Breaking boundaries: unveiling hurdles in embracing internet banking services in Sub-Saharan Africa

Jibril, Abdul Bashiru; Pobee, Frederick; Gochhait, Saikat; Chugh, Ritesh Article Breaking boundaries: unveiling hurdles in embracing internet banking services in Sub-Saharan Africa Cogent Economics & Finance Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Jibril, Abdul Bashiru; Pobee, Frederick; Gochhait, Saikat; Chugh, Ritesh (2024) : Breaking boundaries: unveiling hurdles in embracing internet banking services in Sub-Saharan Africa, Cogent Economics & Finance, ISSN 2332-2039, Taylor & Francis, Abingdon, Vol. 12, Iss. 1, pp. 1-23, https://doi.org/10.1080/23322039.2024.2330436 This Version is available at: https://hdl.handle.net/10419/321458 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Cogent Economics & Finance ISSN: 2332-2039 (Online) Journal homepage: www.tandfonline.com/journals/oaef20 Breaking boundaries: unveiling hurdles in embracing internet banking services in SubSaharan Africa Abdul Bashiru Jibril, Frederick Pobee, Saikat Gochhait & Ritesh Chugh To cite this article: Abdul Bashiru Jibril, Frederick Pobee, Saikat Gochhait & Ritesh Chugh (2024) Breaking boundaries: unveiling hurdles in embracing internet banking services in Sub-Saharan Africa, Cogent Economics & Finance, 12:1, 2330436, DOI: 10.1080/23322039.2024.2330436 To link to this article: https://doi.org/10.1080/23322039.2024.2330436 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group Published online: 28 Mar 2024. Submit your article to this journal Article views: 1408 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oaef20 DEVELOPMENT ECONOMICS | RESEARCH ARTICLE Breaking boundaries: unveiling hurdles in embracing internet banking services in Sub-Saharan Africa Abdul Bashiru Jibril a , Frederick Pobee b , Saikat Gochhait c and Ritesh Chugh d a School of Business and Economics, Westminster International University, Tashkent, Uzbekistan; b Department of Business Administration, University of Professional Studies (UPSA), Accra, Ghana; c Symbiosis Institute of Digital and Telecom Management, Constituent of Symbiosis International (Deemed University), Pune, India; d School of Engineering and Technology, Central Queensland University, Norman Gardens, Australia ABSTRACT Despite the gravitation toward Internet banking research in the information systems and information technology literature, scholars and practitioners, particularly in emerging and developing countries, have not fully explored the barriers affecting customers’intention to engage in e-banking transactions, particularly from a sub-Saharan perspective. There is still a considerable gap in the research on how online risk and socio-economic factors influence customers’intention to engage in Internet banking activities. To fill this gap, we took an online and socio-economic perspective on Internet banking adoption in an aspiring to-be IT-enabled economy. Our study adopted a quantitative research approach. Intercept surveys were conducted among 672 bank customers in Ghana. Seven hypotheses were developed, and partial-least square structural equation modelling was used to test the relationship between the variables. Our findings revealed that fear of financial loss, fear of reputation damage, avoidance motivation, price of digital devices, perceived knowledge gap, infrastructure gap, and perceived financial charge are significant barriers to e-banking adoption. The novelty of our research lies in the research framework, which is a unique conceptual model presenting online and socio-economic factors preventing e-banking adoption. Theoretical and practical implications are discussed. IMPACT STATEMENT In Sub-Saharan Africa, the burgeoning field of internet banking promises to revolutionize financial services, offering unprecedented convenience and accessibility. However, despite its potential, the widespread adoption of Internet banking services in the region face significant hurdles. This research endeavors to illuminate and dissect these obstacles, shedding light on the multifaceted challenges inhibiting the embrace of internet banking among consumers in Sub-Saharan Africa. By delving into the intricacies of perceived online risk, and socio-economic factors, this study aims to provide a comprehensive understanding of why Internet banking adoption rates remain low in the region. Through rigorous analysis and empirical evidence, we aim to offer insights that can inform policymakers, financial institutions, and stakeholders, facilitating the development of targeted strategies to overcome these barriers. Ultimately, our research seeks to not only identify obstacles but also to propose actionable solutions that can propel developing and emerging economies towards a future where internet banking services are embraced as integral components of the financial landscape. Hence, by breaking boundaries and unraveling the complexities surrounding internet banking adoption, we strive to contribute to the advancement of financial inclusion and economic development in the region and beyond. ARTICLE HISTORY Received 21 January 2024 Revised 27 February 2024 Accepted 10 March 2024 KEYWORDS E-banking; avoidance motivation; perceived online risk; socio-economic factors; intention; Internet banking REVIEWING EDITOR Goodness Aye, Academic Editor, University of Agriculture, Makurdi Benue State, Nigeria SUBJECTS Information & Communication Technology (ICT); Management of IT; Artificial Intelligence; Technology; Legal, Ethical & Social Aspects of IT JEL CLASSIFICATION CODES M10, M15, M21, G41 1. Introduction Internet banking has developed significantly since the inception of the Internet in the 1990s and the dotcom bubble, which busted in early 2000 (Jim enez & D ıaz, 2019). Since then, continuous technological CONTACT Abdul Bashiru Jibril [email protected] School of Business and Economics, Westminster International University, 12 Istiqbol street, 100047, Tashkent, Uzbekistan. This article has been corrected with minor changes. These changes do not impact the academic content of the article. ß2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. COGENT ECONOMICS & FINANCE 2024, VOL. 12, NO. 1, 2330436 https://doi.org/10.1080/23322039.2024.2330436 advancement has disrupted the financial ecosystem. Many organizations, including banking institutions, have leveraged technology to increase consumer reach. Internet banking is a strategy to support green banking while reducing bank operating expenses associated with traditional face-to-face banking (Zhixia et al., 2018). Ghana ranks among the first five West African Countries in terms of the number of Internet bank users (Fincog, 2022). In Ghana, financial institutions, especially banks, invest in information technology and human resources with innovative digital skills to bridge the digital divide between the banked and the unbanked (Kwarteng et al., 2019; Stoica et al., 2015). Irrespective of these strides by Ghanaian banks to improve Internet banking, the gap between Internet banking adopters and non-adopters has widened (Ofori et al., 2017; Statista, 2022). According to Bank of Ghana (BoG) (2022), the number of registered Internet bank users in Ghana is limited to 5.6 million, while the number of non-Internet bank consumers has reached 18.7 million. In a nutshell, the introduction of Internet banking as a banking product to deepen the financial inclusion agenda in Ghana is far-fetched. Many studies have emphasized the benefits associated with adopting Internet banking (Jermsittiparsert et al., 2023; Laukkanen & Kiviniemi, 2010; Naeem et al., 2022; Zhang et al., 2022), presuming that banking products merit adoption based on their efficacy. However, some online risks and socio-economic factors may adversely affect the adoption of the banking product, especially in the global south (Arif et al., 2020). For instance, Rathnayake (2023) reported on how the benefits and convenience of Internet banking have led financial institutions to adopt various digital banking innovations. However, the unanswered question is whether consumers’demand for Internet banking is at a robust level commensurate with banks’implementation efforts. Furthermore, Kwarteng et al. (2019) found that despite the significant advances in modern technology within the Ghanaian banking system, a predominant concern among consumers revolves around the heightened incidence of fraud perpetrated through these technological channels. This prompts inquiry into the potential barriers hindering consumers from utilizing Internet banking services. The research objectives are twofold. First, we aim to assess the perceptions of bank consumers regarding barriers to Internet banking adoption in Ghana. Second, we intend to identify and examine the key factors hindering the successful adoption of Internet banking services. Consequently, the developed research questions are: RQ1: How do consumers perceive the barriers that prevent them from successfully adopting Internet banking? RQ2: What factors hinder the adoption of Internet banking services? The study contributes to the theoretical understanding of Internet banking and factors that serve as barriers to successfully implementing it by developing a conceptual model. It offers fresh perceptions into the underlying inhibiting factors that affect consumers’adoption of Internet banking. Overall, the study is expected to advance theoretical knowledge, offer valuable insights to bank stakeholders, add to the body of empirical evidence, and provide a framework for methodological research on barriers to Internet banking and its effect on adoption in the particular context of Ghana. The remainder of the paper is structured as follows. First, the literature review, research model and hypotheses development are presented in section two. The research methodology is then presented in section three. Next, the data analysis and results are shown in section four. Finally, the discussion of findings, theoretical and practical implications, limitations and future research directions are presented in the final section. 2. Literature review According to Sathye (1999), e-banking occurs when bank customers access their bank accounts to undertake online banking transactions via the Internet. These transactions may include online deposits, balance enquiries, and transfers across multiple accounts. This kind of diversified banking is a competitive necessity for banks (Stoica et al., 2015). As automated teller machines were introduced in the USA in the 1950s and 1960s, financial payment channels have evolved significantly (B atiz-Lazo et al., 2014). In the 1980s, telephone banking began, followed by Internet banking in the 1990s, and then mobile 2 A. B. JIBRIL ET AL. banking ten years later (Jim enez & D ıaz, 2019). Bank customers have both advantages and disadvantages in using various digital payment methods (DPMs) as cash gradually becomes obsolete. According to Offei and Nuamah-Gyambrah (2016), e-banking has offered Ghanaian customers easy access to bank accounts, a development that has reduced under-the-counter practices by bank officers. The adoption of cashless policies or cashlite economies, as Okoro and Kigho (2013) refer to them, has been effective due to the sector’s technological improvement, which has not only decreased the flow of actual cash but also created revenue through bank charges for the banks. Ghanaian banks’profitability has increased due to the availability of alternative digital channels in the country’s banking systems (Offei & Nuamah-Gyambrah, 2016). The full realization of e-banking benefits is not attained in every case, as barriers to adoption often impede web technology from reaching its maximum potential (Rotchanakitumnuai & Speece, 2003). In the context of Ghana, the studies by Mbrokoh (2016), Nimako et al. (2013), and Perkins and Annan (2013) collectively shed light on the factors influencing the adoption of Internet banking. Mbrokoh (2016) surveyed customers of two banks to understand perceptions of Internet banking usability and credibility, while Nimako et al. (2013) used a self-administered structured questionnaire to assess customer satisfaction with Internet banking service quality in two banks. Perkins and Annan (2013) employed a descriptive cross-sectional mixed-methodology approach, gathering data from both bank staff and customers of three banks to understand the factors influencing Internet banking adoption. While the insights from these studies remain valuable, it is worth noting that their relevance may have diminished over time due to changes in technology, banking practices, and consumer behaviour since their publication. Mbrokoh’s study emphasized the significance of perceived ease of use and credibility in shaping consumers’intentions towards Internet banking adoption. It underscores the importance of addressing security, privacy, and trust concerns to enhance the credibility of Internet banking platforms. Nimako et al. found customer dissatisfaction regarding service quality aspects such as responsiveness, guidance for problem resolution, and transaction speed, suggesting improvements in these areas to enhance satisfaction and adoption rates. Perkins & Annan’s study revealed that perceived ease of use, trust, security, and government support significantly influence customers’intention to use Internet banking. A number of studies have examined the impact of financial loss on investment (Chen, 2021; Larbi, 2016; Ofori, 2020; Roszkowska, 2020). According to Ofori (2020), financial threat and investment loss are positively correlated. If the customer perceives a high level of financial loss associated with e-banking, technology adoption can be a major barrier. It is, therefore, essential to examine whether the risk of financial loss negatively influences bank customers’e-banking intention. Reputation risk can be a barrier that damages both organizational and individual reputations. Scholars have examined the impact of financial malfeasance and system hacks on firms and individuals’ reputations (Behera et al., 2022; Nujen et al., 2021). Good ethical practices enhance an organisation’s reputation (Behera et al., 2022). The uptake of e-banking may be limited if adopters perceive transaction risks that could potentially damage their reputation. Moreover, comprehending the intrinsic motivational factors of users is crucial for enhancing their intention to continue using Internet banking services (Rahi et al., 2023). A major barrier to technology adoption is the fear of security and privacy. There is little published work on avoidance motivation stemming from these concerns. The avoidance motive explains how users behave in terms of security in order to avoid harmful IT risks (Liang & Xue, 2009). This study examines how consumers might avoid e-transactions if they believe they are harmful in the context of e-banking. The price of digital services is another barrier to the adoption of e-banking services as a factor that may influence the decision to adopt the service. Additionally, a knowledge gap exists due to societal disparities, hindering the adoption of e-banking services among two distinct socio-economic groups: those with higher and lower socio-economic statuses. To bolster the adoption of e-banking services, the primary barrier lies in facilitating conditions, encompassing the level of technical and organizational support accessible to adopters. A significant impediment to e-banking adoption is the financial charges linked to online transactions, such as transfers across multiple accounts. In this study, our objective is to delineate how customers perceive barriers to adopting banking services. COGENT ECONOMICS & FINANCE 3 2.1. Prior research on e-banking Although e-banking has received significant attention from scholars, its adoption in sub-Saharan African countries is relatively scarce (Ohiani, 2020). A synthesis of the extant e-banking literature helped us uncover three areas (gaps) in the e-banking literature that need research attention. These selected studies are summarised in Table 1. First, extant Internet banking studies (e.g. Arora & Sandhu, 2018; Lee & Kim, 2020; Rahi & Ghani, 2019; S anchez-Torres et al., 2018; Thaker et al., 2021) have extensively investigated factors that influence e-banking adoption, while there is relative silence on the factors that may inhibit the adoption of the innovation. This development is partially enabled by the excessive reliance of e-banking studies on research theories that emphasize adoption-driven factors. As a result, the antecedents that influence or Table 1. Summary of selected e-banking studies. References Model used Context Constructs Thaker et al. (2021) UTAUT 2 The contextual focus of the research was Malaysia, based on 319 respondents. The structural equation modelling (SEM) method was used for data analysis. Performance expectancy Effort expectancy Social influence Facilitating conditions Price value Hedonic motivation Safari et al. (2020) TAM The contextual focus of the research was the Democratic Republic of Congo, based on 215 respondents. The structural equation modelling (SEM) method was used for data analysis. Perceived usefulness Perceived ease of use Perceived web security Internet trust Sharma and Govindaluri (2014) Extended TAM The research was conducted in India based on 314 respondents. The structural equation modelling (SEM) method was used for data analysis. Perceived usefulness Perceived ease of use Social influence Awareness Quality of Internet connection Computer self-efficacy Rahi and Ghani (2019) DeLone and McLean IS success model and selfdetermination theory (SDT) The research was conducted in Pakistan based on 750 respondents. The structural equation modelling (SEM) method was used for data analysis. Information quality Service quality Satisfaction Introjected regulation External regulation Intrinsic regulation Identified regulation Rawashdeh (2015) Extended TAM The research was conducted in Jordon based on 298 respondents. The structural equation modelling (SEM) and SPSS method were used for data analysis. Perceived usefulness Perceived ease of use Perceived web privacy (PWP) Attitude Intention Arora and Sandhu (2018) UTAUT and SERQUAL The research was conducted in India and involved 524 respondents. The multiple regression analysis (MRA) method was used for data analysis. Effort expectancy Performance expectancy Information quality Service quality Self-interest Experience S anchez-Torres et al. (2018) UTAUT with modification The research was conducted in Colombia and involved 600 respondents. The structural equation modelling (SEM) method was used for data analysis. Performance expectancy Effort expectancy Government support Trust Yaseen and El Qirem (2018) UTAUT 2 with modification The research was conducted in Jordon and involved 348 respondents. The data analysis method used was multiple regression. Performance expectancy Effort expectancy Social influence Hedonic motivation Service quality Perceived ease of use Wang et al. (2017) UTAUT with modification The research was conducted in China based on 181 respondents. The data analysis method used was multiple regression. Performance expectancy Effort expectancy Personalisation Compatibility Lee and Kim (2020) Benefit-risk and network externality framework The research was conducted in South Korea and involved 672 respondents. The data analysis method used was multiple regression. Convenience Economic efficiency Functional risk Security risk Critical mass Number of services Trust 4 A. B. JIBRIL ET AL. prevent the adoption of e-banking, such as perceived financial charges, infrastructural gap, price of digital services, and fear of financial loss, are understudied. Similarly, previous studies (e.g. Arora & Sandhu, 2018; Safari et al., 2020;S  anchez-Torres et al., 2018) have primarily concentrated on adoption drivers, while there has been little discussion about inhibitors. For instance, Arora and Sandhu (2018) focused on adoption drivers such as performance expectancy, effort expectancy, information quality, and service quality to investigate Internet banking in India. Likewise, S anchez-Torres et al. (2018) used performance expectancy, effort expectancy, government support, and trust as Internet banking adopters in Colombia. Although knowing the adoption drivers is important, it is also crucial to understand the impact of inhibitors/barriers because they can lead to non-adoption, discontinued use, and, eventually, the extinction of the innovation (Senyo & Osabutey, 2020). For this reason, a study examining the barriers to e-banking adoption is needed to formulate policies to address these adoption bottlenecks. Second, previous Internet banking studies (e.g. Rawashdeh, 2015; Safari et al., 2020; Thaker et al., 2021; Wang et al., 2017; Yaseen & El Qirem, 2018) have largely investigated technology factors such as perceived ease of use, perceived usefulness, perceived website security, quality of Internet connection, and perceived web privacy, while knowledge on factors such as perceived financial charges, infrastructural gap, price of digital services, and fear of financial loss remain limited. For instance, in investigating Internet banking adoption, Safari et al. (2020) focused on factors such as the perceived usefulness of the technology, perceived ease of use, and Internet trust. Similarly, Thaker et al. (2021) focused on factors such as performance expectancy, effort expectancy, and facilitating conditions. Likewise, Rawashdeh (2015) also examined Internet bank adoption by focusing on factors such as perceived web privacy and perceived ease of use. As a result, technological factors that influence Internet banking adoption are well established. Nonetheless, prior studies like Thaker et al. (2021), Rawashdeh (2015), and Safari et al. (2020) have not gone further to investigate barriers to Internet banking adoption. Given that there are inhibitors to Internet banking adoption, there is a need to understand the factors that serve as barriers to its adoption, a gap this study seeks to address. Third, many Internet banking studies (e.g. Rawashdeh, 2015; Safari et al., 2020; Sharma & Govindaluri, 2014; Thaker et al., 2021) have largely adopted technology adoption theories such as the technology acceptance model (TAM), unified theory of acceptance and use of technology (UTAUT), and DeLone and McLean IS success model. It is important to mention that the technology adoption models do not adequately address the dynamics of financial and socio-economic characteristics that inhibit e-banking adoption. Therefore, it is important to explore the financial and socio-economic barriers to Internet banking adoption, which are not sufficiently accounted for by the technology acceptance theories. While the outlined three areas shed light on the existing gaps in e-banking literature relevant to this study, it is imperative to recognize and highlight additional emerging literature that holds promise in furthering our comprehension of Internet banking, especially within other developing economies. The literature on Internet banking in developing economies highlights critical factors influencing adoption and utilization. Kumar et al. (2023) emphasize the significance of user perception, particularly in India, where the perceived benefits and ease of mobile banking usage drive adoption. Uche (2023) contributes insights from Nigeria, where security concerns pose substantial barriers to Internet banking. The study underscores the need for improved infrastructure and trust-building efforts to alleviate consumer apprehensions. In an Algerian context, Bellahcene and Latreche (2023) found that perceived usefulness and ease of use significantly impact attitudes and usage of e-banking services. They advocate for enhancing accessibility and support resources to encourage broader acceptance. Bernard Azolibe et al. (2023) shed further light on Nigeria’s challenges, identifying infrastructure limitations as a key hindrance to Internet banking adoption. The study underscores the necessity for network providers to improve reliability and speed. Gautam and Sah (2023) research in Nepal emphasizes the importance of website efficiency and user satisfaction in driving customer loyalty for Internet banking. They highlight the need for continuous improvement in service quality and user experience to foster greater adoption. Comparatively, while these studies recognize the importance of user perception and security concerns, there are regional nuances. For instance, Indian users prioritize convenience and ease of use, Nigerian users express heightened concerns about security, Algerian users emphasize utility and accessibility, and Nepalese users value website efficiency and satisfaction. Despite these variations, improving infrastructure and trust remain central to fostering Internet banking adoption across these diverse contexts. COGENT ECONOMICS & FINANCE 5 2.2. Conceptual framework and hypotheses development Technological advancements have empowered consumers to seamlessly access a wide array of products and services within the banking industry (Malar et al., 2019). With the development of ICT, banks now have a direct relationship with their customers, rather than having to interact with a bank branch in person (Martovoy & Santos, 2012). In order to achieve value co-creation, some authors, such as Andreu et al. (2010), specify the consequences of direct interactions between a company and its customers. Other researchers, such as Payne et al. (2008), argue that organizations must adopt a customer relationship approach to support value creation. In order to co-create with customers, companies must be able to connect with them and have a market orientation. As a result, leveraging customers’subconscious behaviour becomes imperative for optimizing the company-client relationship. This approach fosters customer engagement and facilitates the fulfilment of their individual needs. Moreover, the advent of new technologies, products, and services encourages new customer demands (Hosseini et al., 2020). As information becomes more accessible and products and services become more diversified through the Internet, consumers have higher expectations. Consequently, innovations originating in one part of the world can swiftly become accessible and desired globally (Mainardes et al., 2017). Consumers can also access electronic services through their smartphones. As a result, banks are constantly bringing new services to market based on customer demands, reflecting a continuous exchange of ideas and co-creation of value (Akter et al., 2020). We developed a conceptual framework based on seven factors that we argue may negatively affect the intention to engage in e-banking transactions. These factors include fear of financial loss, perceived fear of reputation damage (identity theft), uncertainty about the outcome of the service (avoidance motivation), the perceived price of digital services, perceived knowledge gap among prospective/users, infrastructure gap, and perceived amount of finance charges. The research framework is illustrated in Figure 1. 2.2.1. Fear of financial loss Fear of financial loss occurs when people experience money losses due to faulty services by firms (Chen, 2021). Generally, people decline technology, which poses a threat of losing money. In Internet banking, consumers are likely to reject the innovation if they perceive some financial losses due to third parties accessing their personal information and using it against them, thereby losing money (Larbi, 2016). Although Internet banking is associated with benefits such as convenience and easy access to bank accounts, the fear of financial loss dimension is yet to be fully explored in research. Hence, examining whether the fear of financial loss impedes bank consumers’intention to adopt an innovation is crucial. In the extant literature, fear of financial loss has been suggested to influence financial investment (Chen, 2021; Larbi, 2016; Ofori, 2020; Roszkowska, 2020). Following this, we consider the fear of financial loss as a barrier to Internet banking adoption. So far, in the context of Internet banking, the relationship between fear of financial loss and behavioural intention to adopt Internet banking has not been determined. As a result, we hypothesized that; H1: The perceived fear of financial loss during online transactions would negatively affect the intent to engage in e-banking transactions. 2.2.2. Fear of reputation damage Reputational damage is the loss that impacts a person’s or business’s excellent standing, leading to adverse perceptions among others. (Boakye et al., 2023). In cases where people perceive the adoption of an innovation may damage their reputation, they are likely to reject its adoption. In Internet banking, consumers are likely to reject the innovation if they perceive reputational damage associated with it. Using ebanking services requires consumers to provide sensitive information that is susceptible to hackers and crackers, who in turn can use it against consumers, which may tarnish their reputation. In prior studies, reputational damage has negatively influenced innovation adoption (Behera et al., 2022; Chang & Chen, 2020; Nujen et al., 2021). Following this path, this study opines that fear of reputation damage will prevent consumers from forming the intention to adopt e-banking and, therefore, we hypothesize that; H2: The perceived fear of reputation damage would negatively affect the intent to engage in e-banking transactions. 6 A. B. JIBRIL ET AL. 2.2.3. Avoidance motivation Avoidance motivation stems from security and privacy concerns relating to technology adoption. Avoidance motivation explains users’security behaviour in order to avoid harmful IT risks (Liang & Xue, 2009). In addition, extant research has shown that privacy concerns and coping appraisal significantly influence users’adoption of technology (Ammari et al., 2014; H. Chen & Li, 2017; Witschey et al., 2015). In the e-banking context, we argue that users of the innovation may avoid it if their perception of the e-transaction is harmful. Therefore, we hypothesise that: H3: The uncertainty about the service outcome (avoidance motivation) would negatively affect the intent to engage in e-banking transactions. 2.2.4. Price of digital services Digital products and services are becoming increasingly important for financial institutions, including banks. Todays’s platform economy generates profits for firms that leverage digital solutions (Agarwal et al., 2022). However, addressing the costs associated with utilizing digital products and services remains challenging. Scholars have argued that the price of digital products and services should be based on their value rather than their production costs(Bapat & Khandelwal, 2023; Baumgart, 2020). While the consumer value of traditional goods and services is often tangible, assessing the value of digital products poses a greater challenge. Consumers typically need to experience digital products first hand before determining the price they are willing to pay (Kalyanaram et al., 2022). This ex-post price determination may affect adoption, especially when the price is relatively higher than consumers expect. Although Internet banking involves using applications created by banks, when the cost of its creation is heavily burdened on consumers, it prevents them from using it. Hence, examining whether the high price of digital services hinders bank consumers’intention to adopt e-banking innovation is crucial. So Figure 1. Research framework. Source: Authors’construct. COGENT ECONOMICS & FINANCE 7 Lastly, the development of a comprehensive theoretical model, integrated with other emerging technologies aimed at enhancing e-banking customer satisfaction, should be pursued and implemented. This holistic approach stands to improve the overall efficacy and user experience of e-banking services. Many studies primarily focus on the factors influencing the utilization of mobile financial services, recognizing that such technological advancements are relatively new, particularly for elderly consumers who often require education or training on these technologies (Albashrawi & Motiwalla, 2017). Various barriers hinder the acceptance, adoption, and usage of mobile commerce among the elderly, with security and trust emerging as prominent concerns within this demographic (Lian & Yen, 2014). Financial institutions face the challenge of instilling trust to engage this audience, notwithstanding prevailing perceptions of distrust within the sector (Benamati & Serva, 2007). Moreover, user interaction with the Internet primarily relies on trust, although often nonchalantly (Howah & Chugh, 2019). The analysed data provided significant insight into the socio-economic factors and perceived identity risk factors that inhibit the adoption of e-banking services. Considering the emergence of the COVID-19 pandemic, it is evident that many financial institutions have inculcated the habit of online transactions into their clients to make greater use of technology (e-banking facilities). However, it is known in the less digitalised economies, for that matter, Ghana, where the current study is hinged on, that e-banking not only reduces queues (or client waiting time) but helps to fulfil one of the basic protocols of the World Health Organisation, i.e. avoiding face-to-face contact. This research is novel because of its unique conceptual model, which presents online and socio-economic factors that impede the adoption of ebanking today. Tailoring the measurement items to align with the specifics of the current study involved the adaptation of research constructs drawn from relevant literature. Regarding the perceived identity theft factors, security and privacy concerns were drawn from studies by Nwaiwu et al. (2020) and Zanoon and Gharaibeh (2013). Fear of financial loss and fear of reputational damage were sourced from research conducted by Walsh et al. (2016). Avoidance motivation was derived from the work of Hille et al. (2015), while intention towards e-banking transactions was adapted from Venkatesh et al. (2003). All three factors relating to the socio-economic situation were informed by the research of Jibril et al. (2020b). H1: The perceived fear of financial loss during online transactions would negatively affect the intent to engage in e-banking transactions. The first hypothesis of this study is that the perceived fear of financial loss during an online transaction would negatively affect the intent to engage in the e-banking service. This is because the perceived Table 5. Discriminant validity using HTMT(Heterotrait–Monotrait ratio). Construct 1 2 3 4 5 6 7 8 1. Fear of finance loss 2. Fear of reputation damage 0.7787 3. Avoidance motivation 0.5308 0.5265 4. Price of digital device 0.1534 0.1664 0.2021 5. Perc-Knowledge gap 0.2253 0.2859 0.4139 0.4070 6. Intent to E-Banking 0.1242 0.0577 0.0254 0.4892 0.4060 7. Infrastructure gap 0.2153 0.2431 0.4137 0.3565 0.4715 0.4039 8. Perc. financial charge 0.3067 0.2124 0.3666 0.3153 0.3957 0.2871 0.5631 Source: Authors’computation from ADANCO 2.2.1. Table 6. PLS-SEM-Hypothetical path. Effect Beta (b) M SD T-value P-value Decision H1: Fear of finance loss ->INTENT to E-Banking −0.1756 −0.1908 0.0432 −4.0599 0.0000 Supported H2: Fear of reputation damage ->INTENT to E-Banking −0.0726 −0.0710 0.0622 −1.1678 0.2430 Not supported H3: Avoidance motivation ->INTENT to E-Banking −0.0965 −0.0815 0.0480 −2.0104 0.0444 Supported H4: Price of digital device ->INTENT to E-Banking 0.2973 0.2994 0.0451 6.5917 0.0000 Supported H5: Perc-Knowledge gap ->INTENT to E-Banking 0.2476 0.2387 0.0407 6.0890 0.0000 Supported H6: Infrastructure gap ->INTENT to E-Banking 0.2162 0.2121 0.0446 4.8511 0.0000 Supported H7: Perc. financial charge ->INTENT to E-Banking 0.0843 0.0823 0.0419 2.0107 0.0444 Supported Coefficient of determination (R 2 ) Intent to E-banking ¼0.352 Source: Authors’computation from ADANCO 2.2.1. 14 A. B. JIBRIL ET AL. fear of financial loss connotes the potential loss of money from online transactions. In this study, the construct is one of the perceived online risk factor dimensions. With this in mind, sceptical customers or users who are not sure about the successful outcome of the transaction may think they may lose money in the process. Based on the regression and significant value of our findings, H1 was confirmed and suggested that customers’inability to maximise the use of e-banking service has triggered the security and trust components of the service. This study corroborated the work of Nwaiwu et al. (2020), which was also in Nigeria’s service-based organisations. H2: The perceived fear of reputation damage (or identity theft) during online transactions would negatively affect the intent to engage in e-banking transactions. The study further investigates a dimension of perceived online risk factor (known as perceived reputation damage) regarding hypothesis two. This construct espouses the identity theft that may occur when a bank customer engages in e-banking services. Security and privacy concerns have become a driving force for prospective and existing customers’decision-making to embark on e-banking transactions. Though our results show a negative relationship between perceived reputation damage and the intent to adopt e-banking services, the effect was not statistically significant. The findings were contrary to the earlier work of Jibril et al. (2020a), which studied customers of two banks in the same study context. H3: The uncertainty about the service outcome (avoidance motivation) would negatively affect the intent to engage in e-banking transactions. The study’s third hypothesis was supported, which has to do with the negative relationship between avoidance motivation and the intent to engage in e-banking transactions (H3). Avoidance motivation describes the perception (or the state) at which a person anticipates a harmful effect of using new technology. In this light, the findings suggest that once the bank customers envisage a possible negative outcome of the service, they are not motivated to accept or adopt this e-banking, hence avoiding it entirely. Therefore, the study’s participants know that since the e-banking service repurposes regular banking services, they believed that the outcome of the service could be compromised. This finding is in line with Rhoa and Yub (2011) research and subsequently confirms the work of the proponent of technology threat avoidance theory (see Liang & Xue, 2009). H4: The perceived price of digital devices would negatively affect the intent to engage in e-banking transactions. The fourth hypothesis considers the relationship between the price of digital services and the intent to adopt e-banking. It is worth noting that the current study discovered a significant correlation between the price of digital services and the intention to use e-banking services in Ghana. That is to say, H4 was supported and suggested that bank customers in less digitalised economies are concerned about their income level relative to the price of digital services, including the cost of digital devices (such as smartphones, tablets, and so forth.). This result emphasises that the higher the cost of facilitating conditions to adopt e-banking service, the lower the willingness they (customers) exhibit towards ebanking service. This evidence corroborated with earlier research from Boateng et al. (2016), which assessed the determinants of Internet banking in a developing country. H5: Perceived knowledge gap among prospective/users would negatively affect the intent to engage in e-banking transactions. The fifth hypothesis of the study was to ascertain the effect of the perceived knowledge gap on the intent to engage in e-banking services. The hypothesis statement was supported; thus, the perceived knowledge gap among bank customers would negatively affect the intention to adopt e-banking services. As mentioned earlier in the literature section, the perceived knowledge gap in this study context describes the customer’s sufficient experience or information to hook up on the new technology (Chhatwani & Mishra, 2021). The finding suggests that ICT knowledge, such as knowing how to navigate websites and use bank apps, among others, tends to encourage prospective and existing bank customers to leverage these technologies and make banking transactions stress-free. This finding aligns with that of Al-Jabri and Sohail (2012). H6: Non-availability of infrastructure would negatively correlate with engaging in e-banking transactions. COGENT ECONOMICS & FINANCE 15 The sixth hypothesis explains the negative correlation between infrastructure deficit and the intent to engage in e-banking services. Indeed, the results show that the infrastructure gap negatively affects customers’intention to adopt e-banking services. In this research, the infrastructure support system involves the availability of Wi-Fi connections, stable Internet connection, affordable broadband, and constant electricity supply, among others, to the general citizens (or customers). Therefore, the findings suggest that a deficit of these facilitation conditions within an emerging economy would inhibit the desire to adopt e-banking. This evidence supports the ongoing discourse and further strengthens the literature on similar research themes (see Eren, 2021; Rafdinal & Senalasari, 2021). H7: Perceived financial charges would negatively affect the intent to engage in e-banking transactions. The last hypothesis examines whether perceived financial charges negatively affect the customer’s intent to adopt an e-banking service. The hypothesis statement (H7) was partially supported. This evidence suggests that bank customers are not happy with the additional costs charged by banks due to the new technology (e-banking service). However, it is interesting to note that for banks to recover their operating cost of integrating e-banking system, such costs are transferred to the customer. Having this cost burden in mind, the customer would prepare to ignore the e-banking service and switch to the old physical banking service to avoid possible financial charges. The current research confirms the outcome of a study by Namahoot and Laohavichien (2018). The findings of our study resonate with and complement existing research conducted in both Ghanaian and developing economy contexts, shedding further light on the factors influencing Internet banking adoption. Firstly, in alignment with prior Ghanaian studies, our research underscores the pivotal role of perceived usefulness and ease of use in driving customer adoption of Internet banking. This echoes the findings of Mbrokoh (2016), Nimako et al. (2013), and Perkins and Annan (2013), highlighting the enduring importance of these factors within the Ghanaian banking landscape. Secondly, our study’s emphasis on perceived price value mirrors the dissatisfaction expressed by Ghanaian customers regarding transaction fees and charges, as identified by Nimako et al. (2013). This finding also resonates with research conducted in India by Kumar et al. (2023), indicating a shared concern across diverse developing economies regarding the financial aspects of Internet banking. Additionally, our study acknowledges the importance of infrastructure availability in driving customer adoption of Internet banking, aligning with research conducted in Nepal by Gautam and Sah (2023). Lastly, our research underscores the universal challenges of security, privacy concerns, and financial malfeasance, aligning with prior studies in both Ghana and other developing economies. This reaffirms the critical role of trust and security in fostering customer satisfaction and adoption, as emphasized by Perkins and Annan (2013) and Uche (2023) in the Ghanaian and Nigerian contexts, respectively. By acknowledging the shared challenges and nuances across diverse geographical contexts, our research underscores the importance of a holistic approach to address the multifaceted factors influencing Internet banking adoption in sub-Saharan African countries and other developing economies. 5.1. Theoretical implications E-banking, in general, has received considerable attention from scholars and other industry players alike. It is studied as a strategic management tool that banks perform in service quality regarding the effectiveness and efficiency of the new technology in the financial industry (Botchway et al., 2019;2020; Kennedy, 2012; Vinodhini & Chandrasekaran, 2012). Hence, this study opens a pathway for scholarly work on the barriers of FinTech regarding the strategic implementation of digital technologies adoption (or engagement) in a service-based organisation, particularly in the banking industry in developing economies. Furthermore, the study adds to the technology adoption literature and provides a theoretical basis for scholars to unearth hidden dimensions of customers’constraints that impede the successful engagement of online banking transactions in a developing economy. Again, the avoidance motivation theory is barely applied in the context of e-banking literature; hence, this research extends the theory’s application to enhance its validity and reliability. 16 A. B. JIBRIL ET AL. 5.2. Practical implications Practically, the study serves as a guideline for bankers and other players in the financial industry. Understanding customers’behaviour in technology adoption helps firms make profitable decisions in the long term. In other words, financial practitioners could rely upon this current study to deploy strategic management and marketing tools to curb the avoidance of e-banking service engagement from the customer side. The study further admonishes banking institutions to intensify user education on the adoption and continual use of e-banking services so far as e-banking has come to stay. This user education is necessitated due to the growing usage of technology across the business environment, and it would help mitigate the perception of constraints associated with the new technology (e-banking). It will be imperative for bankers to take an immediate approach to remedy the persistent avoidance or slow adoption of technology, particularly in the emerging economies this study hinges on. 5.3. Conclusion, research limitations and future direction Our study quantitatively analysed 672 responses (bank customers) to establish the barriers to e-banking services in an emerging economy (Ghana). Notably, fear of financial loss, fear of reputation damage, and avoidance motivation are classified as perceived online risk factors. In contrast, the price of digital devices, perceived knowledge gap, infrastructure gap, and perceived financial charge are categorised as socio-economic factors. The study hypothesised and concluded that except for fear of reputation damage, all other constructs were significant barriers to adopting e-banking services in Ghana. The study recommends that for developing economies such as Ghana, a sub-Sahara African country, to achieve a cashless economy, prudent measures should be instituted by the banks and regulators alike to instil confidence in the citizenry regarding e-banking services. Like others, this research is not without limitations. First, the analysis considered only bank customers’ views while overlooking the bank practitioners’views. Second, the study factored in online risks and socio-economic factors (variables) without considering cultural and psychological factors that could inhibit the adoption of e-banking transactions in Ghana. Next, the study’s sample size may be small compared to the number of customers of various commercial banks in Ghana, which could affect the generalisability of the results. Hence, the researchers invite future scholars to consider a mixed-methods approach to investigate the current theme in a similar jurisdiction (or context). Also, it would be interesting if other important variables were factored into a new study. Notwithstanding, the authors recommend that future studies increase the sample size to strengthen the reliability and validity of the proposed research model. In addition, a comparative study from emerging economies could be interesting to ascertain similarities and discrepancies from the current model. Author contributions statement Abdul Bashiru Jibril:The conception and design, or analysis and interpretation of the data; the drafting of the paper, revising it critically for intellectual content; and the final approval of the version to be published. Frederick Pobee:The conception and design, or analysis and interpretation of the data; the drafting of the paper, revising it critically for intellectual content; and the final approval of the version to be published. Saikat Gochhait:Revising it critically for intellectual content; and the final approval of the version to be published. Ritesh Chugh:Revising it critically multiple times for intellectual content and flow; and the final approval of the version to be published. All authors agree to be accountable for all aspects of the work. FUNDING No funding was received. Disclosure statement No potential conflict of interest was reported by the author(s). COGENT ECONOMICS & FINANCE 17 About the authors Dr. Abdul Bashiru Jibril is a Senior Lecturer in Marketing and Strategy at Westminster International University in Tashkent, Uzbekistan (An Accredited Institution of the University of Westminster, UK). Jibril’s research spans various domains including Technology adoption, Fintech, social media analytics, service marketing, brand management, and sustainable e-tourism. Passionate about leveraging data mining techniques to extract intelligence for enhanced business decision-making, particularly in emerging and developing economies. He has been instrumental in leading and participating in research teams executing external projects across Europe and Africa. His research outcomes have made significant contributions to impactful ABS/ABDC/WoS/Scopus ranking journals such as the International Journal of Information Management, International Journal of Consumer Studies, Service Sciences and Cogent Business & Management. Additionally, his insights have been featured in esteemed book chapters published by Springer and conference proceedings. Jibril’s academic influence extends globally, as evidenced by his active participation and presentations at numerous international scientific conferences hosted in countries including the USA, UK, France, Germany, and Saudi Arabia. In the scholarly community, he serves as an Associate Editor for Cogent Business and Management (Taylor & Francis), an Editorial Review Board Member for the International Journal of Neuroscience and Neuroinformatics (IJNN) (IGI Global), and a Sectional Editor for Current Social Sciences (Bentham Science Publishers). Dr. Frederick Pobee is a lecturer at the department of Business Administration at the University of Professional Studies, Accra. He has a PhD in Business Administration from the University of P ecs in Hungary. His research interest covers financial technology, e-commerce, innovative entrepreneurship, and ICT4D. Dr. Saikat Gochhait teaches at Symbiosis Institute of Digital & Telecom Management, Symbiosis International Deemed University Pune, India and Neurosciences Research Institute-Samara State Medical University, Russia. He is Ph.D and Post-Doctoral Fellow from the UEx, Spain and National Dong Hwa University, Taiwan. He was Awarded DITA and MOFA Fellowship in 2017 and 2018. His research publication with foreign authors is indexed in Scopus, ABDC, and Web of Science. He is a Senior IEEE member. Dr. Ritesh Chugh is an Information and Communications Technology Associate Professor at Central Queensland University’s School of Engineering and Technology, Australia. As a socio-technological expert, his research focuses on the social role of information systems and their influence on humans and organisations. He takes an interdisciplinary research approach in areas such as information systems management, educational systems, and technology-enhanced learning, with his research featured in leading academic journals. His dedication to excellence in teaching and research activities has earned him numerous accolades, including the national Best Practice in International Education Award from the International Education Association of Australia and the Dean’s Award for Mid-Career Research Excellence. He has also been honoured with the Vice-Chancellor’s Award for Good Practice in Learning and Teaching. ORCID Abdul Bashiru Jibril http://orcid.org/0000-0003-4554-0150 Frederick Pobee http://orcid.org/0000-0001-5721-506X Saikat Gochhait http://orcid.org/0000-0003-4583-9208 Ritesh Chugh http://orcid.org/0000-0003-0061-7206 Data availability statement Data is available upon reasonable request. References Agarwal, G. K., Simonsson, J., Magnusson, M., Hald, K. S., & Johanson, A. (2022). 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