Exploring the Adoption of Financial Technology (FinTech) by Banking and Insurance Companies Customers in Ghana Using an Extended UTAUT2 Model

The rapid growth of financial technology (FinTech) has transformed the delivery of financial services globally, yet customer adoption remains uneven, particularly within developing economies. This study investigates the adoption of FinTech by banking and insurance company customers in Ghana using an extended Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model. A quantitative research approach was employed, adopting a descriptive cross-sectional survey design. Data were collected from 409 active FinTech users through a structured questionnaire administered using both online and face-to-face methods. Partial Least Squares Structural Equation Modelling (PLS-SEM) was utilised to analyse the data. The findings reveal that behavioural intention significantly predicts actual FinTech use behaviour. Effort expectancy, facilitating conditions, and hedonic motivation positively and significantly influence behavioural intention, while habit, perceived trust, and social influence exhibit significant negative effects. Performance expectancy and personal innovativeness show positive but statistically insignificant relationships with behavioural intention; however, personal innovativeness directly and significantly predicts use behaviour. Ethical perceptions strongly predict perceived trust, which in turn significantly influences both behavioural intention and actual use. The model explains a substantial proportion of variance in behavioural intention and use behaviour, demonstrating strong predictive relevance. The study contributes to the FinTech literature by extending the UTAUT2 model to include ethics and trust within the Ghanaian banking and insurance context. Practically, the findings provide insights for financial institutions and policymakers to design user-centred, trustworthy, and ethically grounded FinTech solutions that enhance customer adoption and sustained usage.