The State Bank of Pakistan (SBP) has introduced a new regulatory framework allowing teenagers to independently open and manage bank accounts and digital wallets. The move aims to integrate young Pakistanis into the formal financial system and promote financial literacy from an early age.
Previously, teenagers in Pakistan could only access parent-controlled or joint accounts. The new SBP framework grants full operational control to individuals aged 13 to 18, a population estimated at around 26 million. This initiative allows teenagers to save money, make independent transactions, and gain exposure to digital payments safely.
SBP’s plan is part of its Strategic Plan 2023–28 and the National Financial Inclusion Strategy 2024–28. Both initiatives prioritize youth onboarding into formal banking channels to strengthen Pakistan’s digital economy. By enabling early financial participation, the central bank hopes to cultivate responsible money management habits among young Pakistanis.
Under the new framework, teenagers can own bank accounts and digital wallets, conduct online transactions, and use savings tools. Banks will offer products tailored to youth customers, ensuring that services are relevant and accessible. The SBP framework also emphasizes supervision and security, protecting minors while encouraging independent financial activity.
The initiative is backed by SBP’s Prudential Regulations, which set safeguards to ensure account safety, transparency, and sound banking practices. Banks must implement strict customer verification, Know Your Customer (KYC) procedures, and continuous account monitoring. These measures prevent misuse and maintain public confidence in the banking system.
SBP officials stated that youth financial empowerment is essential for Pakistan’s long-term economic growth. Early exposure to formal banking is expected to increase digital payment adoption, enhance financial awareness, and encourage responsible participation in the economy.
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By enabling teenagers to actively engage with the financial system, SBP aims to prepare the next generation of Pakistani citizens for a more financially literate and digitally connected future. This regulatory framework marks a significant step toward broader financial inclusion in the country.
