Perceived Risk, Benefit and Financial Technology Continued Usage Intention among Consumers in Anambra State, Nigeria

Abstract

The rapid growth of Financial Technology (FinTech) has transformed service delivery in Nigeria, yet consumer skepticism persists due to concerns about risks and benefits. This study investigates how perceived risks (financial, legal, and security risks) and perceived benefits (cost advantage, ease of use, and convenience) influence consumers’ intention to continue using FinTech services in Anambra State, Nigeria. The research adopted a survey design, with a sample size of 369 respondents determined through Topman’s formula and data collected via structured questionnaires. Convenience sampling was used, and responses from 326 valid participants were analyzed using multiple regression with SPSS 25. Findings indicate that financial, legal, and security risks negatively affect continuance intention, while cost advantage, ease of use, and convenience significantly enhance consumers’ willingness to sustain FinTech usage. The study recommends that service providers strengthen cybersecurity measures, ensure clearer regulatory frameworks, and emphasize user-friendly, cost-effective platforms to build trust and drive long-term engagement.