Supplementary file 1_Adoption of cryptocurrency in Ghana: a two-step analytical approach combining PLS-SEM and fsQCA.pdf

Purpose

This study investigates the drivers of cryptocurrency adoption in Ghana, an emerging economy where adoption patterns remain underexplored. It seeks to explain both the linear relationships and complex configurational pathways that shape user behaviour in digital financial systems.

Design/methodology/approach

A dual-method approach was employed, combining Partial Least Squares Structural Equation Modelling (PLS-SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA). PLS-SEM was used to examine net effects among constructs, while fsQCA identified multiple causal configurations leading to adoption. Data were collected from 652 cryptocurrency users in Ghana through a structured online survey.

Findings

The PLS-SEM results indicate that facilitating conditions and intention to use are the most direct predictors of actual usage. However, several relationships exhibit counterintuitive effects, including negative influences of financial literacy and perceived usefulness on attitude, and a negative direct effect of behavioural intention on usage. The fsQCA results complement these findings by revealing multiple alternative pathways to adoption, including configurations in which users adopt despite low intention, driven by enabling conditions or perceived opportunity. These results highlight the non-linear, asymmetric, and context-dependent nature of cryptocurrency adoption.

Originality

This study contributes to the technology adoption literature by integrating Technology Acceptance Model and UTAUT constructs within a combined PLS-SEM and fsQCA framework. It extends existing models by demonstrating that adoption behaviour in high-risk financial contexts cannot be fully explained through linear assumptions alone, thereby introducing a configurational perspective to cryptocurrency adoption research in emerging economies.

Practical implications

The findings suggest that policymakers and fintech developers should prioritise infrastructural support, user education, and context-sensitive strategies. Enhancing facilitating conditions and financial literacy, while reducing barriers to use, may be more effective than focusing solely on attitudinal change.