Original Research

Determining customer acceptance of digital-only banks in South Africa: Unified Theory of Acceptance and Use of Technology extension

Simphiwe K. Cele, Nhlanhla W. Mlitwa
South African Journal of Information Management | Vol 25, No 1 | a1628 | DOI: https://doi.org/10.4102/sajim.v25i1.1628 | © 2023 Simphiwe K. Cele | This work is licensed under CC Attribution 4.0
Submitted: 10 November 2022 | Published: 11 December 2023

About the author(s)

Simphiwe K. Cele, Graduate School of Business Leadership, University of South Africa, Midrand, South Africa
Nhlanhla W. Mlitwa, Graduate School of Business Leadership, University of South Africa, Midrand, South Africa


Background: The rise of fintechs has improved many aspects of financial services and has enhanced financial products, improved access, reduced prices of financial services and brought convenience for consumers. South Africa is also experiencing an increase in these technologies. Despite this increase and benefits, their adoption is disappointingly low. Therefore, it is essential to understand the views of consumers and the extent to which they are adopting fintech.

Objectives: This study aimed to investigate factors influencing consumers to use fintechs in South Africa. The first objective was to investigate the factors influencing consumers to use digital-only banks in South Africa. The second objective was to determine if perceived convenience, ubiquity, perceived costs, perceived risk, perceived trust, facilitating conditions and self-efficacy affect fintechs adoption.

Method: An online survey was conducted among 120 bank customers. SPSS 28 and Amos 27 were used for data analysis.

Results: Facilitating conditions, perceived trust, convenience and ubiquity, self-efficacy, perceived costs and perceived risk were the key determinants for the adoption of fintechs.

Conclusion: Facilitating conditions, perceived trust, convenience and ubiquity and self-efficacy have a positive relationship with adopting fintechs, while perceived costs and perceived risk negatively affect the adoption of fintechs.

Contribution: The study’s findings will help financial institutions in South Africa develop behaviour change strategies that will assist consumers in adopting fintechs. This research contributed to developing a digital-only bank adoption framework for South Africa. This framework will help financial institutions create an environment encouraging and enabling more customers to adopt fintechs.


UTAUT; fintechs; financial technologies; adoption; acceptance; user intention; technology; digital-only bank; TAM

JEL Codes

G21: Banks • Depository Institutions • Micro Finance Institutions • Mortgages; G32: Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill; O31: Innovation and Invention: Processes and Incentives; O32: Management of Technological Innovation and R&D; O33: Technological Change: Choices and Consequences • Diffusion Processes

Sustainable Development Goal

Goal 9: Industry, innovation and infrastructure


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Crossref Citations

1. Digital financial consumers' decision-making: a systematic literature review and integrative framework
Marco Barone, Candida Bussoli, Lucrezia Fattobene
International Journal of Bank Marketing  year: 2024  
doi: 10.1108/IJBM-07-2023-0405