Determinants of Mobile Fintech Uptake in Kenyan Microfinance Sector

Jecinta Muthoni Ndungu · Christopher A. Moturi

17 citations0/0 files storedCurrent Journal of Applied Science and Technology

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FinTech, Crowdfunding, Digital Finance Technology Adoption and User Behaviour Microfinance and Financial Inclusion

Abstract

The Kenyan microfinance sector faces many challenges such as high operation costs, increased credit risk, low visibility and poor understanding of emerging technology opportunities and risks among others. These problems are persistent due to low levels of innovation and limited uptake of digital financial technologies. This research aimed to identify the determinants that influence uptake of mobile fintech and propose an appropriate model for uptake of mobile fintech within the sector. A descriptive survey of all 30 Microfinance institutions registered with Association of Microfinance Institutions (AMFI) 2018 in Kenya was carried out. Data was collected using questionnaires from 120 respondents. Data was analyzed using descriptive and inferential statistics. Based on correlation model, this study established that technology factors (r=0.862, P<.05), environmental characteristics (r=0.387, P<.05) and organizational factors (r=0.256, P<.05) have a strong influence on the uptake of mobile fintech. Using regression model, technology factors (β=.563, P<.05), organizational factors (β=.281, P<.05) and environmental characteristics (β=.562, P<.05) all have positive and significant influence on uptake of mobile fintech. These factors include technology availability, perceived technology benefits, organization size, resources availability, and competition, regulatory and legal environment among others. Uptake of mobile fintech was found to reduce operation costs and improve business operations efficiency. Understanding of the factors derived in this study will help microfinance institutions, software developers and policy makers as they develop strategies directed at promoting successful implementation of mobile fintech.

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References

2019Diffusion of Innovations 1 1985A technology acceptance model for empirically testing new end-user information systems : theory and results 2017Digital Finance and FinTech: current research and future research directions 2012Measuring Financial Inclusion: The Global Findex Database 2019Green process innovation, green product innovation, and corporate financial performance: A content analysis method 2011Literature Review of Information Technology Adoption Models at Firm Level 2011The Technology–Organization–Environment Framework 2017Determinants of intention to use the mobile banking apps: An extension of the classic TAM model

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