According to Kaspersky, detections for these jumped from 46,969 in August 2025 to 249,723 in November 2025, a more than fivefold growth, as cybercriminals increasingly exploit QR codes, a trend that will likely continue in 2026.

Attackers use QR codes in emails more frequently because they provide a simple and cost-effective way to conceal malicious URLs, evading detection by many protective solutions.

These QR codes are often embedded directly in email bodies or, even more commonly, within PDF attachments, an evolution that both masks phishing links and encourages users to scan them on mobile phones, which may have weaker security than work PCs.

Malicious QR codes commonly appear in mass phishing campaigns as well as targeted ones. Links embedded within them may lead to:

• Phishing forms impersonating login pages for services like Microsoft accounts or internal corporate portals, designed to steal usernames, passwords, and other credentials. 
• Fake HR notifications urging employees to review or sign documents, such as vacation schedules, or even view lists of terminated staff, ultimately directing to credential-stealing sites.
• Fraudulent invoices or purchase confirmations in PDF attachments, often combined with vishing (voice phishing) tactics that prompt victims to call provided phone numbers to “cancel” or clarify the transaction, enabling further social engineering attacks. 

These tactics exploit trust in routine business communications, leading to credential theft, account takeovers, data breaches, and financial fraud.

“Malicious QR codes have evolved into one of the most effective phishing tools, particularly when hidden in PDF attachments or disguised as legitimate business communications like HR updates. The explosive growth in November 2025 highlights how attackers are capitalising on this low-cost evasion technique to target employees on mobile devices, where protection is often minimal. Without advanced image analysis at the email gateway and safe scanning practices, organisations are left vulnerable to credential compromise and downstream breaches,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.

To defend against this escalating threat, Kaspersky recommends educating employees on cybersecurity and deploying a mail server security solution such as Kaspersky Security for Mail Server that provides trusted and secure corporate email exchange, countering spam, email-borne infections, all forms of phishing, business email compromise (BEC), QR code attacks, and other threats.

The handover marks one of the standout moments of this year’s Black Friday campaign, which has been packed with mega discounts, thrilling street activations, QR-code surprises, and weekly giveaways across Nigeria.

Nura emerged as a winner through the ongoing scan & win segment of the Black Friday Fiesta, a gamified experience that allows participants to scan designated QR codes, spin a digital wheel, and instantly unlock prizes ranging from cash coupons, accessories and, the electric scooter.

His win is a testament to how accessible and rewarding the Infinix Black Friday promo has been for everyday consumers.

During the handover, Nura expressed excitement and gratitude, noting that he never expected a simple scan to lead to such a big win.

“When I visited the phone store in Kaduna to purchase the Infinix Hot 60i, the attendant encouraged me to scan a code for an ongoing promo. After scanning, he told me I had won an electric scooter. I didn’t believe him at first until the Infinix team called me the next day. Shortly after, my flight to Lagos was booked for the prize presentation. I am truly excited and grateful to Infinix because I now have a means of transportation to take my children to school and also get to work,” he stated.

The scooter presentation also reinforces Infinix’s commitment to making the Black Friday Fiesta more than just a sale. From the Infinix Bus Party sweeping through major cities to massive store discounts and online flash deals, the brand has blended technology, entertainment, and community engagement to create a truly immersive Black Friday experience.

Speaking on the handover, Oluwayemisi Ode, Integrated Marketing Communications & PR Manager at Infinix Nigeria, expressed the brand’s excitement about rewarding loyal fans like Nura Isa.

“The Black Friday Fiesta is our way of giving back to the community that has supported us all year. We are committed to making this season exciting, rewarding, and memorable, and stories like Nura’s show that the campaign is doing exactly what we intended.”

As the Black Friday activities continue through the end of November, more winners are expected to emerge, including smartphone winners, accessory winners, and one more Electric Scooter winner

On Friday, November 28, 2025, the Bus will be travelling through the city of Lagos. If you stay around Lagos, this is your chance to enjoy all the amazing deals Infinix is offering this Black Friday season.

With deals running until November 30, shoppers still have plenty of time to join the movement, scan the QR codes, and be part of the ongoing celebration.

For more updates on the Black Friday Fiesta, follow @infinixnigeria on Instagram, Facebook, X (formerly Twitter), and TikTok for more exciting news and updates.

As e-commerce surges and mobile payment adoption rises across the continent, businesses are searching for unified solutions that streamline operations while enhancing customer experiences.

For businesses looking to turn their payment systems from an operational necessity into a strategic asset, one company offers a compelling path forward.

With its sector-specific approach to payment orchestration, Zest, the fintech subsidiary of Stanbic IBTC Holdings, is positioning itself as a crucial partner for businesses seeking growth in Africa’s digital economy.

At its core, Zest offers something desperately needed in Africa’s diverse payment ecosystem: unification. Through sophisticated payment orchestration, their flagship platform, a payment gateway, brings multiple payment capabilities like cards, mobile money, bank transfers, and QR codes, into a single, comprehensive business dashboard.

This consolidation eliminates the headaches of managing separate systems while providing businesses with powerful tools: aggregator capabilities for multi-location collections, real-time reporting, instant settlements, reduced payment failures, and valuable customer insights that drive strategic decisions.

“Businesses today don’t just need to accept payments, they need to orchestrate experiences that are fast, seamless, and scalable,” explains Stanley Jacob, CEO of Zest.

Industry-Specific Solutions

Beyond the plug and play payment gateway, what truly sets Zest apart is its commitment to sector-led customization. Rather than offering one-size-fits-all solutions, the fintech delivers customizations of its platform to address industry-specific challenges.

One energy sector client now manages over 100 gas stations nationwide with real-time transaction monitoring against available inventory.

Additionally, Zest powers the client’s card-based loyalty system and pre-funding capabilities—a comprehensive solution that addresses multiple business needs simultaneously.

In another example, a major ports industry player benefits from custom-fitted payment collection infrastructure designed specifically for its complex operational requirements.

Empowering businesses of all sizes

While large corporations benefit from Zest’s enterprise-level customizations, smaller businesses aren’t left behind. The platform offers multi-rail payment checkout systems and free customizable storefronts embedded in its business dashboard.

With some of the most competitive pricing across different payment rails; cards, account-based transactions, USSD, QR codes, Apple Pay, and Google Pay, Zest enables even small merchants to offer customers multiple payment options. The platform’s bank-agnostic nature allows merchants to receive settlements in any bank of their choice.

“For Africa’s SMEs and corporates, orchestrated payments are no longer a nice-to-have, they are survival infrastructure,” emphasizes Ifeoluwa Adekunle-Yusuf, VP of Products and Engineering at Zest.

With digital payments in Africa projected to exceed $40 billion in annual revenue by 2025 according to McKinsey, and mobile money penetration now reaching 46% across the continent, businesses need reliable payment partners who understand the unique challenges and opportunities of the African market.

Zest’s seamless architecture ensures that businesses of all types—from small retailers and educators to artisans and service providers—can deliver professional, reliable payment experiences that power sustainable growth.

As African businesses continue their digital transformation journey, payment orchestration platforms like Zest will play an increasingly vital role in determining which companies thrive in the digital economy and which get left behind.

Smart businesses who are looking to grow more efficiently can get started with Zest, click here.

At the vanguard of this revolution lies the nation’s burgeoning fintech industry, a force that is reshaping the financial landscape and propelling the country towards a more inclusive and innovative future.

A quick overview of the Fintech Landscape in Nigeria

The Fintech industry has witnessed a remarkable transformation in recent years, driven by a confluence of factors, including a burgeoning youth population, increasing smartphone penetration, and a growing appetite for innovative financial solutions.

The country has emerged as a hotbed for fintech startups, with entrepreneurs leveraging cutting-edge technologies to address the unique challenges posed by limited access to traditional banking services and low financial inclusion rates.

From mobile money platforms and digital lending solutions to cryptocurrency exchanges and investment apps, Nigerian fintechs are disrupting the financial sector, offering convenient, affordable, and accessible services to underserved segments of the population.

The Beating Heart of Nigeria’s Fintech Ecosystem: The Payment Industry

The Nigerian payment industry has emerged as a driving force behind the nation’s fintech revolution. As the backbone of financial transactions, this sector has witnessed unprecedented growth and innovation in recent years.

The advent of mobile money platforms and digital wallets has significantly expanded access to financial services, enabling millions of Nigerians, including those in remote areas, to participate in the digital economy.

Seamless payment solutions, facilitated by cutting-edge technologies such as QR codes, mobile point-of-sale systems, and contactless payments, have streamlined commercial activities and enhanced consumer experiences.

Moreover, the rise of online marketplaces and e-commerce platforms has fueled the demand for secure and efficient payment gateways, paving the way for fintech companies to introduce innovative solutions.

With a growing smartphone-savvy population and increasing internet penetration, the Nigerian payment industry is poised to continue its upward trajectory, fostering financial inclusion, driving economic growth, and positioning the country as a leader in Africa’s digital transformation.

Challenges and Opportunities

While Nigeria’s payment industry has witnessed remarkable growth, it is not without its challenges. Limited infrastructure, cybersecurity concerns, and low financial literacy remain hurdles to overcome. However, these obstacles also present opportunities for innovation.

As more Nigerians embrace digital payments, there is a growing need for secure, reliable, and user-friendly payment solutions.

This demand has paved the way for fintech companies to develop cutting-edge technologies, such as biometric authentication and blockchain-based systems, to enhance security and trust.

Moreover, the lack of comprehensive insights, research data, and thought leadership material has hindered the industry’s ability to make informed decisions and chart a strategic course for sustainable growth.

Without access to reliable data and expert analysis, stakeholders struggle to identify emerging trends, assess market dynamics, and develop targeted solutions that cater to the evolving needs of consumers and businesses alike.

Introducing : The Nigerian Payment Report 2024

The Nigerian Payment Report 2024 developed by Zone in partnership with TechCabal Insights hopes to serve as a viable resource for the industry.

The report delves deep into the heart of the industry, unveiling the structure and key players that drive innovation and shape the future of financial transactions.

It also offers an in-depth examination of the regulatory landscape, shedding light on the impact of policies and regulations on payment providers, enabling them to navigate the complexities of compliance and capitalize on emerging opportunities.

Importantly, the Nigerian Payment Report 2024 goes beyond mere numbers by exploring consumer preferences and adoption rates across various payment channels, offering invaluable insights into the evolving needs and behaviours of Nigerian consumers

The Future Outlook

In the rapidly evolving world of digital finance, access to comprehensive data analysis and expert perspectives is indispensable for stakeholders seeking to conquer the nation’s dynamic digital economy.

Particularly in the payments space, where seamless transactions are the cornerstone of a thriving digital ecosystem, thought-provoking research and actionable insights can catalyze the development of secure, user-friendly, and inclusive payment systems.

By harnessing the power of knowledge, stakeholders can navigate the complexities of this FinTech frontier, fostering financial inclusion, promoting economic growth, and positioning Nigeria as a trailblazer in Africa’s digital transformation.

Such innovations not only enhance the safety of transactions but also contribute to the overall economic stability of the nation.

Introducing digital and secure alternatives to physical cash transactions aligns with the global trend towards a cashless society, providing a safer and more efficient means of conducting business.

Inflationary pressures and security risks have long plagued those who choose to carry large sums of cash in Nigeria.

The country’s economic landscape is marked by inflation, which erodes the value of money over time.

Furthermore, the physical presence of substantial cash amounts puts individuals and businesses at a heightened risk of theft or robbery attacks.

As such, the need for financial innovations that minimize the dependence on physical cash becomes increasingly evident in a developing economy like Nigeria.

However, Kowrie Dynamic Services Limited is disrupting the way individuals and businesses carry cash. This innovative company provides a mobile payment platform that generates encrypted PINs and payment QR codes in real-time. 

The Necessity of Kowrie Dynamic Services

Launched in 2020, Onitsha-based Kowrie Dynamic Services Limited offers a groundbreaking mobile payment platform that generates encrypted PINs and payment QR codes for real-time transactions.

What sets Kowrie Dynamic Services apart is the ability of its encrypted cash to appear like ordinary alphanumeric codes, offering a discreet yet secure method for business owners to travel with codes worth millions without attracting unwanted attention.

Kowrie Dynamic Services Limited has made paying for goods and services super easy and safe. The platform’s special mobile payment platform creates secret codes called PINs and QR codes that you can use right away.

So, if you’re a business owner carrying around a bunch of these codes, it’s like having millions in your pocket without anyone even noticing!

Imagine being able to travel with loads of money without worrying about someone trying to take it from you. That’s exactly what the encrypted cash does—it keeps your money safe, and users do not even have to carry bundles of cash. It’s like having a secret money language that only you and the person you’re paying understand.

Built on Super Smart Technology

Kowrie’s unique service is all down to blockchain technology and stacks. What it means is that the system is super smart and can be used in faraway places where it is not always easy to do these kinds of transactions. Even in remote areas, you can still use the service without any problems.

Kowrie Dynamic Services is not just for big cities; it is for everyone, no matter where you are. Whether you run a small business in a village or a big one in a city, the platform still works for you.

So, here is the deal – with Kowrie Dynamic Services Limited, your money is not just money; it is secret codes that keep you safe and make life easier.

Whether you’re in the middle of a city or a quiet village, its special system is there for you. It is like having your magical way of making money work for you, wherever you go.

Transforming Financial Habits in Nigeria

Despite the rapid evolution of the global financial landscape, Nigeria has been slow to embrace transformative financial habits.

The persistent reliance on traditional cash transactions hampers the nation’s economic progress.

Kowrie Dynamic Services Limited stands as a beacon of change, catering to the diverse needs of both urban and rural communities and low-income and high-income individuals.

The startup’s services catalyze financial transformation, addressing the unique challenges faced by Nigerians across various socioeconomic backgrounds.

Kowrie Dynamic Services Limited’s innovative approach to financial security not only mitigates the risks associated with carrying cash but also positions itself as a key player in Nigeria’s journey towards financial transformation.

As the startup continues to bridge the gap between traditional cash transactions and secure digital alternatives, it plays a pivotal role in reshaping the financial habits of the nation, offering a safer and more efficient means of conducting transactions for all.

Together, in the opinion of www.myTotalRetail.com – these new ways of doing things will offer consumers far more satisfying ways to shop, while providing opportunities for traders to convert shoppers into customers.

Globally, overwhelmed supply chains, supply-demand imbalances and commodity-driven cost pressures as Russia invaded Ukraine, pushed inflation up and put further pressure on businesses and consumers alike. Despite this, according to a recent Shopify article [June 2022], economists and the National Retail Federation in the US project US retail sales to rise between 6% and 8% this year.

Closer to home, NielsenIQ South Africa released its monthly State of the Retail Nation analysis which shows that total annual retail sales at South African retail outlets were R516-Billion which represents a 14.4% annual increase.

“South Africans are shopping at fewer retailers but spending more per trip, with the average value of their shopping basket increasing by R131 since April 2020,” said NielsenIQ SA Managing Director, Ged Nooy.

Mindful of the expected growth predictions and with price hikes and inflationary concerns – to stay competitive the retail trade will once again have to adapt, with the following trend considerations under the spotlight from now, into next year:

1. Emerging technologies like social commerce will offer the industry new ways to integrate shopping carts using Facebook, Instagram and TikTok.

Partnering recommendations from influencers, friends, and family leading to increased sales [TotalRetail].

2. An increase in buy online, pick up in-store services, QR codes that allow shoppers to connect instantly, mobile point-of-sale systems to allow sales anywhere inside a store and a range of contactless payment options – will have data winning the day [TotalRetail].

3. Customer centricity will remain king going into 2023 – essential to allow for synchronicity between marketing, products, supply chain and ecommerce or brick and mortar to present products, services, and experiences customers desire and expect [Modern Marketing].

4. By 2030, the top 18 cities in Africa could have a combined spending power of $1.3tn. Businesses at the coal face are already looking to invest in these markets in order to reap the potential they may have ten or even 20 years down the line.

Unlocking this potential will require strong local partnerships and a deep understanding of local markets [BizCommunity].

5. Key digital marketing trends for the South African retail industry to be aware of include – prioritising the omnichannel customer experience that has not necessarily come to full fruition yet; monetising digital efforts by tracking the entire customer journey to understand how each individual channel is contributing to ecommerce conversions, and the growing utilisation of dark social channels where the user journey is encrypted such as Facebook Messenger and WhatsApp – where brands are for example investing in the creation of WhatsApp bots as an innovative way to reach these audiences[Modern Marketing].

Seizing new opportunities for innovative growth are undoubtedly part of every retail or commerce strategy and trends certainly bring fresh perspective.

However now that we have had more time to swing back operationally, I would throw my own ‘left-of -centre-trend-shapeshifter’ into the mix around being curious, as there can be no innovation without curiosity.

We say it, as we look for new perspectives to old problems, but do we really make space for curiosity as a conscious daily practice.

It should become a habitual tool for retailers, brands, and organisations to help undercover what innovative buttons they need to push.

Of course, there has been an uptick in digital transactions as businesses adjust to changing consumer behaviour. This has been enhanced by the emergence of super apps over the course of 2021.

A super-app is a mobile app that provides multiple services including payment and financial transaction processing, effectively becoming an all-encompassing self-contained e-commerce platform.

The challenge, however, is that South Africa is still quite a cash-reliant society, and these apps leave out the unbanked and underbanked.

Considering this, we believe cash payments via retailers will remain a strong trend in 2022 and years to come which means that bill issuers and merchants will need to continue providing a broad range of payment channels, both digital and physical.

In terms of tapping into the underbanked market, 2022 will see wallets from telcos such as VodaPay, MTN MOMO and Telkom Pay Digital Wallet going head-to-head with those offered by retailers like Shoprite Money, with a strong focus on digitising cash.

These organisations are attempting to provide wallets that act like reduced capability bank accounts, but which one consumers will trust and use remains to be seen. Next year will either make or break some of these wallets.

Looking at some of the other technologies that are gaining momentum, we have seen payments via QR codes becoming increasingly popular in the past year, with the banks now finally incorporating QR code scanners within their apps that are able to scan QR codes from Zapper, SnapScan or Masterpass wherever they are presented.

We believe that the uptake will continue next year with further innovation from Visa and MasterCard looking to address card-not-present costs for QR code transactions and, consequently, wider use of QR codes.

It has been a lengthy journey for QR codes to finally break into the South African payments landscape, but we are now witnessing exponential growth in their use.

Another technology that has been accelerating and become the norm is contactless payments. People are becoming comfortable with tapping their cards, phones and smartwatches.

Going forward, banks and other players in the industry will be coming out with apps for merchants which will enable them to turn their phones or tablets into point-of-sale (POS) tools, negating the need for pin-pad devices. Already we are seeing this type of tech with the likes of Nedbank’s PocketPOS and this is set to explode in 2022.

We foresee this replacing POS machines used by smaller to medium businesses, much like the map apps on cell phones took the place of GPS navigation devices.

Banks have also been developing open payment Application Programming Interfaces (APIs). These are software intermediaries that allow two applications to talk to each other. The bank-developed open payment APIs allow users to pay directly out of their bank accounts while on a website without needing to go into their account and set up a predefined beneficiary or use their card.

2021 was the first year that banks put these APIs to test in the market and the use of this payment method will accelerate in the new year. While it will be used predominantly for e-commerce transactions, it will also start filtering into retail environments.

Linked to this is the development of a new and faster payment method called Rapid Payments by the Payments Association of South Africa (PASA), BankservAfrica and the banks which will be piloted in 2022, with market adoption expected in 2023. This will allow for money to be moved instantly from one’s account to another’s account or to that of a retailer.

The vision for Rapid Payments is for users to be able to transfer money just by using the recipient’s cell phone number and for the money to be deposited into their account within as little as 10 seconds.

Rapid Payments is expected to be a cost-effective payment method that banks will leverage as a tool to assist in digitising cash.

In the new year, we are hoping to see even more innovation arising from the establishment of a new Payments Industry Body (PIB) comprised of banks, payment solutions providers like Pay@, fintechs and other payment space participants.

Leask concludes by saying, “With these and other technologies coming to the fore, bill issuers and merchants are going to see money moving quicker and more cheaply. At the same time, it’s going to be safer and more convenient for the end consumer.”

The NetPOS Mini launched into the Nigerian market earlier this year, is a device that doubles as both a SmartPhone and a POS terminal, and offers multiple payment channels for merchants, including Cards, Account Transfers, QR codes and USSD payments.

Asides having NFC built in, pre-installed business apps and a merchant dashboard, the device can also be used by the merchants to take orders by call, text or iMessages.

It comes pre-installed with STORM, the Super Merchant app, which provides inventory management, payment integration with social media, and sales tracker all in one.

Speaking on the new banking product, Mr. Ebenezer Onyeagwu, the group managing director/chief executive of Zenith Bank Plc, said that: “SMEs remain the growth engine of any economy and Nigeria is no exception, with 96% of local businesses classified as SMEs according to the International Finance Corporation (IFC). This provides a huge space to deliver value and offer compelling propositions and engagement for business growth and contribute to national development”.

According to him, “the launch of the ‘SME Grow My Business’ product by the bank, therefore, stems from the desire to provide a unique platform for catering for the unique needs of SMEs who represent a major segment of the Nigerian economy”.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.

The Bank remains a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.