Fostering Government-backed Fintech Adoption: Empirical Insights for Policymakers
Michael Adu Kwarteng, Christian Nedu Osakwe, Alex Ntsiful, Přemysl Pálka, Anh Dao Kim
Keywords:
Central bank digital currency (CBDC); publicity campaigns; subjective norms; resource matching theory (RMT); risk aversion; subjective well-being
Abstract:
Central bank digital currency (CBDC) proponents argue that it holds significant potential to enhance financial inclusion in historically underserved regions such as sub-Saharan Africa and to facilitate international remittance flows across national borders. Beyond these benefits, CBDCs are increasingly recognized as strategic tools for enhancing national competitiveness by improving payment efficiency, strengthening digital financial systems, and fostering innovation within financial ecosystems. Consequently, interest in CBDC has surged in the post-pandemic era. However, empirical understanding of the key factors influencing CBDC adoption remains limited, particularly in emerging African economies. Drawing on Resource Matching Theory, this study investigates the determinants of CBDC acceptability using data from 464 potential adopters in Ghana, where successful CBDC pilot projects have been completed. The study employs partial least squares structural equation modelling (PLS-SEM) to examine the influence of CBDC awareness, subjective norms, and subjective well-being on CBDC acceptability, as well as the moderating role of risk aversion. The results indicate that all three factors significantly and positively influence CBDC acceptability, with awareness emerging as the strongest predictor. Furthermore, risk aversion weakens the positive relationship between subjective well-being and CBDC acceptability. These findings contribute to the literature by extending CBDC adoption research to the African context and by highlighting the importance of behavioural and psychological factors. From a policy perspective, the results provide actionable insights for promoting CBDC adoption and enhancing digital and financial competitiveness in emerging economies.
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 Fostering Government-backed Fintech Adoption: Empirical Insights for Policymakers [PDF file] [Filesize: 791.52 KB]
 10.7441/joc.2026.01.05
Kwarteng, M. A., Osakwe, C. N., Ntsiful, A., Pálka, P., and Kim, A. D. (2026). Fostering Government-backed Fintech Adoption: Empirical Insights for Policymakers. Journal of Comptitiveness (18)1, 89-107. https://doi.org/10.7441/joc.2026.01.05
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