Extending the utaut model to examine security hesitation of mobile money in Somalia

Abstract

Mobile money (MM) is an integral part of the financial system in Somalia. MM services are widely accepted and adopted by different segments of the population. Despite the growth and popularity of mobile money services in Somalia, the limited use of mobile money services other than mobile money transfers remains to be examined. The current study attempts to investigate the security hesitation factors that affect the adoption of MM services. Accurate identification of critical factors affecting customer acceptance is an essential requirement for Mobile network operator(MNO) to identify to increase the use of MM. This study extends the original UTAUT model, by integrating the perceived risk of identification, perceived risk of authentication and perceived risk of authorisation as a significant determinant. A total of 330 respondents were received from customers who useMM.The study applied partial least squares-structural equation modeling (PLS-SEM) to test the proposed conceptual model. The path significance levels were estimated using the bootstrapping method (5000 resamples). The findings of this study revealed that performance expectancy (PE), Facilitating Condition(FC), Perceived risk of authentication (PRA), to be significant determinants in explaining customer’s behavioural intention and usage of MM. The findings of this research contribute to the literature by validating and supporting our extended UTAUT model’s applicability. The study concludes with suggestions for various Security Enhancement/Best practices to improve the current adoption rate of MM services.