article · Asian Journal of Economics and Banking
Investigating central bank digital currency use among older adults in Southwestern Nigeria reveals the core factors driving adoption. Drawing on an extended technology acceptance model incorporating human values, analysis of survey data from 310 participants shows that performance expectancy is the primary determinant of actual usage behaviour. Behavioural intention mediates the effects of effort expectancy, social influence, and facilitating conditions on usage. Furthermore, perceived security moderates the relationship between effort expectancy and the intention to adopt the currency. In contrast, personal values related to conformity and benevolence show no meaningful impact on use behaviour. These results offer clear empirical evidence on how older demographics engage with sovereign digital currencies.
Older adults are among the groups most vulnerable to financial exclusion as economies digitise. Clarifying what influences their engagement with central bank digital currencies provides financial authorities and service providers with the evidence needed to design, update, and deploy inclusive digital currency systems that address accessibility and security concerns.
This empirical research offers applied insights that can directly inform central banks, financial software developers, and retail financial institutions. The findings are at an applied stage, ready to inform the user-interface design, security features, and deployment strategies of digital currency wallets to improve usability and uptake among older consumer demographics.
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Purpose The study aimed to extend the Unified Theory of Acceptance and Use of Technology (UTAUT) to identify the determinants of Central Bank Digital Currency (CBDC) use behaviour among older adults by introducing components of self-transcendence and conservation values from the theory of basic human value. The moderating effect of Security value and the mediating effects of intention were also examined. Design/methodology/approach Quantitative data were collected from 310 older adults in Southwestern Nigeria. The data were analyzed using partial least squares structural equation modelling (PLS-SEM). Findings Performance expectancy was the most significant determinant of CBDC use behaviour. Behavioural intention mediated the relationship between effort expectancy, social influence and facilitating conditions, while security moderated the relationship between effort expectancy and behavioural intention to use CBDC. The effects of conformity and benevolence values on CBDC use behaviour were insignificant. Research limitations/implications The study extends the UTAUT to predict FinTech use behaviour among older adults by providing a value-enhanced technology acceptance model. Practical implications The findings offer insight into the determinants of CBDC use behaviour among the age group most vulnerable to financial exclusion and help policymakers respond to identified factors to inform the design, deployment and updates of CBDC's. Originality/value The study addresses a significant gap in key factors predicting digital currency use behaviour generally, particularly CBDCs, as most studies using the UTAUT in FinTech focus more on Usage Intention. Our findings offer insights into usage patterns, which have practical implications and can inform studies on continual usage and barriers to CBDC use.
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DOI: 10.1108/ajeb-06-2025-0057
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