The new banking services are available through a partnership with Toronto-based fintech Koho. Canadians can add money to their accounts by visiting a Canada Post office or through Koho’s app, which will extend banking services to people in rural, remote and Indigenous communities, the postal service said in a release. (The Logic)

Talking point: Canada Post’s new MyMoney Account has some important differences from a traditional bank account. Canada Post is not a bank and neither is Koho, although the fintech is seeking a banking licence. A group of financial institutions will technically hold the funds as deposits. Only MyMoney Account customers who choose the interest-earning option will have their deposits protected by the Canada Deposit Insurance Corporation. Canada Post already provides financial services including remittances, money orders and prepaid reloadable cards. A previous partnership between TD Bank and Canada Post offering affordable small consumer loans ended in 2023 months after it launched.

Correction: Peoples Trust provides money movement services to Koho that Canada Post MyAccount customers can use, but is not one of the financial institutions that hold their funds as deposits. Incorrect information appeared on the Canada Post website. This story has been updated.