The State Bank of Pakistan (SBP) unveiled a new initiative on Wednesday that enables teenagers between the ages of 13 and 18 to independently open and manage their own bank accounts and digital wallets. This move is designed to enhance financial inclusion, digital literacy, and responsible money management among the country’s youth.
Currently, while 67 percent of adults in Pakistan hold bank accounts, teenagers mostly have access only to joint or parent-controlled accounts. This restriction limits their direct interaction with formal financial services and hinders the development of practical financial skills.
With approximately 26 million individuals in this age bracket, the SBP considers early financial empowerment essential to cultivating a generation that is both financially knowledgeable and digitally proficient.
Under the new framework, teenagers will gain full ownership and control over their bank accounts and digital wallets, promoting independence and accountability. They will receive secure and structured access to banking services, enabling them to confidently navigate the formal financial system. The initiative also introduces young users to digital payments and online transactions, laying the groundwork for their involvement in Pakistan’s growing digital economy. Banks will offer products specifically tailored to meet the unique needs of young customers.
Operating under SBP’s Prudential Regulations, the framework ensures transparency, security, and sound banking practices. Banks must verify customer identities, adhere to strict Know Your Customer (KYC) protocols, continuously monitor accounts, and maintain strong compliance measures to prevent misuse.
SBP officials emphasized that this framework represents more than just a banking product; it is a strategic effort to build an inclusive financial ecosystem. By empowering teenagers to manage their own accounts, the central bank aims to foster financial responsibility, encourage saving habits, and prepare young citizens to actively engage in the national economy.
This initiative aligns with the SBP’s Strategic Plan 2023–28 and the National Financial Inclusion Strategy 2024–28, both of which prioritize integrating youth into formal banking channels and developing a digitally capable, financially literate generation.
