Scotiabank partners with Nova Credit to improve digital credit access

26% of economically invisible families are immigrants

Credit invisibility, which refers to the absence of a credit record, poses a significant challenge for newcomers to Canada. This is because gaining access to the formal credit system typically demands a local credit history. A Statistics Canada report that analysed data from 2015 to 2019 revealed that around 26% of economically invisible families in Canada were immigrants. 

Since launching the Nova Credit partnership in 2023, Scotiabank has supported newcomer clients to access their foreign credit reports, allowing them to request credit or higher limits—up to twice the amount they would have received otherwise.

Scotiabank offers additional support for newcomers, including:

• StartRight® Programme: provides personalised assistance, a no-fee chequing account for one year, access to credit and savings accounts, no-fee international money transfers, and financial advice.

• Advice+ Centre: helps newcomers understand Canadian banking products and services.•Scotia Smart Money: a digital budgeting app that allows clients to manage their finances effectively.

• ScotiaRISE: a 10-year, USD 500 million initiative aimed at increasing economic resilience for disadvantaged groups, including newcomers settling in Canada.

Scotiabank officials have stated that Canada depends on the achievements of its immigrant population and the contributions they make to the economy. In an increasingly digital world, moving to a new country no longer means having to restart one's financial history. By accessing their foreign credit report through Nova Credit's credit service, individuals can better assess their credit risk. This ultimately facilitates a quicker transition into life in Canada.