Mobile Banking Adoption Among Youth Entrepreneurs in Lagos Informal Markets: A Qualitative Exploration

Mobile banking services have gained traction globally, yet their adoption among youth entrepreneurs in informal markets remains underexplored. Qualitative research methods were employed including semi-structured interviews with 30 youth entrepreneurs in Lagos. Data was analysed using thematic analysis. A key theme identified was the perceived convenience and cost-effectiveness of mobile banking; however, challenges such as limited digital literacy and security concerns were also prevalent among participants. Despite these challenges, there is significant potential for increased adoption with targeted training programmes and improved security measures. Policy makers should consider implementing education initiatives to enhance digital literacy within the youth entrepreneur community. Financial institutions could improve their services by offering user-friendly interfaces and enhancing safety features.