KOHO applies to become a Schedule I 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 to use the names KOHO Bank (English) and Banque KOHO (French). The notice was published on March 7, 2026 and invites written objections to the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026.

What it does#

• Asks the federal regulator to allow 15391326 Canada Inc. to continue as a Schedule I bank under the Bank Act.
• Proposes the banking trade names KOHO Bank and Banque KOHO.
• States the company is currently incorporated under the Canada Business Corporations Act and has its head office in Vancouver, British Columbia.
• Invites anyone with objections to send them in writing to OSFI (address given in the notice) by April 27, 2026.
• Notes that publication does not guarantee approval; final approval depends on the usual review and the decision of the Minister of Finance.

Who's affected#

• Customers and users of services from KOHO Financial Inc. could be affected if the company becomes a bank.
• People thinking about where to hold accounts or use fintech banking services.
• Competitor banks, fintech companies, and financial-sector observers who follow changes in market structure.
• Regulators and consumer-advocacy groups monitoring changes in who provides banking services.
• The notice does not specify exact product, fee, or deposit-insurance changes, so it is unclear precisely how individual customers would be affected until (and unless) the application is approved.

Why it matters#

• If approved, the company would be authorized to “carry on the business of banking in Canada,” which could change the way its services are regulated and what services it can offer.
• For customers, that could mean different oversight or new banking products; the notice does not spell out those specifics.
• The public has a limited window (until April 27, 2026) to object or raise concerns with OSFI before the application proceeds through the government review process.