KOHO seeks Schedule I bank charter

Summary#

15391326 Canada Inc., a subsidiary of KOHO Financial Inc., says it will ask the federal government to let it continue as a Schedule I bank under the name KOHO Bank (French: Banque KOHO) so it can carry on "the business of banking in Canada." The public can object in writing to the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026. The company’s filing is an application only — approval is not guaranteed.

What it does#

• The company will apply to the Minister of Finance for letters patent to convert itself into a federally chartered bank under the Bank Act and operate as KOHO Bank / Banque KOHO.
• If approved, that would let the company carry on banking business in Canada (the notice does not spell out specific products or services).
• Anyone who objects can send written comments to the Office of the Superintendent of Financial Institutions (OSFI) (address given in the notice) by April 27, 2026.
• The notice makes clear that publication does not mean approval — the decision depends on the normal review process and ministerial discretion.

Who's affected#

• Customers of KOHO Financial Inc. and people who use KOHO’s services could notice changes if the conversion goes ahead.
• The financial services / fintech sector and competitors may be affected by a new federally chartered bank entering the market.
• Regulators such as OSFI and the Minister of Finance are involved in reviewing and deciding on the application.
• The notice does not give details on exactly which products, protections, or account changes would follow, so it’s unclear how many individual customers or which business lines would change.

Why it matters#

• If the application is approved, KOHO would be able to operate as a federally regulated bank, which could change how its products are offered and how customer funds are held and overseen by regulators.
• That could affect competition in consumer banking and fintech services in Canada.
• For now, nothing has changed — this is a public notification of an application and not a final decision.