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Existing studies has examined consumer acceptance of electronic banking in different dimensions mostly as a dichotomy (acceptance/non-acceptance), however, neglecting the core process underlying acceptance. The objective of this particular research is to conceptualize a model for electronic banking acceptance in Nigeria by identifying the factors that are important in the interpretation of the intention to accept electronic banking. The paper reviews the literature on the technology acceptance model (TAM) and justifies the use of this model to explore the factors contributing to the extent of consumer’s acceptance of electronic banking transactions. This conceptual study proposes twenty research hypotheses derived from previous other models of online banking users. The study investigated the factors related to decision making when people consider and evaluate the usage of an online banking transactions. Trust, financial security, information quality (all adoption barriers), time and money (both adoption benefits) were found to predict potential usage. That is willingness to use the online banking system will be possible if organizations can develop trust relationships with individuals, assure them that their financial details are secure, provide information that is relevant, accurate and up-to-date and save individuals time and money.