KOHO Seeks Federal Bank Charter

Summary#

15391326 Canada Inc., a wholly owned subsidiary of KOHO Financial Inc., says it will apply to the Superintendent of Financial Institutions (OSFI) and the Minister of Finance to continue as a Schedule I bank under the name KOHO Bank (English) / Banque KOHO (French). The notice sets a deadline to file written objections by April 27, 2026. The publication does not mean the application will be approved.

What it does#

• 15391326 Canada Inc. will seek letters patent to continue as a bank under the Bank Act and to carry on banking business in Canada.
• The company will apply through the Office of the Superintendent of Financial Institutions and the Minister of Finance.
• Anyone who objects can send written comments to the Office of the Superintendent of Financial Institutions (OSFI) at the address in the notice, no later than April 27, 2026.
• The notice itself is informational; approval depends on the government’s normal review and discretion.

Who's affected#

• Customers of KOHO Financial Inc. and users of KOHO services are the most likely to notice changes.
• Competing fintech firms and banks will watch for a new federally chartered bank entering the market.
• Regulators and financial-sector observers will be involved in the review process.
• It is unclear from the notice exactly which products or services would change or when they would start if the application is approved.

Why it matters#

• If approved, KOHO becoming a Schedule I bank could let it offer a wider range of banking services than it does now. That could give customers more options and increase competition in retail banking.
• For KOHO users, the change could affect where and how their accounts and services are provided — but the notice does not say what specific new services will be offered or when.
• There is a formal window to object or comment (deadline April 27, 2026), and publication alone does not mean the change will happen.