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ABSTRACT:

The adoption of mobile banking among fashion retailers is increasingly recognized as a powerful catalyst for economic empowerment and financial inclusion. It reduces reliance on traditional banking methods, allowing consumers and suppliers to engage in transactions without the constraints of banking hours or physical locations. This flexibility enables online transactions to occur anytime and anywhere, fostering a more dynamic and responsive shopping environment. However, its adoption is very limited in fashion industry. This study was set to explore security issues that affect adoption of mobile banking by fashion retailers in Mwanza municipal councils. The study is grounded on perceived risk theory which explain how individuals assess risk and make decisions under uncertainty. The data for this study were collected using a close-ended questionnaire distributed to a sample of 200 respondents, who were selected through a simple random sampling technique. The study employed a combination of content analysis and binary logistic regression analysis as its analytical approach. The study revealed a negative effect of fraud, phishing attacks, and transaction errors on the adoption of mobile banking, while highlighting the positive influence of security literacy in encouraging this adoption. The study concluded that that mobile banking service providers should implement comprehensive user education programs focused on security best practices, including the importance of strong passwords and awareness of phishing schemes. Additionally, enhancing authentication methods and establishing robust transaction error resolution processes that can mitigate risks and foster greater trust in mobile banking among fashion retailers.

KEYWORDS:

mobile banking, perceived security risk, fashion industry, perceived risk theory

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