Igloolik, Nunavut, gets its first bank branch

There is now a physical bank in Igloolik, Nunavut — a first for the community. 

The First Nations Bank of Canada opened a branch in the community in a "soft launch" this summer, but officially opened this week. 

Moshi Kotierk, who lives in Igloolik and runs a small business there, said it's long overdue. 

"My employees, quite often, when I first hire them they don't have bank accounts," Kotierk said. 

"I was happy," he added. "We've heard for a lot of years that it was going to be opening."

The bank, which is located inside the community's Co-op grocery store, was supposed to open earlier, but was delayed after the building burned down in 2021.

"Our wait had to be extended for several years," Kotierk said. 

He said typically when his company hires people, the first thing they do is help them set up bank accounts online.

"I'm hoping to be able to go into a branch, opening a bank account will be easier," he said. 

Although banking can be done online, Kotierk said branches often require clients to physically go into a location for certain services. 

"When you don't have a branch in your community, or a bank in your community, that's hard to do."

Leigh Solomon, vice president of retail banking at First Nations Bank of Canada, said the bank has two customer service representatives on site and operates like a regular branch would. 

He also said the fire delayed the construction and reopening, but that process restarted again when the Co-op was recently rebuilt. 

"There's always challenges opening these sort of things in the North," Solomon said. 

"It's a challenge in the North just with internet connectivity."

Solomon said there are no plans to open another branch yet, but they're in discussion with shareholders and stakeholders in the North. 

"Just the expense … for organizations and small businesses it's quite expensive. We do see the need for it." 

Solomon said a celebration to mark the opening of the bank will be held at a later date.