Paradigm shift in terms of patterns of conducting financial transactions in Nigeria is growing exponentially. Online channels are increasingly witnessing boom and silently eroding offline-based financial transactions. Notwithstanding appreciable progress regarding e-banking, elderly bank customers continues to engage hugely in physical presence in bank branches in order to perform financial transactions. Research focusing on constraining factors of e-banking channel usage intention among elderly (60+) bank customers in developing setting where e-banking is still somewhat nascent are few. This study, therefore, aims to deepen understanding regarding those factors that inhibit elderly banking customers’ intention to use e-banking channels. The study used a sample of 384 respondents determined statistically. A combination of judgemental and snowballing sampling techniques were applied in respondents’ selection. Questionnaire was used to collect data from the participants who volunteered to take part in the survey. Partial Least Square structural equation modelling (PLS-SEM) technique was utilised in data analysis. The research found that performance expectation, social influence, technology complexity, perceived security, and technophobia have significant-positive relation with attitude; also, attitude correlates positively with intention to use e-banking channels among the surveyed respondents. However, perceived trust and facilitating conditions have insignificant relations with attitude and usage intention. The practical implications of the findings and directions for future study were putforward.