KOHO Applying to Become a Bank

Summary#

15391326 Canada Inc., a subsidiary of KOHO Financial Inc., says it will apply to the Minister of Finance to become a bank under the Bank Act and use the name “KOHO Bank” (English) and “Banque KOHO” (French). The public can send written objections to the Office of the Superintendent of Financial Institutions (OSFI) until April 27, 2026. The notice does not mean the change will be approved.

What it does#

• 15391326 Canada Inc. plans to file for letters patent to continue as a Schedule I bank under the Bank Act.
• If approved, it would operate in Canada under the names “KOHO Bank” and “Banque KOHO” and carry on the business of banking in Canada.
• The notice opens an opportunity for people to object by writing to OSFI before April 27, 2026.
• The company is identified in the notice as a wholly owned subsidiary of KOHO Financial Inc. with its head office in Vancouver, British Columbia.
• The notice warns that publication is not proof the letters patent will be issued; approval depends on the standard review and the Minister’s decision.

Who's affected#

• Customers of KOHO Financial Inc. and users of KOHO’s current services.
• People who watch or use fintech banking services and digital financial apps.
• Competitors in the banking and fintech sectors.
• Regulators and stakeholders who might want to submit objections to OSFI before April 27, 2026.
• It is unclear from the notice exactly which specific products or protections would change if the continuance is approved.

Why it matters#

• Becoming a bank would let KOHO expand or change how it offers financial services in Canada. That could affect fees, account types, and how products are delivered to customers.
• The move could increase competition in retail banking, especially in the fintech space.
• The public objection period gives individuals and organizations a chance to raise concerns or support before a final decision is made.