KOHO, a leading Canadian money management app, has announced its membership with Payments Canada as a supervised Payment Service Provider (PSP), marking a significant step in its growth and increased involvement in Canada’s evolving payments ecosystem.

Payments Canada is responsible for owning and operating the core clearing and settlement systems that facilitate the secure and efficient movement of money across the Canadian economy. Through this membership, KOHO will actively participate in Payments Canada’s governance, policy development, and various payments modernization initiatives, including the application process for the forthcoming Real-Time Rail (RTR) system.

Daniel Eberhard, Founder and CEO of KOHO, stated that joining Payments Canada reflects the company’s growth within Canada’s financial landscape. He added that the membership will enable KOHO to accelerate operations, provide more efficient financial services, and generate value for Canadians, emphasizing that greater access and competition strengthen the payments system, support economic growth, and contribute to a better financial future for both consumers and businesses.

Donna Kinoshita, Chief Payments Officer at Payments Canada, highlighted the positive impact of extending access to national systems to include payment service providers. She noted that KOHO’s commitment to innovation and its focus on offering money management tools for Canadians are consistent with Payments Canada’s objectives of fostering a more competitive and inclusive payment ecosystem. Kinoshita also acknowledged KOHO’s interest in applying to participate in their systems, including the Real-Time Rail, as efforts continue to enhance the speed and efficiency of payments for all Canadians.

Founded in 2014, KOHO has developed a suite of financial tools aimed at assisting Canadians in managing their finances with confidence and transparency. Over the past year, KOHO has expanded its offerings to include high-interest savings accounts, cash back rewards, credit-building features, and joint accounts. By becoming a member of Payments Canada, KOHO aims to enhance its capabilities while contributing to a more resilient, inclusive, and innovative payments ecosystem for both businesses and consumers.