Mobile Money Adoption among University Community Consumers in Ghana: An Extended Technology Acceptance Model Perspective

Abstract

The penetration of mobile money services into everyday financial transactions has rapidly restructured Ghana's financial landscape. Despite the remarkable growth of mobile payment platforms such as MTN Mobile Money, Vodafone Cash, and AirtelTigo Money, sustained consumer adoption remains uneven, particularly within peri-urban university communities where digital literacy, institutional trust, and perceived risk interact in complex ways. This study examines the determinants of mobile money adoption among consumers within the Valley View University community in Kumasi, Ghana, using an extended Technology Acceptance Model (TAM) framework. A quantitative cross-sectional survey design was employed. Structured questionnaires were administered to a stratified random sample of 300 respondents comprising students, academic staff, and administrative personnel. Data were analysed using SPSS Version 26 through descriptive statistics, Pearson correlation, multiple regression, and structural equation modelling (SEM). Construct reliability and validity were assessed via Cronbach's Alpha, composite reliability (CR), and average variance extracted (AVE). All five hypothesised determinants significantly and positively influence behavioural intention to adopt mobile money services. Perceived usefulness emerges as the strongest predictor (Beta = 0.41, p < 0.001), followed by consumer trust (Beta = 0.33, p < 0.001), perceived ease of use (Beta = 0.29, p < 0.001), social influence (Beta = 0.24, p = 0.001), and perceived security (Beta = 0.21, p = 0.002). The extended TAM model explains 67% of the variance in adoption intention (R2 = 0.67) and demonstrates excellent structural fit (CFI = 0.94; RMSEA = 0.056). The study is geographically delimited to one university campus in Kumasi. Future studies should employ multi-campus, multi-regional designs and longitudinal approaches to strengthen external validity. The exclusion of perceived financial risk as a standalone construct and the absence of actual behavioural usage data represent further delimitations. Including additional constructs such as perceived financial risks, digital literacy levels and infrastructural accessibility would provide a more holistic understanding of adoption behavior. Financial institutions, FinTech operators, and the Bank of Ghana should invest in user-centric platform design, robust cybersecurity infrastructure, transparent consumer protection frameworks, and targeted digital financial literacy programmes to accelerate inclusive mobile money adoption across university communities and beyond. This study makes an original contribution by contextualising an extended TAM within a peri-urban Ghanaian university setting. By simultaneously testing the roles of perceived usefulness, ease of use, consumer trust, perceived security, and social influence within a single SEM framework, it offers a more holistic model of mobile money adoption than prior single-construct studies.