This study examined the influence of perceived cybersecurity risks on fintech adoption behavior in Nigeria, guided by the Perceived Risk Theory (PRT) which posits that user decisions depend on the balance between perceived risk and expected benefit. A cross-sectional survey designusing aquantitative approach was adopted, involving 420 fintech users selected through stratified random sampling. Data were collected via a structured questionnaire. The data were analyzed using correlation and multiple regression analysesat0.05 significance level. Results revealed significant positive relationships between perceived data privacy risk (β = 0.32, p < 0.05), financial loss risk (β = 0.28, p < 0.05), identity theft risk (β = 0.24, p < 0.05) and platform trustworthiness (β = 0.30, p < 0.05)with fintech adoption behavior. However,regulatory protection risk (β = 0.08, p > 0.05) was not statistically significant. The study concluded that fintech adoption in Nigeria is predominantly driven by users’ perception of security and trust rather than regulatory confidence. It recommended that fintechs enhance internal security systems and transparent communication, while regulators strengthen enforcement mechanisms to restore institutional trust and sustain financial inclusion growth.
Keywords: Data Privacy Risk, Financial Loss Risk, Fintech Adoption Behavior, Identity Theft Risk, Perceived Cybersecurity Risk, Platform Trustworthiness