The Effects of Financial Education on the Adoption of Financial Technology (FinTech) Services in the Buea Silicon Mountain Community of Cameroon

Abstract

This paper sought to assess the effects of financial education on the adoption of financial technology (FinTech) services within the Buea Silicon Mountain community of the south region of Cameroon. A total of three hundred individuals were purposively sampled and data was collected through the use of structured questionnaires guided by parameters as observed in the Technology Adoption Model (TAM). Hypotheses were tested using the CB-SEM technique with analytical packages including SPSS 24 and AMOS 23. The findings revealed limited utilization of online banking and peer-to-peer lending platforms, with cryptocurrency exchanges and crowd-funding platforms ranking as the least utilized instruments. Additionally, the study establishes a significant influence of both financial knowledge and financial behaviour on the adoption of FinTech services. Individuals who comprehend the financial benefits of FinTech and perceive these services as innovative solutions are more likely to adopt them. This positive attitude is driven by the perceived ease of use, transaction tracking, and the potential to generate income through FinTech solutions. However, this paper did not find any statistically significant effect of financial skills on the adoption of FinTech services. Therefore, financial knowledge and a positive attitude toward FinTech services emerged as pivotal factors positively influencing financial services adoption in the Buea Silicon Mountain community of Cameroon.