Banking for All: How Toronto’s KOHO is Expanding Financial Access for Underserved Canadians

When KOHO and Canada Post launched the MyMoney™ account earlier this year, their goal was to create a more inclusive financial landscape, especially for Canadians in rural, remote, and underserved communities. The results speak for themselves. Since its rollout, the partnership has enabled over 63,000 transactions and moved more than $30 million in volume through Canada Post locations across the country.

For KOHO, a Toronto-based fintech founded in 2014 with over 2 million customers nationwide, the initiative is a natural extension of its mission to make financial services fair, transparent, and accessible.

“Millions of Canadians are underbanked, overcharged, and underserved,” says Daniel Eberhard, CEO of KOHO. “Partnering with Canada Post allows us to bring modern financial tools to communities in a way that’s practical, grounded, and built for the realities of everyday Canadians.”

Through the MyMoney™ program, people can open an account, deposit funds, and access spending and savings features at post office counters in their own communities. With a prepaid Mastercard and interest-earning savings, the service is an affordable alternative to traditional banking. It also builds on Canada Post’s longstanding role in supporting financial access, especially in places where major banks have scaled back their presence.

For communities that have relied on payday lenders or faced long trips to reach the nearest bank branch, the KOHO-Canada Post partnership offers a much-needed shift. It combines the strength of a trusted public institution with the innovation of a Canadian technology company.

This collaboration is a reminder that inclusive innovation doesn’t always require starting from scratch. Sometimes, it means rethinking how existing institutions can work together in new ways to meet longstanding needs. In doing so, KOHO and Canada Post are proving that Canadian fintech can scale with impact—and help ensure every Canadian has a fair shot at financial stability.

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This article is part of CCI’s new “By Canadian Innovators” series, which showcases how members of the Council of Canadian Innovators work with homegrown companies to fuel their growth and make Canada more prosperous. Each story in this series highlights the unique contributions of these companies to building a more prosperous, innovation-driven economy. To learn more about the companies CCI works with to build a more prosperous Canada, visit our member directory.