Koho Financial can increase competition in Canada’s banking sector: CEO

Koho Financial is moving towards potentially obtaining a banking license and the company’s CEO believes it could increase competition in Canada’s banking sector. Last week, Bloomberg News reported that fintech firm KOHO will apply for a banking license with the Office of the Superintendent of Financial Institutions (OSFI) in a bid to become a Schedule 1 bank. It also plans to offer prepaid cards and lending services. Daniel Eberhard, founder and CEO of Koho Financial, told BNN Bloomberg that the company can serve a “specific need” in Canada’s banking sector and “having a banking licensee is a big part of our ability to do so.” “I think there is historically been a myth that somehow compet

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