Bring Your Own Device (BYOD) is an emerging trend and practice that is growing in use in many organizations. There is however very limited literature on BYOD in the context of financial institutions from a developing country perspective. The dearth of such studies is problematic because financial institutions deal with a lot of sensitive and confidential information and therefore their adoption of BYOD could be detrimental to their practice. This study contributes to this gap in literature by providing empirical observation that show how technological and contextual factors affect financial institutions adoption of BYOD. Following a qualitative approach, and using semi structured interviews as a source of data collection; the findings show that cost, complexity, a culture of innovation, and top management support were factors that were perceived as enablers of BYOD. South African organizations in the financial services use BYOD to help add value to their work as opposed to it being a cost saving necessity. However, the continuous changes in government regulation regarding the use of data; and the lack of conducive ICT infrastructure were deemed as hindrances to BYOD. As a result of the changing regulations and the lack of knowhow on implementation of these regulations, most organizations failed to formalize their BYOD strategies.