<p>The advancement of financial technology (fintech), particularly mobile financial services (MFS), aims to enhance the efficiency of financial operations. Moreover, Millennials born between 1981 and 1996 are becoming more involved in mobile banking as digital financial services grow worldwide, yet limited research has explored their adoption behavior in emerging economies. Therefore, this study aims to examine how Millennials in Bangladesh are adopting mobile financial services (MFS). A quantitative research design was employed, using partial least squares structural equation modeling (PLS-SEM 4.0) to analyze data collected from 306 Millennial respondents through convenience sampling with clearly defined screening criteria. Results reveal that millennials prioritize performance expectancy, followed by social influence and facilitating conditions. Also, their behavioral intentions turn into their use behavior to adopt MFS. Mediation analysis implies that technology awareness fully and partially mediates the effects of effort expectancy and facilitating conditions on millennials’ behavioral intentions, respectively. Moreover, perceived value mediates between behavioral intentions and use behavior. Moderation analysis confirms that education level significantly moderates the relationship between social influence, facilitating conditions, and behavioral intentions. These findings provide valuable insights for banks in recognizing key factors and taking proactive measures in strategic decision-making while contributing to the unexplored theoretical dimensions of MFS adoption. To the authors’ knowledge, this is one of the first efforts to explore the nexus between influential factors, technology awareness, intention, perceived value, and usage behavior of Mobile Financial Services among Millennials in Bangladesh. The study offers fresh insights into fintech, particularly the adoption of MFS by the millennial cohort, as a strategic approach in the digital age.</p>