Consumer Acceptance of Online Banking in Zimbabwe: An Extension of the Technology Acceptance Model
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Date
2022
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Abstract
An explosion of electronic banking systems over the years, particularly in developed countries has been
powering economies closer to a cashless society as it removes the need for physical currency (cash) and physical
payment systems and substituting them with cards (plastic money) and Internet (digital money). The study
explores the extent of acceptance and usage of online banking by the general public as individuals, micro small
and medium enterprises (MSMEs) and Corporates in transacting with commercial banks and building societies in
Zimbabwe as well as investigates the challenges they face in the adoption of this technology. The study focused on
how the technology acceptance model can be used to rate the acceptance and usage of online banking. The
researchers used face to face interviews, focus group discussions and a questionnaire for primary data collection
purposes. The model was tested with a survey sample (n= 100). The findings of the study indicate that perceived
usefulness and information on online banking on the Web site were the main factors influencing online-banking
acceptance. Some of the key findings were the low uptake of online banking payment system as shown by the long
winding queues that are still seen in all financial institutions. The research concluded that the lack of adequate
money to justify having a formal account ranks high, followed by administration charges of maintaining an
account as well as stringent requirements for customers to open accounts especially in the informal sector were
burdensome. Therefore, there was need to relax the minimum requirements. Statements given to traders by the city
councils could be used as proof of residence. Therefore, the researchers recommend that government departments
like the courts, ZIMRA, VID, ZINARA and NSSA should lead by example in the usage of plastic money by
making their operations Internet ready.
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Citation
Ntini, P. et al. (2022) Consumer Acceptance of Online Banking in Zimbabwe: An Extension of the Technology Acceptance Model. Indiana Journal of Humanities and Social Sciences, v. 3(3):28-44.