The State Bank of Pakistan (SBP) has introduced a framework for teenagers’ accounts, allowing individuals aged 13 to 18 to independently open and operate bank accounts and digital wallets.

 

According to an SBP statement issued Wednesday, the initiative is aimed at integrating teenagers into the formal financial system at an early stage.

 

“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 said.

 

It added that the framework addresses gaps in financial access for younger users, and while account ownership among the adult population has reached 67 percent, teenagers have mostly been limited to joint or parent-controlled accounts, restricting their direct financial use and learning.

 

The central bank said that there are around 26 million individuals between the ages of 13 and 18 in the country, adding that the framework is designed for “nurturing a generation that is financially literate, digitally adept, and capable of driving future growth”.

 

Under the framework, not only teenagers will be able to independently manage their accounts and digital wallets, but the system also includes structured access with safeguards intended to regulate usage while introducing users to formal banking services.

 

The SBP said that the initiative is intended to strengthen participation in the digital financial system by equipping young users with banking tools and experience.

 

“It is a strategic step towards a more inclusive financial system,” the statement said.

 

The central bank added that the framework is aimed at enabling teenagers to access financial services independently through banks and financial institutions.