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The advancement of mobile technologies to gain competitive advantage has brought about new financial innovations in the Nigerian banking industry. Hence, the need for a study to investigate perceived credibility, ease of use and perceived usefulness of mobile banking in Nigeria. This study adopts technology acceptance model (TAM) and diffusion of innovation theory as required theoretical framework. The population of the study comprises bank customers who have mobile phones and likely to be operating mobile banking. Survey research design was adopted and questionnaires administered to a sample size of 300 respondents randomly selected from the twenty Local Government areas in Lagos State. The data collected were analyzed using Chi-Square test analysis to find out factors that could be responsible for the acceptance or rejection of mobile banking and individual’s intention to use mobile banking in Nigeria. The findings of this study revealed that traditional TAM measures were found to be significant factors of the behavioral intention to use mobile banking, these being ‘perceived usefulness’, ‘perceived credibility’ and ‘perceived ease of use’. Furthermore, this study found out that the intention to use mobile banking in Nigeria was influenced by the extent of security and privacy associated within the context of mobile banking. Hence, the study recommends that banks should provide security measures in order to further increase the acceptability of mobile banking in Nigeria. The study also observed that with little formal banking in Nigerian rural areas, mobile banking could be the most effective way to reach these unbanked rural communities.