advancing financial inclusion.

Despite these remarkable achievements in Asia's mobile money ecosystem, the predominant
mode of transaction still revolves around cash, and a considerable portion of the population
remains unbanked. The unique circumstances surrounding Asia were the driving factor behind
choosing it as the primary subject of investigation in this study. “The mobile money ecosystem
in Asia comprises several essential participants, such as mobile network carriers, commercial
banks”, the State Bank of Asia (SBP), the Asia Real-time Interbank Settlement Mechanism
(PRISM), merchants, users, and agents. Mobile network operators (MNOs) refer to privately-
owned telecommunications businesses that provide MM services. Conventional banking is
recognized as financial entities that safeguard monies placed by customers with mobile network
operators, who are not formally acknowledged as banking organizations. The State Bank of Asia
(SBP) functions as the primary financial institution and overseer of Asia's mobile money
framework. (State Bank of Asia Annual Report 2019-2020).

Although there has been a rise in the number of MM accounts owned by individuals in Asia,
cash continues to be the prevailing method for conducting financial transactions. Therefore, it is
vital to understand the factors that precede the current use of mobile money technologies in order
to advance financial inclusion. Mobile money (MM) is mostly used in Asia for the purpose of
facilitating financial transfers and settling bill payments (Kemal, 2019; Rahi et al., 2019).
However, recent developments have seen mobile money being utilized for microloans and
payment of insurance premiums. In Asia, there is an ongoing drive to transition to a cashless
economy, prompting various reforms, including the passage of the Digital Payment Act and the
relaxation of some banking regulations (Ahmad et al., 2020). The unique context of Asia
underscores the need of investigating the determinants that precede the effective use of mobile
money services, thereby facilitating the advancement of financial inclusion.

3.2 Measurement
This research included previously validated items from the available literature in order to
discover the factors that precede the adoption and usage of mobile money. The elements
pertaining to performance and effort anticipation, social influence, pricing value, habit,
behavioral intention, and mobile money usage were derived from the previous research
conducted by (Venkatesh et al., 2012;Venkatesh et al., 2003).

The data gathering process used a research questionnaire comprising of two distinct components.
The first segment of the study was dedicated to the collection of demographic data from the
participants. The survey included inquiries pertaining to demographic factors such as age,
gender, educational attainment, and the frequency of use of mobile money services. The
objective of the second component of the questionnaire, as outlined in Appendix A, was to assess
the respondents' level of agreement or disagreement with statements related to each variable in
our study model. Participants were instructed to indicate their degree of agreement using a 7-
point Likert scale, which included a range from 1 (indicating severe disagreement) to 7
(indicating strong agreement).

3.3 Data Collection

In our study, the target population consisted of adults in Asia, as we are adapting the context to
your needs. For determining the sample size, we followed the guideline suggested by (Compeau
& Higgins, 1995; HULLAND, 1999). Based on this guideline, it is recommended that the sample
size be a minimum of ten times greater than the highest number of structural routes directed
towards a certain component inside the structural model. In the present study model, the
construct with the highest number of directed structural routes is 10. Therefore, in accordance
with the principle of the 10 times rule, a sample size of 100 (i.e., 10 multiplied by 10 equals 100)
is seen to be enough. The collection of a significant quantity of data that accurately represents
the population was essential in this study to guarantee the generalizability of findings and
maintain consistency with the selected research approach. Hence, we choose a convenience
sampling strategy due to two primary justifications.

Convenience sampling is considered to be an effective method when a high sample size is

necessary in order to attain generalizability within a given population. Furthermore, it facilitates
the evaluation of many components within a given population by using easily available points of
contact in a pragmatic and effective way. Before commencing the primary data collection, a pilot
test was done on the first questionnaire in order to assess its face validity and conceptual
soundness. The preliminary assessment facilitated the collection of input from a total of 48
participants, with the aim of ensuring the questionnaire's clarity and relevance. Modifications
were made to questions pertaining to price value and habit based on the findings obtained from
the pilot test, with the aim of improving clarity.

The primary phase of data collection commenced in March 2023 and concluded in September
2023, spanning a duration of six months. The questionnaire was administered to individuals
residing in Asia through an online survey system. A total of 670 responses were gathered, out of
which 568 were deemed appropriate for inclusion in this study. Considering the desired sample
size of 100, the number of collected responses was deemed sufficient. An evaluation was
conducted to determine if any bias existed between the pilot and main data collection phases, we
employed the “Kolmogorov–Smirnov test” (Mage, 1982) to compare the distribution of the
samples. The findings of the study indicated that there were no statistically significant
differences between the two data sets, suggesting the lack of severe continuous bias.
Furthermore, we conducted the Harman's one-factor test (Fuller et al., 2016; Podsakoff et al.,
2003) In order to assess the potential influence of common method bias, the obtained findings
indicated the absence of such bias, as shown by the eigenvalues of all variables above the
threshold of one.

4. Results and Data Analysis

The data analysis technique included three essential parts, namely descriptive analysis,
measurement model analysis, and structural model analysis. The current study used partial least
squares structural equation modeling (PLS-SEM) as a methodological framework for data
analysis. The data analysis in this research was conducted using Smart PLS version 4. The
decision to use Partial Least Squares Structural Equation Modeling (PLS-SEM) was motivated
by the exploratory nature of our research. Furthermore, Partial Least Squares Structural Equation
Modeling (PLS-SEM) is acknowledged for its robustness in handling complex interactions, non-
normal sample distributions, and situations characterized by limited sample sizes, in contrast to
other statistical methodologies such as "EQS, AMOS, and LISREL". (HULLAND, 1999).

The outcomes of our data analysis, encompassing both the measurement model and the structural
model, are presented in the following sections, with a breakdown of the findings in 4.2 and 4.3,
respectively.

4.1 Demographic Information

To provide a comprehensive understanding of the demographic characteristics of the

participants, we performed an examination including four key factors: age distribution, gender,
educational attainment, and the frequency of mobile money use. The results of this investigation
are shown in Table 4.1.
Table 4.1. Demographic Summary

Variables Class Freq %

Male 375 66.0
Gender Female 193 34.0
Total 568 100%
30 years or less 253 44.5
31–40 195 34.3
Age 41–50 95 16.7
Over 50 years old 25 4.5
Total 568 100%
Diploma or less 68 11.9
Bachelor 261 45.9
Education Level Master 210 37
 PHD 29 5.2
Total 568 100%
Every Day 95 16.7
Frequency of 1-3 times a week 158 27.8
mobile money 4-6 times a week 135 23.0
Usage Once a month 70 13.1
Twice or more than a 110 19.4
month

This part of the table shows the gender distribution of the study participants. A majority of the
respondents (66.0%) were male, while the remaining 34.0% were female, male: 375 respondents
(66.0%), Female: 193 respondents (34.0%), Total: 568 respondents (100%)

The age distribution of the participants is displayed in this section. It's clear that the largest group
falls in the category of "30 years or less" (44.5%), followed by the "31–40" age group (34.3%).
Smaller percentages are found in the "41–50" age group (16.7%) and the "Over 50 years old"
group (4.5%). This part of the table outlines the educational qualifications of the respondents.
The majority of the participants hold a Bachelor's degree (45.9%), followed by those with a
Master's degree (37.0%). A smaller percentage have either a Diploma or less (11.9%) or a PhD
(5.2%). This section of the table details the frequency with which respondents use mobile money
services. The study reveals that the most common usage frequency is "1-3 times a week"
(27.8%), followed by "4-6 times a week" (23.0%), and "Every day" (16.7%). Less frequent usage
is observed among those who use mobile money "Once a month" (13.1%) and "Twice or more
than a month" (19.4%). In summary, this table provides a comprehensive overview of the
demographic characteristics of the study participants, including gender, age, education level, and
their frequency of mobile money usage. Understanding these demographics is crucial for
interpreting the study's results and implications within different participant groups

4.2 Measurement Model Results

The results of the measurement model, as shown in Table 4.3, provide significant insights into
the congruence between our theoretical model and the empirical data gathered. The evaluation of
the measurement model was conducted using three primary criteria: factor loadings, convergent
validity, and discriminant validity.

The first step was doing an analysis of factor loadings in order to evaluate the reliability and
validity of the measurement model. An indicator was considered to have a suitable factor loading
when its score above the threshold of 0.70. In contrast, all indicators that did not meet the
criterion of 0.4 were omitted from the final model. In our study, a significant proportion of the
indicators examined exhibited factor loadings over 0.70, hence indicating a substantial degree of
reliability in the indicators. Hair et. al. (2016) suggest that in order to show convergent validity,
the average variance extracted (AVE) of a concept should exceed the threshold of 0.50. The
findings, as shown in Table 4.2, demonstrate that all components in the model surpassed the 0.50
criterion for Average Variance Extracted (AVE), suggesting robust convergent validity.
To assess discriminant validity, two criteria were employed: “the Fornell and Larcker criterion
and the Heterotrait-Monotrait (HTMT) criterion”. Under the (Fornell, C., Larcker, D.F., 1981)
Henseler et al. (2014), We conducted an analysis to determine if the square root of the average
variance extracted (AVE) for each variable exceeded the correlations with the other constructs.
According to the data shown in Table 4.3, the diagonal of the correlation matrix exhibits the
square root of the Average Variance Extracted (AVE) values, which varied from 0.798 to 0.953.
The fact that these values surpass the correlation between any two constructs provides
confirmation of the presence of adequate discriminant validity. This discovery illustrates that
each construct within our study model displays substantial variability, hence enabling their
differentiation from one another.

Table 4 . 2. AVE, composite reliability, Cronbach’s alpha and factor loadings.

Variable Items Loadings CA CR AVE
EEY1 0.893 0.923 0.946 0.814
EEY2 0.916
Effort Expectancy (EEY)
EEY3 0.898
EEY4 0.873
BIN1 0.803 0.826 0.916 0.725

BIN2 0.783
Behavioural Intention (BIN)
BIN3 0.871

BIN4 0.906

PEY1 0.881 0.923 0.846 0.764

Performance Expectancy (PEY) PEY2 0.928
PEY3 0.776
SIN1 0.902 0.914 0.931 0.884
Social Influence (SIN) SIN2 0.953
SIN3 0.869
PVE1 0.915 0.931 0.927 0.837
Price Value (PVE) PVE2 0.938
PVE3 0.946
HBT1 0.893 0.911 0.946 0.854
Habit (HBT) HBT2 0.924
HBT3 0.901
US1 0.903 0.897 0.936 0.828
Mobile Money Usage (US) US2 0.86
US3 0.938
Note: Author Work

In conjunction with the Fornell and Larcker criteria, the HTMT (Heterotrait-Monotrait)
technique was used to evaluate the discriminant validity. This strategy has inherent value due to
its ability to identify and address problems that may be overlooked by other approaches. The
Hierarchical Taxonomy of Metacognition (HTMT) method assesses the distinctiveness of two
constructs by calculating the ratio between correlations within the constructs and correlations
between the constructs (Henseler et al., 2015). To establish discriminant validity, HTMT values
should be less than 0.85 (Henseler et al., 2015). The HTMT values, as shown in Table 4.5,
exhibit a range of 0.040 to 0.768 in our research. The observed values provide evidence
supporting the existence of discriminant validity among the different components in our study
model. This finding indicates that the constructs are separate entities and do not assess the same
underlying ideas.

The findings from the measurement model analysis demonstrate that the measuring instruments
used for each construct exhibit both reliability and validity. As a consequence, these instruments
may be effectively utilized to evaluate the structural model and conduct hypothesis testing. The
constructs have robust internal consistency, and the indicators display favorable levels of
convergent and discriminant validity. The results of this study provide evidence that the
measuring model used in the research is both reliable and valid.

5. Discussion

The aim of this study was to examine several factors influencing the adoption and use of mobile
money services, a notable innovation in financial technology that plays a vital role in enhancing
financial service accessibility for marginalized people. Given the prevailing information
deficiencies and inconclusive findings within the current scholarly literature about the
determinants of mobile money service adoption, this research endeavors to address these
concerns. Hence, it is necessary to fully grasp the essential requirements for its execution. To
effectively mitigate these discrepancies, our study used components derived from two significant
theoretical frameworks, including the Unified Theory of Acceptance and Use of Technology 2
(UTAUT2). The findings of our research provide valuable insights into the determinants that
impact the use of mobile financial services.

Our findings validate the significance of performance expectancy in influencing behavioral

intention to use mobile money services (H1). This result aligns with previous research (Chopdar
et al., 2018; Oliveira et al., 2016; Senyo & Osabutey, 2020). In other words, the greater the
benefits users associate with mobile money services, the more inclined they are to utilize the
technology. Similarly, our results affirm the positive impact of effort expectancy on behavioral
intention to use mobile money services (H2). This finding is consistent with prior studies (Dhir et
al., 2018; Liébana-Cabanillas et al., 2020), indicating that users are more likely to adopt mobile
money services when they perceive it as requiring less effort to use.

In alignment with earlier studies Baudier et al. (2020); Macedo, (2017), our research underscores
the significant and positive impact of habit on mobile money usage behavior. This reaffirms the
notion that the more individuals engage with MM facilities, the greater the likelihood of
sustained usage (Venkatesh et al., 2012). It underscores the widespread belief that people are
more inclined to use mobile money services if they have a favorable intention toward this
technology.

Table 4.3. Discriminant Validity Test (Fornell & Larcker)

BIN EEY HBT PEY PVE SIN US
BIN 0.846
EEY 0.625 0.892
HBT 0.453 0.643 0.92
PEY 0.728 0.562 0.625 0.865
PVE 0.215 0.431 0.453 0.562 0.812
SIN 0.45 0.523 0.312 0.475 0.589 0.798
US 0.678 0.41 0.612 0.565 0.591 0.42 0.953
Note: Author Work

Table 4.4. HTMT Discriminant Validity Test

BI EEY HBT PEY PVE SIN US
BI 0.846
EE 0.625 0.892
HAB 0.453 0.643 0.92
PER 0.728 0.562 0.625 0.865
PV 0.215 0.431 0.453 0.293 0.562
SIN 0.45 0.523 0.312 0.52 0.475 0.798
US 0.678 0.41 0.612 0.5 0.565 0.436 0.953
Note: Author Work

Table 4.5. Hypotheses Results

Hypotheses Beta M STDEV T Statistics P Values Results
PEY - > BI (H1) 0.66 0.679 0.116 5.664 0.000 Accepted
EEY - > BI (H2) 0.273 0.267 0.105 2.586 0.01 Accepted
SIN - > BI (H3) —0.006 —0.010 0.065 0.091 0.928 Rejected
PVE - > BI (H5) 0.083 0.085 0.055 1.516 0.129 Rejected
HBT - > US (H6b) 0.23 0.227 0.056 4.137 0.000 Accepted
BIN - > US (H6) 0.579 0.584 0.092 6.277 0.000 Accepted
Note: Author Work

In our exploration of the determinants of mobile money service use, we found that performance
expectancy emerges as the most influential factor, followed by behavioral intention, effort
expectancy, and habit, in that order. This hierarchy indicates that the perceived benefits of using
mobile money services exert the most significant influence, followed by the individual's
intention to use the services, the ease of using the technology, and the habitual use of these
services, respectively. This discrepancy implies that the viewpoints of influential persons within
one's social network may not have a major impact on the uptake of mobile money services.
Considering the financial nature of mobile money transactions, it is conceivable that the choice
to adopt this technology is mostly driven by individual need rather than external factors (Senyo
& Osabutey, 2020). Concerning the aspect of “price value”, the results of this research align with
existing study. While, Baudier et al. (2020); Oliveira et al. (2016), Our research shows
conflicting findings by suggesting that habit does not have a major impact on the intention to
utilize mobile money services, hence challenging the notion that habit greatly influences the
desire to use a technology. Mobile money technology is sometimes the only viable means of
accessing financial services in several underdeveloped nations.
When evaluating MM facilities, there is a significant trade-off between the pros and cons.
Likewise, it is probable that consumers would see the assistances linked with MM, including its
convenience, affordability in terms of transaction costs, ease of access, and availability of
financial services (Donou-Adonsou, 2019), In light of the aforementioned considerations, it may
be argued that the benefits associated with agent and service trust surpass any issues that may
arise in this regard. Given the limited availability of viable alternatives to the conventional
currency system in several developing nations, individuals are motivated to persist in using
mobile money, despite concerns surrounding confidence in agents and services.

5.1 Theoretical implications

The paper offers some theoretical advances via its investigation of the research problem. The use
of the UTAUT2 framework within the domain of mobile money services serves to fill a need
within the current body of scholarly research. While the Unified Theory of Acceptance and Use
of Technology 2 (UTAUT2) has been used to investigate mobile payments in a general context,
its specific application to mobile money services remains largely unexplored. This study offers a
comprehensive evaluation of behavioral intention and actual use behavior by including
UTAUT2, a theoretical framework that recognizes the significant discrepancy between intention
and actual use. In addition, a significant portion of scholarly investigations pertaining to the
Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) have mostly focused on
elucidating the drivers that incentivize people to adopt and utilize technology, so neglecting the
comprehensive exploration of prospective risks and impediments. Moreover, this study enhances
the current knowledge base by going beyond the primary emphasis on the Technology
Acceptance Model (TAM) within the domain of mobile money research. This research provides
a comprehensive analysis of the several views that contribute to the understanding of the
elements that impact the adoption of mobile money services. As a result, this provides a solid
foundation for future research in this specific area.
This study poses a challenge to the dominant perspectives found in the existing body of literature
about the adoption of technology. The proposition posits that the increasing availability and
affordability of mobile phones contribute to the heightened intricacy and complexity of the
factors that impact the adoption of innovations in financial technology. The incorporation of
many perspectives within this piece is widely regarded as a noteworthy addition to the academic
conversation, enabling further exploration into this dynamic field of study.
6. Conclusion
In essence, the primary aim of this study was to examine the factors that influence the effective
use of mobile money services. The accomplishment was achieved by "the use of the Unified
Theory of Acceptance and Use of Technology 2 (UTAUT2) in order to formulate and assess a
novel research framework. The major objective of this study was to investigate the elements that
have an impact on the adoption and use of mobile money services. The findings suggest that the
research model has strong predictive abilities, underscoring its effectiveness in forecasting both
the desire to engage in certain behaviors and the “actual use of mobile money services” in real-
life scenarios. Furthermore, this particular research investigation is considered to be pioneering
within the field of information systems research due to its novel use of the UTAUT2 framework
in the realms of financial technology and MM. The study's results provide empirical data that
supports the substantial impact of performance expectation, effort expectancy, habit, and
behavioral intention on the uptake and use of MM facilities. However, it is crucial to recognize
that several aspects of the findings exhibited deviations from previous research. The findings of
this study indicate that there is a dearth of significant effect exerted by price value and social
influence on both the behavioral intention and usage of mobile facilities. The results of this
research provide valuable insights that deepen our understanding of the determinants impacting
the acceptance of mobile money, thereby making a valuable contribution to the current literature
on financial inclusion. This research has provided valuable insights into the determinants of
mobile money service adoption, contributing to a deeper understanding of the elements that
influence the use of such services. This information is crucial for enhancing financial inclusion
initiatives.
In addition to its theoretical contributions, this paper presents a number of practical implications
that have value for both mobile money service providers and legislators. The significance of
several aspects such as “performance and effort expectancy, behavioral intention, and habit” as
crucial determinants for the acceptance and use of MM services is emphasized by the research.
Within the realm of determinants, the research emphasizes that performance expectation assumes
a paramount significance. This suggests that users are more inclined to adopt and sustain the
usage of mobile money services when they see concrete benefits and advantages associated with
these services. It is essential for mobile money service providers to prioritize the improvement of
platform performance and user experience. This may be accomplished by the ongoing
enhancement of the convenience, efficiency, and cost-efficiency of mobile money transactions.
Service providers should strive to expand the scope of financial services available on their
mobile money platforms, in order to enhance their perceived value among users. Additionally, in
order to enhance performance expectation, it is recommended to implement educational
programs aimed at providing customers with comprehensive information about the many
features and advantages associated with mobile money services. The dissemination of
information on the potential benefits of mobile money, such as streamlining financial
transactions, enhancing banking accessibility, and providing financial security, may serve as a
catalyst for its widespread adoption. Acknowledging the importance of behavioral intention, it is
essential for service providers to actively strive towards fostering good attitudes and intents
among users. Providing incentives, awards, or discounts for the use of MM may effectively
foster favorable intents among people towards the service. Mobile money service providers may
create a more favorable environment for the acceptance and sustained use of MM services by
implementing these pragmatic measures. As a result, they can effectively contribute to the
advancement of financial inclusion and stimulate economic development.
6.1 Future Recommendation and Implication

This study, while providing valuable insights into the dynamics of MM services and the interplay
amongst “technology and social transformation”, has a number of constraints. The research was
mostly conducted in Asia province Punjab, and developing economy. Therefore, it is conceivable
that the outcomes may lack immediate applicability to developed countries due to substantial
disparities in social and environmental variables (Okello Candiya Bongomin & Ntayi, 2020;
Senyo et al., 2021).

The primary objective of this study was to examine the impact of individual antecedents on the
use of mobile money services. The exploration of the interaction and consequences of various
combinations of antecedents on the promotion or inhibition of the adoption of mobile money
might provide significant insights. Therefore, it is advisable that future research endeavors
explore the many configurations of these aforementioned variables and analyze their collective
impact on the adoption of mobile financial services.

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