SBP allows teenagers to independently open, operate bank accounts

In an important move to build a financially savvy young generation, the State Bank of Pakistan (SBP) on Wednesday introduced a new framework for teenagers’ accounts, enabling them to independently own and operate bank accounts and digital wallets.

According to a statement issued by the central bank, the framework is designed to empower the country’s youth to save securely, transact confidently, and develop responsible financial habits.

“By providing a convenient entry into the formal financial system at an early age, the SBP aims to foster meaningful participation of teenagers in the economy,” the statement read.

It further said that the initiative addresses a critical gap in Pakistan’s financial landscape. “While overall account ownership has risen to 67% of the adult population, teenagers have largely been confined to joint or parent-controlled accounts, limiting their practical financial engagement and learning.”

The central bank said that with around 26m Pakistanis between the ages of 13 and 18 years, this framework is an effort for nurturing a generation that is financially literate, digitally adept, and capable of driving future growth.

Key features of the New Framework include: ownership and independent operation — teenagers can now manage their accounts and wallets directly, fostering a sense of responsibility and ownership.

Secure and structured access: Built within a regulated environment, the framework ensures safety while introducing young users to formal financial services.

Foundation for digital economy: Equips the youth with the tools and experience necessary to participate in an increasingly digital financial ecosystem.

The SBP said that the teenager account framework is more than a new banking product — it is a strategic step towards a more inclusive financial system.

“By empowering teenagers, Pakistan is building a stronger and financially literate youth having the capacity to independently and effectively access a variety of financial services being offered by banks and financial institutions,” the statement concluded.