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Original Article
Practitioner Perceptions of Blockchain Adoption in Emerging-Market Fintech: Multi-Country Evidence on Drivers, Barriers and Regulatory Conditions
Ian Staley1
Eric Amankwa2
1 IIC University of Technology, Phnom Penh, Cambodia. 2 Presbyterian University College, Abetifi, Ghana.
Published Online: July-August 2026
Pages: 126-139
Cite this article
↗ https://www.doi.org/10.59256/ijire.20260704016
References
1. O. Evans and O. Oni, "Fintech, cryptocurrency and blockchain technology: Towards promoting a digital Africa," in Digital Business
in Africa: Social Media and Related Technologies. Cham, Switzerland: Springer, 2022, pp. 193-215. doi: 10.1007/978-3-030-93499-
6_9.
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2, pp. 1055-1059, 2020.
3. P. S. M. Mejia and P. M. Lemarroy, "Financial technologies in the emerging markets," in Data Analytics Applications in Emerging
Markets. Singapore: Springer Nature, 2022, pp. 1-22. doi: 10.1007/978-981-19-4695-0_1.
4. I. Staley and E. Amankwa, "Blockchain and decentralized finance in fintech startups in emerging markets: A systematic literature
review of opportunities and challenges," J. Appl. Finance Banking, vol. 16, no. 2, 2026.
5. P. Martino, Blockchain and Banking: How Technological Innovations Are Shaping the Banking Industry. Cham, Switzerland:
Springer Nature, 2021. doi: 10.1007/978-3-030-70970-9.
6. V. Chittipaka, S. Kumar, U. Sivarajah, J. L. H. Bowden, and M. M. Baral, "Blockchain technology for supply chains operating in
emerging markets: An empirical examination of the technology-organization-environment (TOE) framework," Ann. Oper. Res., vol.
327, no. 1, pp. 465-492, 2023. doi: 10.1007/s10479-022-04801-5.
7. S. Malik, M. Chadhar, S. Vatanasakdakul, and M. Chetty, "Factors affecting the organizational adoption of blockchain technology:
Extending the technology-organization-environment (TOE) framework in the Australian context," Sustainability, vol. 13, no. 16, art.
9404, 2021. doi: 10.3390/su13169404.
8. K. K. Ganguly, "Understanding the challenges of the adoption of blockchain technology in the logistics sector: The TOE framework,"
Technol. Anal. Strategic Manage., vol. 36, no. 3, pp. 457-471, 2024. doi: 10.1080/09537325.2022.2036333.
9. E. Amenta and K. M. Ramsey, "Institutional theory," in Handbook of Politics: State and Society in Global Perspective, K. T. Leicht
and J. C. Jenkins, Eds. New York, NY, USA: Springer, 2010, pp. 15-39. doi: 10.1007/978-0-387-68930-2_2.
10. H. Willmott, "Why institutional theory cannot be critical," J. Manage. Inquiry, vol. 24, no. 1, pp. 105-111, 2015. doi:
10.1177/1056492614545306.
11. P. K. Ozili, "Institutional theory of financial inclusion," in Handbook of Research on Acceleration Programs for SMEs. Hershey, PA,
USA: IGI Global, 2023, pp. 45-53. doi: 10.4018/978-1-6684-5666-8.ch003.
12. M. A. Johnson and N. R. Johnson, "Coercive isomorphism and institutional critique: The design of compliance," in Proc. 42nd ACM
Int. Conf. Design of Communication, 2024, pp. 11-16. doi: 10.1145/3641237.3691646.13. M. Romdoni, "A literature review of coercive isomorphism on corporate legal responsibility in Indonesia," Pranata Hukum, vol. 17,
no. 2, pp. 121-132, 2022. doi: 10.36448/pranatahukum.v17i2.286.
14. N. Bagherifam, S. Naghdi, V. Ahmadian, A. Fazlzadeh, and M. Baghalzadeh Shishehgarkhaneh, "Digital regulatory governance: The
role of RegTech and SupTech in transforming financial oversight and administrative capacity," Int. J. Financial Stud., vol. 13, no. 4,
art. 217, 2025. doi: 10.3390/ijfs13040217.
15. C. M. Christensen, M. Raynor, and R. McDonald, "What is disruptive innovation?," Harvard Bus. Rev., vol. 93, no. 12, pp. 44-53,
2015.
16. M. A. Bhat, S. T. Khan, A. F. Alkhwaldi, and A. A. Abdulmuhsin, "Investigating the critical drivers of Fintech adoption to promote
business sustainability of SMEs," Global Knowl. Memory Commun., ahead of print, 2024. doi: 10.1108/GKMC-02-2024-0096.
17. I. Staley, "Blockchain and digital assets in emerging markets: De-identified survey dataset," Zenodo, 2026. doi:
10.5281/zenodo.20753095.
in Africa: Social Media and Related Technologies. Cham, Switzerland: Springer, 2022, pp. 193-215. doi: 10.1007/978-3-030-93499-
6_9.
2. A. D. Popescu, "Financial technology (FinTech) as a driver for financial digital assets," Ovidius Univ. Ann. Econ. Sci. Ser., vol. 20, no.
2, pp. 1055-1059, 2020.
3. P. S. M. Mejia and P. M. Lemarroy, "Financial technologies in the emerging markets," in Data Analytics Applications in Emerging
Markets. Singapore: Springer Nature, 2022, pp. 1-22. doi: 10.1007/978-981-19-4695-0_1.
4. I. Staley and E. Amankwa, "Blockchain and decentralized finance in fintech startups in emerging markets: A systematic literature
review of opportunities and challenges," J. Appl. Finance Banking, vol. 16, no. 2, 2026.
5. P. Martino, Blockchain and Banking: How Technological Innovations Are Shaping the Banking Industry. Cham, Switzerland:
Springer Nature, 2021. doi: 10.1007/978-3-030-70970-9.
6. V. Chittipaka, S. Kumar, U. Sivarajah, J. L. H. Bowden, and M. M. Baral, "Blockchain technology for supply chains operating in
emerging markets: An empirical examination of the technology-organization-environment (TOE) framework," Ann. Oper. Res., vol.
327, no. 1, pp. 465-492, 2023. doi: 10.1007/s10479-022-04801-5.
7. S. Malik, M. Chadhar, S. Vatanasakdakul, and M. Chetty, "Factors affecting the organizational adoption of blockchain technology:
Extending the technology-organization-environment (TOE) framework in the Australian context," Sustainability, vol. 13, no. 16, art.
9404, 2021. doi: 10.3390/su13169404.
8. K. K. Ganguly, "Understanding the challenges of the adoption of blockchain technology in the logistics sector: The TOE framework,"
Technol. Anal. Strategic Manage., vol. 36, no. 3, pp. 457-471, 2024. doi: 10.1080/09537325.2022.2036333.
9. E. Amenta and K. M. Ramsey, "Institutional theory," in Handbook of Politics: State and Society in Global Perspective, K. T. Leicht
and J. C. Jenkins, Eds. New York, NY, USA: Springer, 2010, pp. 15-39. doi: 10.1007/978-0-387-68930-2_2.
10. H. Willmott, "Why institutional theory cannot be critical," J. Manage. Inquiry, vol. 24, no. 1, pp. 105-111, 2015. doi:
10.1177/1056492614545306.
11. P. K. Ozili, "Institutional theory of financial inclusion," in Handbook of Research on Acceleration Programs for SMEs. Hershey, PA,
USA: IGI Global, 2023, pp. 45-53. doi: 10.4018/978-1-6684-5666-8.ch003.
12. M. A. Johnson and N. R. Johnson, "Coercive isomorphism and institutional critique: The design of compliance," in Proc. 42nd ACM
Int. Conf. Design of Communication, 2024, pp. 11-16. doi: 10.1145/3641237.3691646.13. M. Romdoni, "A literature review of coercive isomorphism on corporate legal responsibility in Indonesia," Pranata Hukum, vol. 17,
no. 2, pp. 121-132, 2022. doi: 10.36448/pranatahukum.v17i2.286.
14. N. Bagherifam, S. Naghdi, V. Ahmadian, A. Fazlzadeh, and M. Baghalzadeh Shishehgarkhaneh, "Digital regulatory governance: The
role of RegTech and SupTech in transforming financial oversight and administrative capacity," Int. J. Financial Stud., vol. 13, no. 4,
art. 217, 2025. doi: 10.3390/ijfs13040217.
15. C. M. Christensen, M. Raynor, and R. McDonald, "What is disruptive innovation?," Harvard Bus. Rev., vol. 93, no. 12, pp. 44-53,
2015.
16. M. A. Bhat, S. T. Khan, A. F. Alkhwaldi, and A. A. Abdulmuhsin, "Investigating the critical drivers of Fintech adoption to promote
business sustainability of SMEs," Global Knowl. Memory Commun., ahead of print, 2024. doi: 10.1108/GKMC-02-2024-0096.
17. I. Staley, "Blockchain and digital assets in emerging markets: De-identified survey dataset," Zenodo, 2026. doi:
10.5281/zenodo.20753095.
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