KOHO seeks Schedule I bank status

Summary#

15391326 Canada Inc., a wholly owned subsidiary of KOHO Financial Inc., says it plans to apply to become a Schedule I bank under the Bank Act and to operate as KOHO Bank (English) and Banque KOHO (French). The notice asks for any written objections to be sent to the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026. The notice itself does not mean approval will be granted.

What it does#

• Announces an intended application to OSFI for the Minister of Finance to issue letters patent continuing 15391326 Canada Inc. as a Schedule I bank under the Bank Act.
• Says the company would carry on the business of banking in Canada under the names KOHO Bank / Banque KOHO.
• Invites written objections to the application to be sent to OSFI (address given in the notice) on or before April 27, 2026.
• Clarifies that this is a planned application only. Any approval depends on the normal review and the Minister’s discretion.

Who's affected#

• Current and potential customers of KOHO Financial Inc., who may notice changes if the company becomes a bank.
• The fintech and banking sector, which may watch for a new Schedule I bank entrant.
• OSFI and the Minister of Finance, who will review and decide on the application.
• Members of the public who want to raise objections — they have until April 27, 2026 to do so.

Why it matters#

• If approved, the change would let 15391326 Canada Inc. operate as a full domestic bank under the Bank Act, which can change how its services are regulated and delivered.
• That could affect where customers hold accounts and how those accounts are supervised — but the notice does not say exactly what services would change.
• The public has a specific window (until April 27, 2026) to object, so this is a point where community concerns can be raised before any decision is made.