Determinants of older adults' central bank digital currency use behaviour in Nigeria: implications for inclusive and sustainable finance

The digitalization of currencies has evolved significantly, from early developments in electronic communication, including the installation of transatlantic cables in 1886 and the introduction of the Telegraph and Morse code in 1918, to more recent innovations such as Bitcoin in 2009 (The Payment Association, 2020). Today, Central Bank Digital Currencies (CBDCs) are at the forefront of financial technology innovation, with increasing recognition of their potential to transform global payment systems. CBDCs offer several benefits, including lower payment costs, faster and more efficient transactions, enhanced financial inclusion and support for future digitalization under favourable infrastructural and policy conditions (Patel et al., 2024). As of 2022, approximately 93% of central banks worldwide were developing or piloting some form of CBDC, reflecting a substantial global shift towards digital currencies (Kosse and Mattei, 2023). These developments are particularly important for regions with high levels of financial exclusion, where approximately 1.4 billion adults remain outside the formal financial system (Demirgüç-Kunt et al., 2022). In many emerging economies, including those in Africa, financial literacy gaps, inadequate infrastructure and high transaction costs continue to limit access to formal financial services (Chen et al., 2022). Consequently, CBDCs are increasingly viewed as strategic instruments for promoting financial inclusion and modernizing national payment ecosystems.

Nigeria provides a particularly relevant context for examining CBDC adoption. As one of the first countries to launch a retail CBDC, the eNaira, in October 2021 (Kosse and Mattei, 2023), the country has encountered substantial implementation challenges, including the Naira redesign crisis, which resulted in widespread cash shortages and economic disruption (The New York Times, 2023). Despite these initiatives, CBDC adoption has remained relatively low, particularly among older adults, who face barriers such as limited digital literacy, inadequate access to digital devices and stronger attachment to traditional banking practices (Chen et al., 2022; Demirgüç-Kunt et al., 2022). Moreover, personal values, particularly conservation and self-transcendence values, shape individuals' readiness to adopt emerging technologies and may hinder CBDC adoption because these values often reinforce resistance to change (Couto, 2019). Understanding these behavioural and contextual factors is essential for promoting CBDC adoption among older adults, particularly in emerging economies where cultural resistance to technological innovation remains prevalent. Given the rapidly growing older population, their inclusion in digital financial transformation has become increasingly important.

Despite the growing body of literature on CBDCs, several important research gaps remain. Existing studies have focused predominantly on behavioural intention rather than actual CBDC use behaviour (e.g. Mehta et al., 2019), while relatively few have examined older adults, a demographic characterized by unique behavioural patterns, vulnerability to digital exclusion and greater reliance on familiar financial systems. Furthermore, the influence of personal values on CBDC adoption remains underexplored, particularly in emerging economies where cultural and institutional factors shape technology acceptance differently (Knight et al., 2024; Peek et al., 2014). In addition, many previous studies were conducted before the implementation of retail CBDCs, leaving post-implementation user behaviour insufficiently understood. Consequently, there remains limited empirical evidence explaining actual CBDC use behaviour among older adults by integrating technology acceptance factors with personal values within the context of an emerging economy.

In response to these gaps, this study investigates the determinants of CBDC use behaviour among older adults in Nigeria by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) with self-transcendence and conservation values derived from Schwartz's Theory of Basic Human Values. Specifically, the study examines how technology acceptance factors and personal values influence actual CBDC use behaviour while also assessing the mediating role of behavioural intention and the moderating role of security. To achieve these objectives, quantitative data were collected from older adults in Nigeria and analysed using partial least squares structural equation modelling (PLS-SEM).

This study makes several important contributions to the literature. First, it extends CBDC adoption research by focusing on actual use behaviour rather than behavioural intention, thereby addressing an important gap in previous studies. Secondly, it advances technology acceptance research by integrating UTAUT with self-transcendence and conservation values to provide a more comprehensive explanation of CBDC adoption among older adults. Thirdly, it provides empirical evidence from Nigeria, one of the earliest countries to introduce a retail CBDC, thereby addressing gaps in prior studies on technology acceptance and post-implementation digital currency use among older adults (Knight et al., 2024; Peek et al., 2014). Finally, the findings offer valuable theoretical insights into technology acceptance and practical recommendations for policymakers, central banks and financial technology developers seeking to enhance CBDC adoption, strengthen financial inclusion and design digital financial systems that better address the needs of older adults in emerging economies.

The remainder of this paper is organized as follows. Section 2 reviews the relevant literature and develops the study hypotheses. Section 3 describes the research methodology, Section 4 presents the empirical findings, Section 5 discusses the results together with their theoretical and practical implications and Section 6 concludes the paper by outlining its limitations and directions for future research.

This study integrates the UTAUT (Venkatesh et al., 2003) with the theory of basic human values (Schwartz, 1992) to understand CBDC use behaviour among older adults.

The UTAUT, developed by Venkatesh et al. (2003), integrates multiple models from social psychology, innovation diffusion theory and technology acceptance theory into a unified framework that predicts technology adoption. UTAUT posits that performance expectancy, effort expectancy, social influence and facilitating conditions are key predictors of behavioural intention to use technology, which ultimately drives actual use behaviour (Venkatesh et al., 2003; Ahmad, 2014; Khechine et al., 2016). Recent studies continue to demonstrate the applicability of technology acceptance models to emerging digital technologies. For example, Guangju et al. (2026) found that telepresence significantly shaped users' behavioural perceptions and technology acceptance within immersive metaverse environments, further supporting the relevance of technology acceptance frameworks in explaining the adoption of innovative digital technologies.

In the context of CBDC adoption among older adults, UTAUT provides a useful framework to understand how performance expectancy, effort expectancy and social influence shape older adults' intention and actual use of digital currencies. Given older adults’ unique challenges in emerging economies (e.g. technological illiteracy, limited exposure to digital tools, cultural resistance), we must adapt the traditional UTAUT model to account for self-transcendence and conservation values, such as benevolence, security and conformity (Schwartz, 1992).

For CBDC adoption, performance expectancy reflects how older adults perceive CBDCs as a tool for improving financial inclusion and transaction efficiency. This is particularly relevant in countries like Nigeria, where the eNaira and other digital payment systems are seen as potential solutions to financial exclusion (Patel et al., 2024; Kosse and Mattei, 2023). Performance expectancy is shaped by older adults' need for security, convenience and accessibility in digital systems, which becomes a crucial factor for adoption in emerging economies.

Effort expectancy in CBDC adoption is influenced by how easy or complex older adults perceive the use of digital currencies to be. In Nigeria, digital literacy remains a significant challenge for older adults, which directly impacts effort expectancy. If older adults perceive CBDCs as complicated to learn or use, this can significantly hinder their intention to adopt them (Berkowsky et al., 2017). However, user-friendly interfaces and technological support from trusted intermediaries like family members or community leaders can mitigate these barriers and make the adoption process easier.

Social influence is another critical factor in CBDC adoption among older adults in Nigeria, where trusted figures such as family members, community leaders and social networks play a significant role in shaping attitudes towards new technologies. The impact of social influence is especially significant in emerging economies where family structures and community networks are central to decision-making. Post-COVID-19 trends have further amplified the importance of social influence on technology adoption, as older adults have become more reliant on digital solutions (Zeidan and Samara, 2024).

In emerging economies like Nigeria, where financial inclusion is a key challenge, the adoption of CBDCs could be directly linked to the values of self-transcendence (e.g. benevolence) and conservation (e.g. security and conformity). Benevolence, as a self-transcendence value, emphasizes the importance of promoting social welfare, which aligns with CBDCs' potential to reduce financial crime and improve monetary policy transmission (Lannquist, 2023; Ozili and Alonso, 2024). Similarly, conformity, a conservation value, underscores the importance of adhering to social norms, which, in this context, could mean adopting technologies that are perceived as part of mainstream financial systems.

Performance expectancy, defined as the degree to which an individual believes using a system will enhance performance (Venkatesh et al., 2003), is critical for CBDC adoption, particularly among older adults. It reflects how individuals perceive the potential of a CBDC to improve financial transactions and banking efficiency. Performance expectancy has long been a key predictor of technology adoption, particularly in mobile banking (Abd Ghani et al., 2017; Oliveira et al., 2016; Rahi et al., 2019), with similar findings in e-wallet adoption (Bommer et al., 2022). These studies demonstrate that performance expectancy is significantly linked to behavioural intention, emphasizing its relevance for CBDC adoption in emerging markets.

For older adults, performance expectancy is influenced by how CBDCs could enhance financial security and ease of use. Technologies like Nigeria's eNaira could offer more efficient transaction methods, making performance expectancy crucial in adoption decisions. Research on mobile banking adoption (Abd Ghani et al., 2017; Oliveira et al., 2016) supports the notion that older adults adopt technologies when they perceive clear benefits, particularly ease of use and security.

However, practical concerns such as trust, usability and support from trusted intermediaries (family, community leaders) shape the relationship between performance expectancy and CBDC adoption. Older adults, especially, are sensitive to usability and security issues, which may either facilitate or hinder adoption. Thus, performance expectancy is not only shaped by theoretical beliefs but also by practical considerations when interacting with new technologies.

Recent evidence further reinforces the importance of performance expectancy and related technology acceptance factors in explaining CBDC adoption. Minh et al. (2025) found that perceived usefulness, ease of use and social influence significantly increased individuals' behavioural intention to use CBDCs, highlighting the central role of performance-related beliefs in digital currency adoption. Similarly, Palanisamy et al. (2025) reported that financial literacy significantly enhanced behavioural intention to adopt CBDCs, while trust strengthened this relationship, particularly among individuals with lower levels of financial knowledge. These findings suggest that older adults are more likely to adopt CBDCs when they perceive clear functional benefits and have sufficient confidence in the technology and the supporting financial system. Based on the substantial evidence supporting performance expectancy as a driver of technology adoption, especially in financial services, we hypothesize:

Effort expectancy, a core component of the UTAUT, is defined as the degree to which an individual believes that using a system will be free of effort (Venkatesh et al., 2003). In the context of CBDC adoption, effort expectancy relates to how easy or difficult older adults perceive the use of digital currencies, such as the eNaira, to be. If older adults perceive CBDCs as complex and challenging to learn, this may significantly hinder their intention to adopt these technologies, as they may be deterred by the effort required to engage with the system.

Empirical studies on technology adoption, particularly among older adults, reveal mixed results regarding the role of effort expectancy. Some studies, such as Esawe (2022) and Syifa and Tohang (2020), have found that effort expectancy does not always have a significant effect on behavioural intention to use digital technologies. In these cases, the lack of exposure or over-familiarity with the system was cited as reasons for the non-significant relationship. These findings suggest that while effort expectancy plays a role in adoption, its impact can vary depending on the users' familiarity with the system and the specific context in which the technology is introduced.

Moreover, the challenges that older adults face in learning and adopting new technologies further complicate the relationship between effort expectancy and CBDC adoption. Older adults are generally less familiar with digital technologies and may perceive the learning curve of CBDCs as a significant barrier. A study by Berkowsky et al. (2017) found a negative correlation between the perceived effort to learn new technologies and older adults' willingness to adopt them. This finding aligns with the broader theoretical literature, which suggests that effort expectancy is a critical factor in technology adoption, especially for older adults, who may find it difficult to adjust to new systems due to limited prior experience.

Zeidan and Samara (2024) emphasize that in the post-COVID-19 era, older adults' adoption of digital financial services has been influenced by the increasing availability of user-friendly platforms and the need for simpler, more accessible technology interfaces. This highlights the crucial role of effort expectancy in the successful adoption of technologies like CBDCs. The ability to overcome perceived complexity through simple interfaces, educational interventions and trust-building mechanisms will significantly reduce the barriers posed by effort expectancy. Recent studies further demonstrate that effort expectancy remains a critical determinant of digital financial technology adoption among older adults. Choi et al. (2024) found that older consumers' adoption of FinTech is strongly influenced by prior digital experience, perceived ease of use and support from younger family members. Similarly, Anupama and Sengupta (2025) identified technology anxiety, limited digital literacy and usability challenges as major barriers to FinTech adoption among older adults, while user-friendly interfaces and targeted digital literacy initiatives significantly enhanced adoption. These findings reinforce the importance of reducing perceived complexity to encourage CBDC adoption among older adults.

Therefore, we hypothesize:

Facilitating conditions refer to the perceived availability and quality of the infrastructure that supports a technology's use (Venkatesh et al., 2003). For Central Bank Digital Currencies (CBDCs), users must consider the system's infrastructure as convenient, legal, secure and transparent. In many countries, payment processors, networks and banks support the adoption of digital currencies, which has been pivotal in the growth of mobile payments and e-commerce (Christodorescu et al., 2020; Bojjagani et al., 2023). Seldal and Nyhus (2022) found that mobile payment users in Norway were less financially vulnerable, indicating that digital payment systems are perceived as generally convenient and secure, though this perception can vary by demographic factors.

For older adults in developing countries, the adoption of digital payment methods is influenced by factors such as age, education, employment status and Internet access (Aurazo and Vega, 2021). Studies show that older adults in rural areas, particularly those over 40, report improved financial well-being when they perceive digital payments as secure, highlighting the importance of trust and convenience in driving adoption (Aurazo and Vega, 2021). Zeidan and Samara (2024) explore how the post-COVID-19 era has shifted the acceptance of FinTech services, noting that factors like perceived usefulness, self-efficacy and social norms have become even more prominent in shaping technology adoption. This shift is particularly relevant for older adults, who may have had limited exposure to technology pre-pandemic but are now more willing to engage with digital financial services, provided they perceive these services as beneficial and easy to use. In the context of CBDCs, this trend suggests that older adults' willingness to adopt CBDCs may be heavily influenced by the infrastructure that supports these technologies and how accessible and reliable they perceive it to be.

As Zeidan and Samara (2024) argue, social norms and self-efficacy in the post-COVID-19 era also reinforce the adoption of digital technologies, showing how trust in infrastructure and a sense of ease with technology can significantly impact CBDC adoption among older populations. Therefore, facilitating conditions, such as the availability of appropriate infrastructure, user-friendly interfaces and trust-building mechanisms, become critical factors in influencing CBDC use behaviour.

Based on these findings, we hypothesize:

Social influence refers to the impact of others on an individual's attitudes, behaviour or cognition (Moussaïd et al., 2013). Throughout life, social influence plays a significant role in shaping behaviour, as individuals rely on others to acquire knowledge, values and a sense of identity (Genner and Süss, 2017; Jahn and Myers, 2014). While early socialization comes primarily from family and education (Anastasiu, 2011), modern media now play an increasingly dominant role (Prot et al., 2014), especially for older adults who increasingly rely on smartphones for communication (Nahas et al., 2018).

In the context of technology adoption, social influence is a strong predictor of technology use. Studies in the UTAUT framework have highlighted its relevance in mobile payments and e-wallet adoption, particularly among older adults who rely on stable social networks for encouragement (Khechine et al., 2016; Bommer et al., 2022). Trusted family members and community leaders can play a crucial role in guiding older adults through the adoption of new technologies, such as CBDCs, which may seem complex or unfamiliar without this support. Older adults are more likely to embrace technology when they receive encouragement from their social circles, as it mitigates perceived complexity and fosters trust in the system.

Additionally, Zeidan and Samara (2024) highlight how post-COVID-19 shifts in FinTech trends have further emphasized the role of social influence in the adoption of digital technologies. These shifts have enhanced the role of social norms, self-efficacy and increased interaction with family and community members, which can reinforce the adoption of new technologies like CBDCs. The COVID-19 pandemic significantly accelerated digital interactions, particularly among older adults who had limited exposure to technology pre-pandemic but were now more engaged with digital financial services, particularly when these services were perceived as beneficial and easy to use.

The importance of social influence is further illustrated in the context of CBDC adoption, where community influence can shape the willingness of older adults to engage with these new technologies. Social networks can mitigate perceived complexity and help older adults feel more comfortable using digital systems, like the eNaira, by emphasizing trust, security and ease of use. Recent evidence further supports the importance of social influence in the adoption of emerging digital technologies. Jafar et al. (2025) found that social norms significantly enhanced users' perceived enjoyment and perceptions of virtual environments, which subsequently increased their behavioural intention to adopt metaverse technologies. Although the study was conducted within the tourism sector, its findings reinforce the proposition that encouragement from important others and favourable social environments can positively shape technology adoption. These findings provide additional support for the argument that social influence is likely to enhance CBDC use behaviour among older adults.

Given the importance of social influence in technology adoption, particularly among older adults, we hypothesize:

In addition to UTAUT, prior studies have also employed the Technology Readiness and Acceptance Model (TRAM) to explain financial technology adoption. TRAM combines users' inherent technology readiness with perceived usefulness and ease of use, making it useful for understanding adoption in populations with varying digital confidence, such as older adults. Research shows that readiness factors such as optimism and innovativeness can influence FinTech usage in SMEs and retail consumers (Bhat et al., 2024). Including TRAM perspectives enriches the theoretical base for examining CBDC use among seniors.

The Diffusion of Innovations (DOI) theory also provides valuable insight into FinTech adoption by emphasizing characteristics such as relative advantage, complexity and compatibility. These attributes are especially relevant for older adults, who may evaluate CBDCs based on perceived benefit and ease of integration into familiar financial routines. Recent FinTech research highlights how innovation characteristics shape adoption patterns in digital financial environments (Alkhwaldi, 2025). Integrating DOI broadens the understanding of how older adults make adoption decisions beyond UTAUT constructs.

Studies consistently show that older adults face unique barriers to adopting digital financial services, including limited device access, usability challenges and lower confidence in digital interfaces. These barriers have been observed across online banking, mobile payment systems and other FinTech platforms, indicating that structural and cognitive constraints influence technology uptake among seniors. Research in post-COVID FinTech adoption further emphasizes that older adults require clearer value propositions and robust institutional support to adopt new digital tools (Al-Okaily et al., 2025). These insights highlight the relevance of examining CBDC use within this demographic.

Beyond technology perceptions, psychological factors such as trust, perceived risk and digital literacy play a crucial role in shaping FinTech adoption, particularly among older users. Trust in government institutions, perceived system security and fears of financial loss can significantly influence whether older adults engage with CBDCs or rely on traditional cash-based methods. Studies show that trust-building mechanisms and strong risk-mitigation features increase adoption likelihood, especially among digitally vulnerable groups (Alkhwaldi, 2025; Bhat et al., 2024). These psychological considerations complement the UTAUT framework and support a more holistic understanding of CBDC acceptance.

Psychologists consider values to be a central facet of personality, driving people's attitudes and behaviour (Cieciuch et al., 2015). Schwartz (1992) conceptualized values as trans-situational goals that differ in importance and serve as guiding principles in an individual's or group's life. His theory of values is one of the most comprehensive in social psychology, combining the cognitive aspect of values as goals and the motivational aspect as interests and evaluative attitudes. According to Schwartz, values are structured hierarchically, forming a circular motivational continuum. They are beliefs tied to emotions and act as the guiding force behind human behaviour, transcending specific situations or actions.

In Schwartz's framework, 10 fundamental human values are categorized into 2 groups: self-enhancement and openness to change values (e.g. power, achievement, hedonism, stimulation, self-direction) primarily serve individual interests. In contrast, three value types – benevolence, tradition and conformity – serve collective interests, while universalism and security serve both individual and collective purposes. These latter values, categorized as self-transcendence and conservation values, have been widely tested in sustainability-related studies (Bouman et al., 2018; Gifford, 2014; Schultz et al., 2005). Given their relevance to the broader societal goals of financial inclusion, this study adopts three specific value types – self-transcendence and conservation values. Recent CBDC research has also demonstrated that psychological characteristics beyond traditional technology acceptance constructs influence digital currency adoption. Desai and Bhatt (2026) found that individual personality traits and digital financial characteristics significantly shape CBDC adoption, suggesting that integrating psychological variables with technology acceptance models provides a more comprehensive explanation of user behaviour. This evidence supports the inclusion of self-transcendence and conservation values in the present study, as these values are expected to influence older adults' perceptions and use of CBDCs beyond the traditional UTAUT constructs.

Self-transcendence values, such as benevolence, focus on promoting the welfare of others, while conservation values, such as security and tradition, emphasize the preservation of societal norms and structures. These values play a crucial role when considering the adoption of technologies such as CBDCs, which have the potential to enhance financial inclusion, reduce financial crime and improve monetary policy transmission (Lannquist, 2023; Ozili and Alonso, 2024). In periods of global financial shifts, like the 2008 financial crisis, self-transcendence and conservation values have been shown to play an essential role in shaping individuals' attitudes towards financial technologies. Studies have demonstrated that during global financial instability, values like benevolence tend to increase as individuals seek ways to contribute to social welfare (Sortheix et al., 2019). This shift could influence older adults' willingness to adopt technologies like CBDCs that promote societal welfare and collective good.

Regarding CBDC adoption, financial inclusion plays a central role, with CBDCs offering a potential solution for the 1.4 billion people excluded from formal financial systems worldwide (Lannquist, 2023). Financial inclusion extends beyond having access to a bank account, encompassing access to credit, insurance and loans. The adoption of CBDCs is viewed as a critical strategy to reduce financial crime, enhance monetary policy efficiency and facilitate social transfers (Ozili and Alonso, 2024). Since self-transcendence and conservation values align with collective well-being and financial inclusion, individuals with these values are likely to support the adoption of CBDCs as tools to promote social welfare. Based on the theoretical framework and previous studies on values and technology adoption, we hypothesize the following:

Hypothesis H5:

The concept of conformity plays a significant role in shaping individuals' attitudes and behaviours, especially in the context of technology adoption. Schwartz et al. (2012) define conformity as the “restraint of actions, inclinations, and impulses likely to upset or harm others and violate social expectations or norms.” Conformity is a deeply rooted behavioural trait that humans exhibit, often as a result of social influence and the desire to fit in with the majority (Javarone, 2014). Humans tend to imitate one another, especially when faced with decisions that impact social cohesion. For instance, research has found that individuals tend to conform even when they disagree with the majority opinion, particularly when social pressure is applied (Hodges, 2014). Moreover, the setting in which individuals make decisions can influence the degree of conformity; in public settings, especially those involving prosocial decisions, conformity is heightened (Bernheim and Exley, 2015).

While conformity helps maintain social stability, it can have both positive and negative implications for technological adoption. On the positive side, conformity fosters a shared understanding of norms, facilitating the acceptance of new technologies when they are seen as the norm or when majority adoption is perceived (Javarone, 2014). Conformity has been particularly evident in the rapid adoption of emerging technologies, including in sectors such as education, healthcare, finance and architecture (Umair et al., 2021). This trend suggests that individuals, particularly older adults, may be more likely to adopt new technologies, such as CBDCs, if they observe widespread adoption within their social networks or communities.

However, there are limits to the benefits of conformity. Excessive adherence to social norms may stifle innovation and hinder the adoption of disruptive technologies. Ladu et al. (2024) suggest that organizations may impede digital transformation when they prioritize conformity and compliance over innovation. Additionally, individuals who strongly value conformity may struggle with adopting new technologies, especially if they perceive these technologies as unfamiliar or disruptive to their established routines (DeYoung et al., 2002). Therefore, while conformity can act as a facilitator for the adoption of technologies like CBDCs, it is important to consider how individuals balance conformity with openness to change and technological innovation.

In the context of CBDCs, especially in emerging economies, conformity could influence older adults' willingness to adopt digital currencies. Older adults, who often rely on their social networks for guidance, may be more likely to adopt CBDCs if they see widespread adoption within their family, community or peer groups. This aligns with the findings of previous studies, which show that social influence and conformity are key drivers of technology adoption (Bommer et al., 2022). Additionally, Zeidan and Samara (2024) emphasize that post-COVID-19 trends have amplified the influence of social norms and social networks on the adoption of digital technologies, including CBDCs.

Therefore, we hypothesize:

The success of a new digital product or service heavily relies on users' perceptions of security. Research shows that individuals need to trust a technology before they are willing to adopt it, as security concerns are critical when it comes to the use of digital platforms (Dhagarra et al., 2020; Lancelot Miltgen et al., 2013). In the context of Central Bank Digital Currencies (CBDCs), security is a major concern, particularly as it directly affects people's willingness to engage with new systems. Security, as defined by Schwartz et al. (2012), refers to the safety of one's environment, both personally and in the broader societal context. Given the critical role security plays in financial systems, it becomes a significant consideration for users when adopting new banking technologies, including CBDCs.

A recent study found that perceived security remains one of the most potent barriers to the adoption of mobile banking and electronic banking systems, particularly in regions with low digital literacy (Merhi et al., 2019). In the case of CBDCs, security issues may arise from concerns about privacy, data breaches and potential misuse of user data. This mistrust can hinder adoption, especially among older adults, who are often more vulnerable to cybersecurity threats. In Nigeria, recent studies have shown that negative media sentiments surrounding CBDCs, particularly regarding security concerns, have affected the mass adoption of systems like the eNaira (Ozili and Alonso, 2024). Therefore, it is crucial to address these security concerns when developing strategies to increase CBDC adoption among older adults.

Mardiana et al. (2022) further highlight how uncertainty avoidance is linked to the reluctance of users to adopt digital payment systems, emphasizing the critical role of security in overcoming these barriers. Their study suggests that addressing security concerns directly influences adoption intentions and trust-building processes for digital systems.

As security is essential in gaining trust for digital financial systems, we hypothesize:

Additionally, security concerns may not only directly influence intention but could also moderate other factors, such as effort expectancy. Research suggests that perceived security could impact how easily users believe they can adopt new technologies, particularly if they have concerns about the security of those systems (Venkatesh et al., 2003). Thus, we hypothesize that:

Intention to use a new technology is a critical concept in various behavioural theories, including the Technology Acceptance Model (TAM) (Davis, 1987), the UTAUT (Venkatesh et al., 2015), the Theory of Interpersonal Behaviour (Triandis, 1979) and others. The theory posits that behavioural intention is the primary predictor of actual use behaviour, meaning that the stronger the intention, the more likely individuals are to engage with the technology (Ajzen, 1991; Orbell, 2004). This relationship has been extensively explored in studies on digital finance and technology adoption (Bergmann et al., 2023; Bommer et al., 2022). Based on the theoretical and empirical evidence, we hypothesize:

Furthermore, we propose that behavioural intention serves as a mediator in the relationship between key determinants (performance expectancy, effort expectancy, social influence and facilitating conditions) and CBDC use behaviour. Previous research has shown that behavioural intention mediates the impact of factors such as perceived usefulness and ease of use on technology adoption (Venkatesh et al., 2012). Thus, we hypothesize the following:

To provide a clearer overview of the existing literature and the research gap addressed by this study, a summary of representative empirical studies is presented in Table 1.

Table 1 summarizes representative studies on technology acceptance, CBDC adoption, FinTech adoption and digital financial inclusion. Existing studies consistently identify performance expectancy, effort expectancy, social influence, trust and digital literacy as important determinants of technology adoption. However, most empirical studies have focused on behavioural intention rather than actual CBDC use behaviour, have examined general populations rather than older adults or have overlooked the role of personal values in explaining technology adoption. Furthermore, evidence from emerging economies remains limited. Accordingly, the present study addresses these gaps by integrating the UTAUT with the Theory of Basic Human Values to examine the determinants of actual CBDC use behaviour among older adults in Nigeria.

This study was conducted among 310 seniors living in Southwestern Nigeria. PLS-SEM was selected because the study sought to examine multiple simultaneous relationships among latent constructs and to assess both direct and indirect effects within an extended UTAUT framework. A multistage sampling technique was employed to ensure equal opportunity for the selection of respondents, as outlined by Etikan and Bala (2017). To ensure comprehensive representation, three states – Lagos, Oyo and Edo – were purposively selected based on their demographic, socio-economic and infrastructural diversity, providing a suitable context for examining CBDC adoption among older adults. Lagos, a highly urbanized state, is characterized by advanced technological infrastructure, widespread Internet access and a high concentration of digital financial services, creating a favourable environment for CBDC adoption. In contrast, Oyo and Edo comprise both urban and rural Local Government Areas (LGAs), thereby capturing variations in digital infrastructure, access to financial services and socio-economic conditions. While urban centres such as Ibadan generally provide greater access to digital technologies, many rural communities experience limited Internet connectivity, lower smartphone penetration and affordability constraints that may hinder the adoption of digital financial technologies. The inclusion of these diverse settings enabled the study to capture a broad range of experiences and examine how differences in technological infrastructure and socio-economic conditions influence CBDC adoption among older adults.

Participants in the study ranged from 57 to 81 years old (mean age = 68.73, SD = 6.781). The sample was predominantly male (58%, N = 180). The educational levels of participants varied: 29.7% held a bachelor's degree, 23.5% completed secondary school, and 15.2% held National and Higher National Diplomas. These demographic factors – education, age and gender – are essential in understanding the technology adoption behaviours of older adults. For example, higher education levels may correlate with a greater understanding of digital platforms and technologies like CBDCs, while age may reflect varying levels of exposure to digital systems over the years.

Data were collected by experienced enumerators fluent in both English and the Yoruba language. The data collection was conducted from July to December 2024, using a self-administered questionnaire. The Social Science and Humanities Research Ethics Committee (SSHREC) of Osun State University approved the study. Participants were informed about the research objectives, the expected duration of the survey, and the inclusion and exclusion criteria. Informed consent was obtained from all participants, and they were assured that their participation was voluntary and their responses were anonymous. The questionnaire was administered in person by the enumerators to ensure comprehension and accuracy. The enumerators assisted participants as needed to ensure that responses were accurate and correctly understood. Completed questionnaires were screened for completeness and consistency before analysis, and only valid responses were retained for statistical analysis.

The first section of the self-report questionnaire obtained demographic data of the participants, including gender, age, area of permanent residence and level of education. The second part contained measures of nine latent constructs: CBDC use behaviour, intention to adopt CBDC, performance expectancy, effort expectancy, social influence, facilitating conditions, benevolence, conformity and security. All items from the latent variables were adapted from previous studies and worded into the study context. All items were measured on a five-point scale ranging from 1 = “strongly disagree” to 5 = “strongly agree”. Performance expectancy and effort expectancy items asked respondents to evaluate the extent to which using the eNaira would improve their financial transactions and how easy they perceived the system to use. Social influence and facilitating conditions items assessed perceived encouragement from significant others and the availability of resources or support needed to use the CBDC. Three questions measuring CBDC use behaviour were adapted from Venkatesh et al. (2003), focusing on the frequency of eNaira use and the types of transactions performed. Five questions measuring intention to adopt CBDC were adapted from Ronaghi and Forouharfar (2020) and Venkatesh et al. (2003). Four questions measuring performance expectancy were adapted from Venkatesh et al. (2003), while four questions on effort expectancy were adapted from Ronaghi and Forouharfar (2020) and Venkatesh et al. (2003). Four questions measuring social influence and four questions measuring facilitating conditions were adapted from Venkatesh et al. (2003). Items from the Portrait Values Questionnaire (PVQ) (Schwartz, 2003; Schwartz et al., 2001) were adapted to measure the remaining three latent variables. These items were simplified and reworded to ensure clarity for older adults, with each item describing a person's guiding principles in everyday decision-making. Four items measured benevolence, four measured conformity and four measured security.

The hypothesized relationships were examined using PLS-SEM. SmartPLS version 3.2.8 was used to estimate the measurement and structural models, while IBM SPSS Statistics version 22 was employed for descriptive analyses. PLS-SEM was selected because the study aimed to examine multiple simultaneous relationships among latent constructs, including direct, mediating and moderating effects, within an extended UTAUT framework. The analysis followed a two-stage approach involving the assessment of the measurement model and the structural model. The measurement model was evaluated using indicator reliability, internal consistency reliability, convergent validity and discriminant validity, whereas the structural model was assessed through path coefficients, coefficients of determination (R²), effect sizes (f²) and hypothesis testing. A bootstrapping procedure with 5,000 resamples was performed to determine the significance of the hypothesized relationships (Hair et al., 2014).

The assessment of the measurement model involved the evaluation of the reliability (Cronbach’s alpha and composite reliability), average variance extracted (AVE) and convergent and discriminant validity. All constructs in the study were measured reflectively. All indicator loadings exceeded the recommended threshold of 0.50, indicating adequate indicator reliability and convergent validity (Hair et al., 2014; Henseler, 2018). As shown in Table 1, the estimated values for AVE, composite reliability (CR) and Cronbach's alpha all exceeded their respective cut-off points of 0.5 and 0.6 based on (Hair et al., 2017; Nunnally and Bernstein, 1994). The Fornell–Larcker and Heterotrait–Monotrait (HTMT) ratio of correlation criteria were used to examine the discriminant validity of study constructs. The results in Table 1 show that each construct demonstrates adequate discriminant validity, as evidenced by the square roots of each construct's AVE surpassing its correlation with other constructs. Therefore, the assumptions of sufficient discriminant validity were not violated (Fornell and Larcker, 1981; Henseler et al., 2015).

Overall, the structural model produced mixed support for the proposed hypotheses. While some technology acceptance constructs significantly influenced CBDC use behaviour, others did not exhibit statistically significant relationships, suggesting that older adults' adoption of CBDCs is driven by selected rather than all proposed determinants. The PLS-SEM analysis revealed that 6 of the 13 hypotheses in the study framework shown in Figure 1 were supported by significant associations at the p < 0.05 significance level, as summarized in Tables 2 and 3.

Among the supported hypotheses, performance expectancy (H1) was found to have a significant positive association with CBDC use behaviour (β = 0.17, t = 2.69, SD = 0.065, f² = 0.041, p = 0.007). This result supports the idea that older adults are more likely to adopt CBDCs when they perceive clear benefits, such as improved financial transactions and enhanced security. On the other hand, effort expectancy, social influence and facilitating conditions were not found to have a significant impact on CBDC use behaviour, leading to the rejection of H2, H3 and H4. This indicates that, contrary to expectations, these factors did not significantly influence the adoption of CBDCs among older adults in the study.

Furthermore, the effects of conformity (β = 0.002, t = 0.037, SD = 0.061, f² = 0.000, p = 0.970) and benevolence (β = 0.061, t = 1.24, SD = 0.049, f² = 0.005, p = 0.213) on CBDC use behaviour were also insignificant, leading to the rejection of H5 and H6. Similarly, security did not significantly affect behavioural intention (β = 0.020, t = 0.623, SD = 0.032, f² = 0.001, p = 0.533), resulting in the rejection of H7. Lastly, behavioural intention showed a significant positive association with CBDC use behaviour (β = 0.24, t = 2.82, SD = 0.088, f² = 0.032, p = 0.005), supporting H8.

As shown in Table 2, the relationship between performance expectancy and CBDC use behaviour was significant in the direct model. However, Table 4 shows that when behavioural intention was included in the model, this relationship became insignificant (β = 0.020, t = 1.602, p = 0.109), leading to the rejection of H8a. This indicates that behavioural intention did not mediate the relationship between performance expectancy and CBDC use behaviour. Conversely, the relationship between effort expectancy and CBDC use behaviour was not significant in the direct model (β = 0.13, t = 1.75, p = 0.080) but became significant when behavioural intention was introduced (β = 0.076, t = 2.605, p = 0.009). Similarly, social influence and facilitating conditions also demonstrated significant relationships with CBDC use behaviour once behavioural intention was included in the model. These results support H8b, H8c and H8d, indicating that behavioural intention plays a mediating role in the relationship between effort expectancy, social influence, facilitating conditions and CBDC use behaviour.

The inclusion of behavioural intention in the model resulted in an R² value of 0.71 for behavioural intention and 0.40 for CBDC use behaviour, indicating a substantial amount of variance explained by the model. As shown in Table 3, these values reflect the proportion of variance explained by the constructs in the model. Furthermore, the moderating role of security in the relationship between effort expectancy and behavioural intention was assessed. The interaction effect of security and performance expectancy on behavioural intention was significant (β = 0.036, t = 2.159, p = 0.031), suggesting that security plays a moderating role in the relationship between effort expectancy and behavioural intention to use CBDC. This result supports H7b, demonstrating that older adults' perceptions of security can influence how effort expectancy affects their intention to adopt CBDCs.

The primary goal of the current study was to examine how the UTAUT and the theory of basic human values interact to explain CBDC use behaviour in a sample of older adults. The study's findings reveal that only the UTAUT constructs showed significant associations with CBDC use behaviour. However, security (a conservation value) played an important moderating role in the model. The most robust predictors of CBDC use behaviour were performance expectancy and behavioural intention. These findings are consistent with previous studies (Farhana and Muthaiyah, 2022; Ogunmola and Das, 2024; Minh et al., 2025; Palanisamy et al., 2025), which consistently reported that perceived usefulness, financial literacy and trust-related factors significantly enhance behavioural intention to adopt CBDCs. The agreement across these studies suggests that older adults are more likely to adopt CBDCs when they perceive clear functional benefits and have confidence in the technology. The results indicate that older adults are motivated to use CBDCs because they expect them to be useful for daily transactions. This supports Jariyapan et al. (2022), who assert that perceived usefulness is the most critical factor in determining the intention to use digital currencies. However, our findings contrast with those of Hasan Miraz et al. (2022), who did not find a significant effect of performance expectancy on the intention to use digital currency.

The results of this study showed that personal values such as benevolence, security and conformity exerted an insignificant influence on older adults' CBDC use behaviour. This suggests that older adults may be more inclined to trust traditional banking methods and physical currencies, reflecting their conservative values and preference for familiar systems. This general attitude may be rooted in a high level of conservatism, which fosters a desire to stick to traditional methods of financial transactions, like using physical currency or in-person banking. This finding is consistent with Desai and Bhatt (2026), who argued that although psychological characteristics influence CBDC adoption, their effects are often mediated by technology-related perceptions such as usefulness, trust and digital financial literacy. Similarly, Knight et al. (2024) observed that concerns about transparency and complex digital systems may reduce the influence of personal values on technology adoption among older adults. Older adults may not connect these values with the perceived benefits of CBDCs, especially given that learning to use and incorporating CBDCs into their daily lives may seem complex or overwhelming. Additionally, a general lack of awareness about how digital currencies operate might prevent older adults from translating self-transcendence values into actual CBDC use behaviour. This is reflected in the study's finding that social influence was insignificant in driving CBDC use behaviour, indicating that social influence may not be as significant for older adults as it might be for other age groups. This aligns with Abdullahi and Abdullah (2024), who noted that older adults, due to their low digital literacy and limited exposure to modern technologies, may find it difficult to relate their self-transcendence values to CBDC use. Building on this, broader contextual factors help further explain why these value-based constructs remained insignificant.

Although benevolence and conformity were expected to influence CBDC use behaviour, their effects were statistically insignificant in this study. One possible explanation relates to the unique Nigerian socio-economic context during the eNaira rollout, particularly the currency redesign crisis, which created uncertainty and distrust in formal financial interventions. These conditions may have amplified concerns already documented among older adults, such as limited trust in digital technologies and discomfort with rapid financial changes (Knight et al., 2024). In such an environment, personal values centred on social expectations or interpersonal obligations may be overshadowed by more pressing considerations such as system trust, financial security and perceived risks of adopting a digital currency.

This finding also contrasts with prior studies where these value dimensions predicted technology-related behaviours, suggesting that value-driven motivations may operate differently in emerging economies with low institutional trust. Another explanation may relate to the measurement context; older adults may interpret benevolence and conformity broadly, rather than in relation to technology-specific decisions. Furthermore, factors such as low digital literacy and technology anxiety, which are prevalent among older Nigerians (Abdullahi and Abdullah, 2024), may have exerted stronger influence and reduced the observable effect of personal values. These insights highlight the need for future research to examine contextual moderators, including trust, literacy and technology readiness, that may shape value-driven behaviour in CBDC adoption.

The findings of Osakwe et al. (2025) and Söilen and Benhayoun (2021) support the notion that performance expectancy and institutional trust are critical factors in CBDC adoption, particularly for older adults. Osakwe et al. (2025) emphasized the importance of seamless transactions, trust in the central bank and financial inclusion as key drivers of CBDC adoption, which aligns with our findings that older adults are likely to adopt CBDCs if they perceive the system as both trustworthy and useful for simplifying financial transactions. These findings support the idea that older adults, especially in emerging economies like Nigeria, are more likely to adopt CBDCs when they perceive the system as trustworthy and offering tangible benefits. Moreover, Abdullahi and Abdullah (2024) discussed barriers such as digital literacy and limited smartphone access, which are consistent with our study's findings that lack of awareness and the complexity of technology prevent self-transcendence values from being translated into actual CBDC use behaviour. These barriers underline the importance of targeted education and improved access to digital infrastructure to facilitate CBDC adoption among older adults.

The study reveals that behavioural intention is a potent mediator in users' acceptance of technology, aligning with Venkatesh et al. (2003). Specifically, behavioural intention fully mediated the relationship between effort expectancy and older adults' CBDC use behaviour, as the direct effect of effort expectancy on use behaviour was insignificant. In contrast, its effects on behavioural intention were significant. This mediating role of behavioural intention is consistent with Ahmed et al. (2025) and Minh et al. (2025), both of whom reported that technology acceptance factors, particularly perceived usefulness and ease of use, significantly strengthen individuals' behavioural intention to adopt CBDCs. These findings suggest that behavioural intention serves as the principal mechanism through which favourable perceptions of CBDCs are translated into actual use behaviour. Additionally, our findings align with Moya et al. (2018), which demonstrated that behavioural intention mediates the relationship between effort expectancy and actual system use behaviour in a non-CBDC context. The findings of this study regarding the mediating role of behavioural intention in the relationship between social influence and CBDC use behaviour are consistent with Kiria et al. (2020) and Nassar et al. (2019), who found that intention to use ICT mediated the relationship between social influence and actual adoption. Furthermore, our results align with studies like Ifedayo et al. (2021), which found a mediating effect of behavioural intention on the relationship between facilitating conditions and intention to adopt technology. Söilen and Benhayoun (2021) also emphasize the importance of institutional trust in shaping the acceptance of CBDCs, reinforcing the mediating role of intention when trust is factored in.

Our results show that security significantly moderates the relationship between effort expectancy and intention to adopt CBDC among older adults. This finding suggests that the strength of the relationship between effort expectancy and CBDC adoption intention depends on how much value older adults place on security. The positive coefficient value of the interaction effect indicates that older adults who perceive security as a core value will only intend to use CBDC if it is extremely user-friendly and secure. Our finding is consistent with Berridge (2016), who reported that older adults may abandon new technologies when they perceive risks to privacy and security. Similarly, Carver and Mackinnon (2020) observed that concerns about privacy violations often outweigh the perceived benefits of user-friendly technologies. This finding is further supported by Palanisamy et al. (2025), who demonstrated that trust significantly strengthens behavioural intention to adopt CBDCs, particularly among individuals with lower levels of financial literacy. Together, these studies suggest that security and trust remain fundamental conditions for encouraging CBDC adoption among older adults.

The Naira redesign crisis and the eNaira adoption challenges in Nigeria provide important context for understanding the adoption of CBDCs, particularly among older adults. Abdullahi and Abdullah (2024) noted that barriers such as low digital literacy, limited access to smartphones and a lack of trust in government institutions hinder older adults from adopting digital financial services like eNaira. These barriers are consistent with the findings of this study, highlighting that lack of awareness and perceived complexity of CBDCs prevent self-transcendence values from translating into actual CBDC use behaviour. The eNaira rollout and the cash shortage during the Naira redesign crisis likely reinforced older adults' mistrust of digital financial services, which underlines the importance of institutional trust and financial inclusion for promoting CBDC adoption. These contextual factors suggest that adoption strategies should not only focus on improving digital literacy but also on building trust in the financial systems and addressing specific barriers unique to older adults.

In conclusion, this study offers valuable insights into how personal values, behavioural intention and performance expectancy contribute to CBDC adoption among older adults. Despite benevolence and conformity not significantly affecting adoption, security concerns play a crucial moderating role, especially when effort expectancy is factored in. The findings align with UTAUT and Theory of Basic Human Values, offering new perspectives on technology adoption for older adults in emerging economies. The study also highlights that institutional trust, seamless transactions and digital literacy are critical to overcoming barriers to adoption, with implications for policymakers, fintech developers and future research.

Although this study offers significant insights into the adoption of payment technology among older adults, particularly the use of Central Bank Digital Currencies, it is not without its limitations. The cross-sectional nature of the study's design is a primary limitation. As the study captures a snapshot of older adults' intentions and behaviours regarding CBDC adoption at a single point in time, it does not account for changes in these behaviours or intentions over time. Future research may consider a longitudinal research design to track the evolution of older adults' attitudes and behaviours towards CBDCs, capturing how their perceptions and usage patterns change as they gain more experience with digital currencies. This would offer a deeper understanding of the adoption process and its dynamic nature.

The study was conducted primarily among urban seniors, which may limit the generalizability of the findings to the broader older adult population. Many of the participants were recruited from urban areas, where access to digital technologies and financial services is more widespread. Future studies should aim to include a more representative sample from diverse urban and rural populations to better understand CBDC adoption trends across different contexts. There is also a potential self-selection bias in this study, as older adults with prior experience or interest in digital technologies may have been more likely to participate. Therefore, future research should explore the impact of this self-selection bias and incorporate strategies to mitigate it, ensuring a more balanced representation of the target demographic.

While this study provides valuable insights into older adults' CBDC adoption behaviour, it did not extensively explore socio-economic factors such as income levels, digital literacy and prior experience with digital payments – all of which are critical to understanding technology adoption, especially for older adults. Future research should delve deeper into these factors, as they may significantly impact the likelihood of CBDC adoption among different socio-economic groups. For instance, examining the relationship between digital literacy and CBDC adoption can provide insight into how educational programs might better equip older adults to engage with digital payment systems.

Given the focus on urban populations in this study, future research should also consider conducting studies in rural settings, where access to digital infrastructure and financial services may be more limited. Comparing CBDC adoption between urban and rural populations could provide valuable insights into how regional disparities in infrastructure, digital literacy and trust in government impact adoption behaviours.

Lastly, future studies could include self-enhancement values and openness to change as factors influencing CBDC adoption among older adults. Exploring how these psychological constructs relate to digital currency usage could offer a more nuanced understanding of the factors that drive or hinder adoption, particularly among older adults who may be more resistant to adopting new technologies.

This study makes several important theoretical contributions to the literature on CBDC adoption among older adults. Firstly, it provides empirical support for the application of the UTAUT and Schwartz's theory of basic human values in explaining CBDC use behaviour. While UTAUT constructs, particularly performance expectancy and behavioural intention, significantly explained CBDC use behaviour, the findings demonstrate that the influence of personal values is more nuanced than previously suggested. Rather than exerting direct effects, security emerged as a significant moderator, indicating that value-based factors may shape technology adoption indirectly through their interaction with technology acceptance constructs.

Secondly, the study extends the UTAUT framework by demonstrating that security is not merely an individual value but also a contextual condition that strengthens the relationship between effort expectancy and behavioural intention. Although benevolence and conformity did not significantly predict CBDC use behaviour, the moderating effect of security suggests that integrating selected personal values into technology acceptance models provides a more comprehensive understanding of older adults' adoption of digital financial technologies. These findings indicate that future technology adoption research should examine the indirect and moderating roles of personal values rather than assuming direct behavioural effects.

Thirdly, the insignificant effects of benevolence and conformity suggest that the influence of personal values on technology adoption may be context-dependent. In the Nigerian CBDC environment, where digital literacy, institutional trust and technological readiness remain important concerns, technology-related considerations appear to outweigh broader personal values when older adults decide whether to adopt CBDCs. This finding highlights the importance of considering contextual and cultural factors when extending technology acceptance models to emerging economies.

Finally, this study contributes to the limited empirical literature on CBDC adoption among older adults in emerging economies. By examining actual CBDC use behaviour rather than behavioural intention alone and integrating UTAUT with value-based constructs, the study provides a broader theoretical perspective for explaining digital currency adoption among older adults. These findings contribute to the growing body of knowledge on digital financial inclusion and provide a foundation for future studies examining value-based extensions of technology acceptance models in developing-country contexts.

The findings of this study have important implications for future CBDC and financial technology research. By examining actual CBDC use behaviour rather than behavioural intention alone, the study demonstrates the importance of moving beyond intention-based models when evaluating established digital payment technologies. Future studies should therefore examine actual usage behaviour and sustained adoption to provide more robust evidence on how users translate behavioural intention into continued use, particularly among older adults and other digitally vulnerable populations.

The finding that performance expectancy was the strongest predictor of CBDC use behaviour has important practical and policy implications. Central banks and fintech developers should prioritize designing CBDCs that deliver clear and observable benefits for older adults, including simplified payment processes, intuitive interfaces and features that improve everyday financial transactions. Demonstrating tangible value is likely to encourage greater adoption than relying solely on awareness campaigns or promotional activities.

Although effort expectancy, social influence and facilitating conditions did not directly influence CBDC use behaviour, their indirect effects through behavioural intention indicate that adoption strategies should focus on strengthening users' intentions before expecting widespread use. Consequently, policymakers and financial institutions should implement targeted educational programmes, digital literacy initiatives and communication campaigns that clearly explain the ease of use, accessibility and practical benefits of CBDCs. Such interventions may reduce uncertainty and improve older adults' confidence in using digital currencies.

Finally, the moderating role of security suggests that policy interventions should place equal emphasis on usability and trust. Beyond ensuring robust technical security, central banks and fintech providers should communicate security features in ways that are understandable and meaningful to older adults. Outreach programmes involving trusted community leaders, financial institutions and respected older public figures may further enhance confidence in CBDCs by reducing perceived risks and reinforcing trust in the digital financial ecosystem.

This study underscores the relevance of the UTAUT in understanding digital currency adoption among older adults, while also integrating the theory of basic human values to provide insights into how personal values like security and conformity influence CBDC adoption. The findings reveal that performance expectancy and security are key predictors of CBDC use behaviour, whereas personal values such as benevolence and conformity have less impact, indicating that older adults prioritize trust and usability in technology adoption. By extending the UTAUT model to include personal values, this study opens avenues for further exploration of how values like security moderate technology acceptance. The study also offers practical recommendations for central banks and fintech companies, emphasizing the need for user-friendly and secure CBDC systems that cater to the specific needs of older adults. Future research should move beyond intention-based studies to focus on actual use behaviour and incorporate longitudinal designs to capture how adoption patterns evolve over time. Additionally, exploring CBDC adoption in rural settings could provide a more comprehensive understanding of adoption dynamics across diverse populations. Ultimately, this study contributes to the understanding of CBDC adoption among older adults and highlights the importance of inclusive and secure design strategies for the successful implementation of digital currencies in emerging economies.