Financial technology adoption among small and medium enterprises in Ghana

Figures & data

Figure 1. Conceptual framework.

Table 1. Constructs reliability and AVE.

	Cronbach’s Alpha	Composite reliability	Average variance extracted (AVE)
IU	0.867	0.908	0.712
PU	0.821	0.882	0.653
PEU	0.780	0.855	0.598
F	0.698	0.832	0.623
ATU	0.720	0.827	0.545

Dependent variable: F, FinTech adoption and use.

Independent variable: IU, Intention to use; PU, Perceived usefulness; PEU, Perceived ease of use; ATU, Attitude towards use.

Table 2. Cross loadings for items and convergent reliability.

	IU	PU	PEU	F	ATU
ATU1	0.557	0.490	0.557	0.434	0.759
ATU2	0.488	0.444	0.524	0.412	0.667
ATU3	0.545	0.429	0.436	0.412	0.742
ATU4	0.523	0.506	0.673	0.405	0.777
F1	0.755	0.765	0.673	0.839	0.537
F2	0.553	0.726	0.552	0.796	0.401
F3	0.475	0.594	0.515	0.730	0.382
IU1	0.823	0.656	0.634	0.630	0.580
IU2	0.846	0.577	0.630	0.503	0.649
IU3	0.847	0.827	0.760	0.832	0.614
IU4	0.859	0.577	0.635	0.547	0.575
PEU1	0.721	0.863	0.827	0.832	0.542
PEU2	0.567	0.524	0.786	0.485	0.527
PEU3	0.623	0.488	0.780	0.438	0.553
PEU4	0.511	0.480	0.693	0.395	0.733
PU1	0.481	0.727	0.509	0.740	0.339
PU2	0.717	0.887	0.779	0.824	0.537
PU3	0.678	0.818	0.656	0.650	0.589
PU4	0.681	0.793	0.617	0.657	0.561

Notes: item loadings are in bold.

Table 3. Latent variable correlations and discriminant validity.

	IU	PU	PEU	F	ATU
IU	0.844
PU	0.799	0.808
PEU	0.797	0.801	0.773
F	0.765	0.887	0.740	0.789
ATU	0.716	0.633	0.743	0.563	0.738

Notes: AVE are in the diagonal; correlations are below the diagonal.

Table 4. VIF values.

Inner VIF values	ATU	F	IU	PEU	PU
ATU		2.484	2.271
F
IU		2.720
PEU		1.019	2.728		1.000
PU	1.000	1.446	2.780

Figure 2. Path diagram.

Table 5. Results of hypotheses testing for the model.

Hypothesis	Path relationship	Beta coefficient	SD	T stats	P values	Sig	Decision
H1	PU -> F	0.602	0.051	11.846	0.000	Yes	Supported***
H2	PEU -> F	0.143	0.056	2.535	0.011	No	Not supported
H3	PEU -> PU	0.798	0.021	38.595	0.000	Yes	Supported***
H4	PEU -> IU	0.280	0.069	4.074	0.000	Yes	Supported***
H5	IU -> F	0.242	0.058	4.197	0.000	Yes	Supported**
H6	ATU -> F	−0.030	0.046	0.649	0.516	No	Not supported
H7	PU -> ATU	0.635	0.049	12.885	0.000	Yes	Supported***
H8	ATU -> IU	0.239	0.066	3.608	0.000	Yes	Supported***
H9	PU -> IU	0.423	0.069	6.110	0.000	Yes	Supported***

Note: SD = Standard Deviation, T stats = T statistics, P values = Probability.

Table 6. R Square, f-square and Q-square.

R-squared
Endogenous constructs	R-square	R-square adjusted
ATU	0.404	0.402
F	0.829	0.827
IU	0.731	0.729
PU	0.637	0.635
f-square
Construct	f-square
ATU -> F	0.002
ATU -> IU	0.094
IU -> F	0.092
PEU -> F	0.03
PEU -> IU	0.078
PEU -> PU	1.752
PU -> ATU	0.677
PU -> F	0.616
PU -> IU	0.239
Q²predict
Endogenous constructs	Q²predict
ATU	0.493
F	0.626
IU	0.623
PU	0.633

Table 7. Mediating effects.

						Confidence interval
						LL	UL
Hypothesis	Indirect effect	Beta coefficient	SD	T stats	P values	2.5%	97.5%
H10	PEU -> PU -> F	0.481	0.044	10.802	0.000	0.392	0.565
H11	PU -> IU -> F	0.102	0.031	3.303	0.001	0.049	0.170
H12	PEU -> IU -> F	0.068	0.025	2.710	0.007	0.029	0.131
H13	ATU -> IU -> F	0.058	0.018	3.225	0.001	0.029	0.102

Table A1. Demographics of respondents.

Variable	Category	Frequency	Percentage (%)
Gender	Male	177	57.3
	Female	132	42.7
Age	Below 18
	18–25	107	34.6
	26–34	133	43.0
	35–44	50	16.2
	45–59	17	5.5
	60 and above	2	0.6
Form of business	Sole Proprietorship	229	74.1
	Limited Liability Company	45	14.6
	Partnership	35	11.3
Educational level of managers	Diploma	38	12.3
	Undergraduate	140	45.3
	Postgraduate	93	30.1
	Others	38	12.3
Type of business	Services	144	46.6
	Manufacturing	55	17.8
	Wholesaling	29	9.4
	Retailing	81	26.2
For how long has your business been in operation	2–5	224	72.5
	6–9	39	12.6
	10 and above	46	14.9
Number of employees	0–5	214	69.3
	6–29	67	21.7
	30–100	17	5.5
	101–250	11	3.6
What type of FinTech service do your business operate	Crowdfunding	28	9.1
	P2P Lending	30	9.7
	Payment System	245	79.3
	Others	6	1.9
For how long have you used FinTech system for business transaction	0–5	253	81.9
	6–10	34	11.0
	10 and above	22	7.1

Data availability statement

Data are available upon request to the corresponding author.