The central bank of Nigeria in collaboration with financial institutions in the country, are taking advantage of the populace love and high patronage of mobile devices to promote mobile banking to customers. Mobile banking is defined as cashless financial transactions, through an active bank account, a mobile telephone for banking app or unstructured supplementary service
data, and or a point of sale device for payments. It offers unrestricted, alternative, faster, convenient and innovative global cashless/digital system of transaction anywhere, day, and time while targeting minimizing heavy physical cash dependence. Introduced because traditional ‘walk-in branches’ system of banking no longer accommodates the congestion from the magnitude of customers on a daily basis.

Unfortunately, mobile banking has not gained the much-expected adoption in Nigeria because various identified variables challenges its unlimited access. These are; telecom infrastructure, perceived security, and customer acceptance ‘service, cooperation, location,
product accessibility, economy, education, experience, and trust’.

This research aims to explore “To what extent does customer acceptance, telecom infrastructure, and perceived security influence mobile banking adoption in Nigeria, and how are these factors of importance to the improvement of the current situation?”. It will rely on a quantitative and qualitative approach with hypotheses derived from the theoretical framework, formulated from the original Unified Theory of Acceptance and Use of Technology (UTUAT2) model. It will also rely on questions structured from previous literatures.
The first part of the mixed approach is the quantitative analysis with questionnaires distributed to randomly selected commercial banking customers/respondents from six (6) states in Nigeria. Data collected is analyzed using descriptive statistical tools and presented in percentages. To test hypothesis at 0.05 alpha level of significance, inferential statistics of ANOVA (Analysis of Variance), One-Sample ‘t’-test and Pearson Chi-square to either accept or reject results. The second is the qualitative approach with a total of 9 participants; 7 from the financial institutions, and 1 each from the telecom and fintech company respectively. Participants go through a semi-structured face-to-face interview to shed more light from an alternative perspective. Triangulation is applied to cross-validate the multiple data sources and scale result robustness, that is, results from conducted questionnaires correlating it with
interviews conducted.

The key findings; Mobile banking has indeed delivered to customers an enabling selfbanking platform in Nigeria with customers adopting the point of sale (POS), unstructured supplementary service data (USSD), and or the mobile app (MA). Secondly, customers are still carrying much cash because they are being challenged with network issues, transaction charges,
service efficiency and consistency, et cetera. Recommendations for this thesis will help policy makers and government create an enabling environment for cost effective transactions, service efficiency and consistency by focusing on communicating with customers to better understand their challenges. Create awareness on the need more security efficiency to help reduce frauds
and educate on the dangers of carrying much cash. With the introduction of payment service banks, promulgate relevant laws that clearly defines telecom roles in the financial markets while they continue on improve on a wider and more stable network coverage across the country.