<p>This study aimed to investigate the impact of the cost of financial inclusion services and perceived risk on the usage of these services among urban and rural populations in one of Africa's largest cities. Employing a cross-sectional design, data were collected from 453 participants, including 46.8% rural and 53.2% urban residents, through purposive and convenient sampling methods. The study utilized a structured questionnaire measuring financial inclusion across three dimensions: access, quality, and usage, along with perceived costs of financial services. Findings from a moderated regression analysis indicated that the joint influence of financial inclusion services' cost and perceived risk was statistically significant, explaining approximately 20.1% of the variance in service usage. While the direct effect of cost alone on usage was not significant, perceived risk had a significant negative impact. Moreover, the interaction between cost and perceived risk was significant, indicating that the influence of cost on usage becomes more pronounced as perceived risk increases. Further analysis revealed that when risk perception is low, perceived cost has a strong positive effect on usage (<i>B</i> = 0.927, <i>p</i> &lt; 0.001). This suggests that in low-risk situations, individuals may interpret higher costs as a signal of higher quality or value, leading to increased usage. Conversely, under high-risk perception, the effect of perceived cost on usage, though still positive and statistically significant (<i>B</i> = 0.557, <i>p</i> &lt; 0.001), is notably weaker. The study outcomes provide valuable insights for policymakers and stakeholders aiming to enhance financial inclusion and reduce barriers to accessing financial services in both urban and rural settings.</p>