SBP says teenagers can now independently own, operate bank accounts

The State Bank of Pakistan (SBP) on Wednesday launched 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 SBP, the move will build a financially savvy young generation.

“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 initiative addressed a critical gap in the country’s financial landscape.

“While overall account ownership of the adult population has risen to 67 per cent, teenagers have largely been confined to joint or parent-controlled accounts, limiting their practical financial engagement and learning,” the SBP said.

The central bank said that with around 26 million citizens between the ages of 13 and 18, the framework was 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 manage their accounts and wallets directly, fostering a sense of responsibility and ownership; secure and structured access — the framework ensures safety while introducing young users to formal financial services; and a foundation for digital economy — it equips the youth with the tools and experience necessary to participate in an increasingly digital financial ecosystem.

“The teenagers account framework is more than a new banking product — it is a strategic step towards a more inclusive financial system,” it added.

The SBP said that by empowering teenagers, the country was 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”.