KOHO applies to become a bank

Summary#

15391326 Canada Inc., a wholly owned subsidiary of KOHO Financial Inc., says it will apply for letters patent to continue as a Schedule I bank under the Bank Act and operate in Canada as “KOHO Bank” / “Banque KOHO”. Any written objections must be sent to the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026. The notice does not mean approval is guaranteed.

What it does#

• Says the company will file an application with the Superintendent of Financial Institutions and seek the Minister of Finance’s approval to become a bank under the Bank Act.
• States the intended operating names: “KOHO Bank” (English) and “Banque KOHO” (French).
• Invites objections in writing to the Office of the Superintendent of Financial Institutions (OSFI) at 255 Albert Street, 12th Floor, Ottawa, Ontario K1A 0H2 by April 27, 2026.
• Notes that publication of the notice is not proof that the letters patent will be granted; approval depends on the normal review and the Minister’s discretion.

Who's affected#

• Customers and users of services run by KOHO Financial Inc. and 15391326 Canada Inc..
• People who want to comment or raise concerns about the company becoming a bank (they can submit objections to OSFI by April 27, 2026).
• Competing banks, fintech companies, and investors who follow changes in the Canadian banking landscape.
• Regulators and policy watchers monitoring new entrants into the banking sector.

Why it matters#

• If approved, the move would let a fintech-owned company operate as a federally regulated bank in Canada, which could change the products and protections available to KOHO’s customers.
• It signals further blending of traditional banking and fintech services in the market.
• Because this is an application stage, the outcome is uncertain; people concerned or interested should act before the April 27, 2026 objection deadline.