Lebanese Banks Between Tradition and Modernity

Description :

This study is situated within the broader context of Lebanon’s prolonged financial crisis, which began in 2019 and was triggered by years of political mismanagement, excessive debt, and a loss of public confidence in traditional banking institutions. The collapse of the banking sector, sharp currency devaluation, and widespread capital controls severely limited citizens’ access to their own savings and destabilized the economy. As traditional banks struggled to meet their obligations, Lebanese citizens were left with limited financial options, eroding trust in the entire financial system. Amid this turmoil, financial technology (FinTech) emerged as a promising alternative to traditional banking, offering faster, more accessible, and often more transparent services. The study explores how FinTech companies such as MyMonty, Whish Money, and Suyoul have contributed to financial inclusion by providing mobile wallets, peer-to-peer payments, microloans, and digital banking services to underserved populations. These innovations offer potential solutions to Lebanon’s liquidity crisis, especially for users excluded from the formal banking system. Using the Unified Theory of Acceptance and Use of Technology (UTAUT) framework, the study examines the behavioral and perceptual factors that influence the adoption of FinTech services in Lebanon. Key variables include perceived risk, perceived value, performance expectancy, and social influence. The research employs quantitative surveys to assess how Lebanese consumers are responding to the growing presence of FinTech and whether these platforms can help restore financial trust and economic stability in a nation still recovering from institutional collapse and economic paralysis.