Consumer adoption of mobile financial services: A commentary

Mobile financial services avail a distinct opportunity for consumers. The potential is extraordinary. There are numerous factors that consumers assess to determine if they will adopt a mobile financial service. In Kenya, mobile financial services have made considerable progress as individuals continue to adopt them at varying rates. Hence, there is a need to evaluate the factors that influence consumer adoption of mobile financial services. Mobile financial services comprise several sub-groups such as mobile banking, money transfer, and mobile payment. Further, they constitute an ecosystem that involves a regulator, MNOs, banks, agents, merchants, and the customer. Consumers contemplate the probability of risks before adopting a mobile financial service. Thus, the perceived risk hugely influences the adoption of these services. The perceived ease of use and the usefulness also play a vital role in the adoption of mobile financial services. Consumers gauge how is it is to use a platform as well as how useful it is. Moreover, consumers assess their awareness of a platform before adopting it. Thus, this commentary assesses the influence these factors impose on consumer adoption of mobile financial services in the country.