article · Cogent Business & Management
This research examines the drivers of financial technology adoption across 309 small and medium enterprises in Ghana. Using the Technology Acceptance Model and structural equation modelling, the analysis confirmed 11 of 13 hypothesized relationships. Perceived usefulness emerged as the most critical positive driver of adoption, followed by the intention to use. While perceived ease of use and positive attitudes toward technology are linked to adoption, ease of use did not show a direct statistically significant impact on uptake. Instead, its influence operates indirectly, mediated through perceived usefulness and user intention. The findings suggest that technology providers should tailor their tools to directly address the practical operational needs of small enterprises, ensuring that clear utility shapes user attitudes and drives consistent digital engagement.
Small and medium enterprises form the backbone of many developing economies, yet their digital transition can be uneven. Demonstrating that perceived usefulness drives technology uptake more than simple ease of use helps service providers understand user behaviour. This allows institutions to design practical digital tools that directly solve business problems, encouraging non-users to embrace digital finance.
Fintech developers and financial service providers can apply these insights to refine enterprise products, focusing on functional benefits rather than solely interface simplicity. The findings represent applied survey research ready to inform commercial product design, marketing, and user onboarding strategies for enterprise software targeting small businesses in emerging markets.
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AbstractThis study investigates the determinants of FinTech adoption among small and medium enterprises (SMEs) in Ghana, utilizing the Technology Acceptance Model (TAM) as a theoretical framework. It employed a survey design with a quantitative approach to data analysis. Data was gathered from a sample of 309 SMEs by adapting a closed-ended questionnaire. To test the hypotheses, the data were analysed using structural equation modelling Partial Least Square. The findings of this research demonstrate that the majority of the constructs in the conceptual framework has significant explanatory power in relation to the desire to embrace FinTech in Ghana. Specifically, 11 out of the total 13 hypotheses were confirmed. The key factor that positively impacts the uptake of FinTech innovations is the perceived usefulness, followed by the intention to use as the second influential factor. The results also indicate that there is a positive association between perceived ease of use and attitude towards use with FinTech adoption. Nevertheless, the observed direct impact of perceived ease of use on the adoption of FinTech is not statistically significant. But the impact of perceived ease of use on the adoption of FinTech is mediated by either perceived usefulness or intention to use. This research will assist FinTech service providers in designing FinTech services that take into account a wide range of SMEs’ needs. FinTech services could be made more beneficial to build attitude affirmations and shape intentions. This will encourage SMEs and other users to use FinTech regularly and persuade nonusers to try it.
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DOI: 10.1080/23311975.2024.2321786
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