EXPLORING THE MEDIATING EFFECT OF TRUST IN THE RELATIONSHIPBETWEEN CYBERSECURITY CONCERNS AND MOBILE BANKING ADOPTIONAMONG FINTECH CUSTOMERS IN NIGERIA

Abstract

Mobile banking is intended to provide a secure and efficient platform for advancing financial
inclusion, yet in Nigeria persistent cybersecurity challenges such as fraud, system unreliability,
and privacy threats continue to erode consumer trust and constrain adoption. This study
investigates the mediating role of trust in the relationship between cybersecurity concerns and
mobile banking adoption among fintech users in Nigeria. Anchored in the Technology
Acceptance Model theoretical perspectives, the study adopted a cross-sectional quantitative
research design to provide empirical evidence of these relationships. Data were collected
through a structured questionnaire administered to 498 active mobile banking users selected
through multi-stage sampling across major urban and semi-urban locations. The instrument
was validated through expert review and reliability was confirmed using Cronbach’s alpha of
0.81 coefficients. Data were analyzed using regression-based mediation techniques with
bootstrapping procedures to test the indirect effects and establish the robustness of the
mediation pathways. The findings reveal that perceptions of fraud, financial loss and system
reliability significantly reduce adoption through diminished trust, whereas privacy concerns
exhibit no significant indirect influence. Trust emerges as the critical conduit linking
cybersecurity perceptions with users’ willingness to adopt mobile banking services,
underscoring that technological adequacy alone cannot ensure adoption without a solid
foundation of trust. It is therefore concluded that restoring and maintaining consumer trust is
indispensable to achieving sustained mobile banking adoption. The study recommends the
establishment of integrated cybersecurity governance frameworks emphasizing real-time fraud
monitoring, transparent data management and continuous user education as essential for
rebuilding trust and ensuring long-term sustainability within the mobile banking ecosystem.