Innovating E-Payment System to Boost Marketing of Entrepreneurial Products: Case of Pan-African Payment and Settlement System (PAPSS)

1 Oloveze, O. Ambrose  –  2 Okonkwo, V.O. Raphael  – 3 Oteh, O. Ukeh –

4Ollawa, O. Charles –  5Onya, O. Victoria Department, Michael Okpara University of Agriculture Umudike – P.M.B 7267, Umuahia, Abia State, Nigeria

5Department of Business Administration – Alex Ekwueme Federal University Ndufu-Alike Ikwo – P.M.B 1010, Ebonyi State, Nigeria

Correspondence: [email protected]

Received: May 30, 2023,    Revised: October 8, 2023,     Published: December  1, 2023


Technological advancements are impacting e-payment innovations. The effort directed towards the innovation of e-payment system in Nigeria to boost marketing of entrepreneurial product is a promising move that has potential to impact Nigeria’s business landscape. The purpose of the study is to investigate the determinants of entrepreneurs’ intention to use pan-African payment and settlement system (PAPSS) for e-commerce cross-border payments. PAPSS is a novel sub-Saharan African cross-border payment innovation for cross-border trade. Cross-sectional design was adopted in the study. 182 samples were pooled from entrepreneurs using self-administered questionnaire that was adapted from related studies and validated using confirmatory factor analysis. Structural equation modeling was adopted in data analysis. Entrepreneurs consider trust, attitude, and relative advantage to have direct influence in adopting the innovation despite the weak nature of relationship. The result highlights entrepreneurs’ interest on improved performance thereby providing developers with insight on areas of improvements to encourage mass adoption.

Keywords: E-payment, PAPSS, entrepreneur, SME, user behaviour, E-marketing, IT adoption, Innovation

Download the PDF Document



Oloveze, O. Ambrose ; Okonkwo, V.O. Raphael ; Oteh, O. Ukeh ; Ollawa, O. Charles ; Onya, O. Victoria. (2023). Innovating e-payment system to boost marketing of entrepreneurial products: Case of Pan-African Payment and Settlement System (PAPSS). Eurasian Journal of Management & Social Sciences. doi:10.23918/ejmss.V4i2p61

© Oloveze, O. Ambrose ; Okonkwo, V.O. Raphael ; Oteh, O. Ukeh ; Ollawa, O. Charles ; Onya, O. Victoria, Published by EJMSS. This article is published under the Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0) license. Anyone may copy and redistribute the material in any medium or format, subject to full attribution to the original publication and authors. The full terms of this license may be seen at


Afaha, J.S. (2019). Electronic payment systems (epayments) and Nigeria economic growth. European Business & Management, 5(6), 77-87

Ali, M., Syed, A.R., Faiza, H., Chin-Hong, P., & Chawly, L.Y. (2022). An integrated framework for mobile payment in Pakistan: drivers, barriers, and facilitators of usage behavior. Journal of Financial Services Marketing,

Aro, B. (2022). Emefiele: Pan-African payment platform will reduce use of dollars, pounds in continent’s trade. Retrieved from:

Bagozzi, R.P., & Yi, Y. (1988). On the evaluation of structural equation models. Journal of the Academy of Marketing Science, 16(1), 74-94

Bollen, K. A. (1989). Structural Equations with Latent Variables. Toronto: Wiley.

CBN (2021). Understanding monetary policy series, No.6, The Nigerian payment system. Retrieved from

Chen, A., Wan, J., & Lu, Y. (2022). Repairing the trust in ride-sharing after security incidents. Industrial Management & Data Systems, 122(1), 118-136

Chong, A.Y.-L., Chan, F.T.S., & Ooi, K.-B. (2012). Predicting consumer decisions to adopt mobile commerce: Cross country empirical examination between China and Malaysia. Decision Support Systems, 53(1), 34–43

Dada, B., & Oluwadara, S. (2023). An objective analysis of seven payment gateways in Nigeria. Retrieved from,%2C%20Seerbit%2C%20Fincra%20and%20Monnify.&text=Electronic%20payments%20have%20risen%20in,3.9%20trillion%20(%248.5%20billion)

Diaz-Garcia, M. & Jimenez-Moreno, J. (2010). Entrepreneurial intention: The role of gender. International Entrepreneurship and Management Journal, 6, 261-283

Fishbein, M., & Ajzen, I. (2003). Attitudes and opinions. Annual Review of Psychology, 23, 487-544.

Ghofarany,E.M. & Satrya, A. (2021). Entrepreneurial intention among students during the Covid-19 pandemic: Exploring contextual factor of entrepreneurial intention. Advances in Economics, Business and Management Research, 192, 309-316

Gholami, R., Ogun, A., Koh, E., & Lim, J. (2010). Factors affecting e-payment adoption in Nigeria. Journal of Electronic Commerce in Organizations, 8(4), 51–67

Global Findex Report (2018). The global findex database, 2017: Measuring financial inclusion and the fintech revolution. Washington, DC: Worldbank Publications, The World Bank Group.

Ha, N.T. (2020). The impact of perceived risk on consumers’ online shopping intention: An integration of TAM and TPB. Management Science Letters, 10, 2029-2036. Doi: 10.5267/j.msl.2020.2.009

Hidayat-ur-Rehman, I., Alzahrani, S., Rehman, M.Z., & Akhter, F. (2022). Determining the factors of m-wallets adoption. A twofold SEM-ANN approach. PLoSONE 17(1), e0262954.

Higueras-Castillo, E., Liebana-Cabanillas, F., Munoz-Leiva, F., & Garcia-Maroto, I. (2019). Evaluating consumer attitudes toward electromobility and the moderating effect of perceived consumer effectiveness. Journal of Retailing and Consumer Services, 51, 387-398.

Hossain, A.M. Hasan, I.M. Chan, C., & Ahmed, U.J. (2017). Predicting User Acceptance and Continuance Behaviour Towards Location-based Services: The Moderating Effect of Facilitating Conditions on Behavioural Intention and Actual Use, Australasian Journal of Information Systems, 21, 1-22

Igudia, O.P. (2018). Electronic payment systems adoption by SMEs in Nigeria: A literature review. Nigerian Journal of Management Sciences, 6(2), 150-165

Igudia, O.P. (2017). A qualitative evaluation of the factors influencing the adoption of electronic payment systems by SMEs in Nigeria. European Scientific Journal, 13(31), 472-502

Intan, S.M.S., Yuslina, L.M.Y., Ainun, N.M., Nor, I.M.I., Hartini, Z.J., & Noor, H.A.A.K. (2018). Factors influencing the adoption of e-payment: An empirical study in Malaysia. Advances in Business Research Journal, 53-62,

Interledger Foundation. (2021). Open and instant payments in Africa, current landscape and opportunities.

Retrieved from

Jaiyeola, T. (2023a). E-payments rise to N49tn over naira crisis. Retrieved from

Jaiyeloa, T. (2023b). Fraud slows down e-payment adoption. Retrieved from

Kalinic, Z., Marinkovic, V., Molinillo, S., & Liébana-Cabanillas, F. (2019). A multianalytical approach to peer-to-peer mobile payment acceptance prediction. Journal of Retailing and Consumer Services, 49, 143-153.

Kim, D.J., Ferrin, D.L., & Rao, H.R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents.  Decision support systems, 44(2), 544-564.

KPMG. (2021). The AfCFTA series: introduction of the Pan-African payment and settlement system (PAPSS) for intra-African trade. Retrieved from

Liebana-Cabanillas, F., Higueras-Castillo, E., Molinillo, M., & Ruiz-Montanez, M. (2018c). Assessing the role of risk and trust in consumers’ adoption of online payment systems. International Journal of Information Systems and Software Engineering for Big Companies, 5(2), 99-113

Liébana-Cabanillas, F., Marinkovic, V., & Kalinic, Z. (2017). A SEM-neural network approach for predicting antecedents of m-commerce acceptance. International Journal of Information Management, 37, 14-24.

Liebana-Cabanillas, F., Marinkovic, V., Ramos-de-Luna, I., & Kalinic, Z. (2018b). Predicting the determinants of mobile payment acceptance: A hybrid SEM-neural network approach. Technological forecasting and social change, 129, 117-130.

Liébana-Cabanillas, F., Muñoz-Leiva, F., Sánchez-Fernández, J. (2018a). A global approach to the analysis of user behavior in mobile payment systems in the new electronic environment. Service Business, 12(1), 25–64

Liebana-Cabanillas, F., Sanchez-Fernandez, F., & Munoz-Lieva, F. (2014a). Role of gender on acceptance of mobile payment. Industrial Management & Data Systems, 114(2), 220-240.

Liébana-Cabanillas, F. Sánchez-Fernández, J., & Muñoz-Leiva, F. (2014b). The moderating effect of experience in the adoption of mobile payment tools in Virtual Social Networks: The m-Payment Acceptance Model in Virtual Social Networks (MPAM-VSN), International Journal of Information Management, 34, 151-166

Lu, Y., Yang, S., Chau, P.Y.K., & Cao, Y. (2011). Dynamics between the trust transfer process and intention to use mobile payment services: A cross-environment perspective. Information & Management, 48(8), 393-403

Mcknight, D.H., & Chervany, N.L. (2002). What trust means in E-commerce customer Relationships. An Interdisciplinary Conceptual Typology 6(2), 35–59.

Moncada, J.B., Montanez, C.G.O., Castro Jr., E.T., Romano, N.P., & Titoy, M.A. (2022). Adaptation of e-payment and its influence on consumption value among the consumers in Butuan City, Philippines. International Journal of Research publications, 109(1), 146-158. doi:.10.47119/IJRP1001091920223913

Moore, G.C., & Benbasat, I. (1991). Development of an instrument to measure the perception of adopting an information technology innovation. Information Systems Research, (2:3), 192-222.

Muñoz-Leiva, F. Climent-Climent, S., & Liébana-Cabanillas, F. (2017). Determinants of intention to use the mobile banking apps: An extension of the classic TAM model, Spanish Journal of Marketing – ESIC, 21, 25-38

Nairametrics. (2023). Nigeria payments system vision 2025, nationally utilised, internationally recognised. Retrieved from

Nguyen, C. (2017). Entrepreneurial intention of international business students in Viet Nam: a survey of the country joining the Trans-Pacific Partnership. Journal of Innovation and Entrepreneurship, 6, 7.

Nigeria Inter-Bank Settlement Systems. (2022). E-payment transactions in Nigeria hit  N38.9 trillion in November, 2022. Retrieved from

Nwosu, H.E., & Oloveze, A.O. (2019). Entreprenuerial marketing. In A. Icha-Ituma, A., and N. Nkwor (Eds.), Introduction to entrepreneurial skills (pp. 244-261). Abakaliki: AE-FUNAI Press

Ojukwu, E. (2022). E-payments in Nigeria hit N204.5 trillion between January and July 2022. Retrieved from

Oloveze, A.O., Ogbonna, C., Ahaiwe, E.O., & Ugwu, A.O. (2022a). From offline shopping to online shopping in Nigeria: Evidence from African emerging economy. IIM Ranchi Journal of Management Studies, 1(1), 55-68

Oloveze, A.O., Oteh, O.U., Nwosu, H.E., & Obasi, R.O. (2021). How user behaviour is moderated by affected commitment on point of sale terminal. Rajagiri Management Journal, 16(1), 2-20.

Oloveze, A.O., Okonkwo, R.V.O., Oteh, O.U., Nwachukwu, C.P., & Chukwuoyims, K. (2022b). Cardless cash adoption and consumer psychology in a cashless market: Structural equation model (SEM) approach. Journal of Psychology and Allied Disciplines, 1(1), 19-34

Oyelami, L.O., Adebiyi, S.O., & Adekunle, B.S. (2020). Electronic payment adoption and consumers’ spending growth: empirical evidence from Nigeria. Future Business Journal, 6(1), 2-14.

Ozturk, A.B., Bilgihan, A., Salehi-Esfahani, S., & Hua, N. (2017). Understanding the mobile payment technology acceptance based on valence theory. International Journal of Contemporary Hospitality Management

Palash, M.A.S., Talukder, M.S., Islam, A.K.M.N., & Bao, Y. (2022). Positive and negative valences, personal innovativeness and intention to use facial recognition for payments. Industrial Management & Data Systems, 122(4), 1081-1108.

Plewa, C., Troshani, I., Francis, A., & Rampersad, G. (2012). Technology adoption and performance impact in innovation domains. Industrial Management and Data Systems, 112(5), 748-765. Doi:10.1108/02635571211232316

PwC. (2020). PwC’s MSME survey 2020. Building to last. Nigeria report. Retrieved from

Ramos-de-Luna, I. Liébana-Cabanillas, F. Sánchez-Fernández, J., & Muñoz-Leiva, F. (2019). Mobile Payment is not all the Same: The adoption of mobile payment systems depending on the technology applied, Technological Forecasting and Social Change, 146, 931–944

Ramos-de-Luna, I., Montoro-Rios, F., Liebana-Cabanillas, F., & Gil-de-Luna, J. (2017). NFC technology acceptance for mobile payments: A Brazilian perspective. Review of Business Management, 19(63), 82-103.

Rogers, E. M. (2003). Diffusion of innovations (5th ed.). New York: The Free Press

Schierz, P.G., Schilke, O. & Wirtz, B.W. (2010). Understanding consumer acceptance of mobile payment services: An empirical analysis. Electronic Commerce Research and Applications, 9(3), 209–216

Statista Research Department (2022).  Volume of e-payment transactions in Nigeria between January and August, 2020 by channel. Retrieved from

Talwar, S., Dhir, A., Khalil, A., Mohan, G., & Islam, A.K.M.N. (2020). Point of adoption and beyond. Initial trust and mobile-payment continuation intention. Journal of Retailing and Consumer Services, 55, 102086.

Thisday. (2023a). How CBN revolutionalised payment systems in Nigeria. Retrieved from

Thisday. (2023b). Afreximbank’s PAPSS, ASEA forge strategic partnership to revolutionalise cross-border payments in Africa’s stock exchanges. Retrieved from,Liberia%2C%20Gambia%2C%20and%20Guinea

Wang, Y., Meister, D., & Wang, Y. (2008). Relative advantage and perceived usefulness: The adoption of competing ICTs. DIGIT 2008 proceedings, 6.

Yawised, K., & Apasrawirote, D. (2021). Factors Influencing Actual Use of e-Payment Adoption by SMEs in Phitsanulok. Journal of Business, Economics and Communications, 17(4), 140-158

Visits: 25