SBP facilitates teenagers to open bank accounts, digital wallets

The State Bank of Pakistan (SBP) said on Wednesday it has launched a new framework for teenagers’ accounts, enabling them to independently own and operate bank accounts and digital wallets.

In a press release, the SBP outlined the key features of the initiative, emphasising the goal of fostering a financially literate, digitally adept generation. "The framework is designed to empower the country’s youth to save securely, transact confidently and develop responsible financial habits," the SBP stated.

While adult account ownership in Pakistan has surged to 67%, teenagers have traditionally been confined to joint or parent-controlled accounts, limiting their financial engagement and learning. The new framework aims to fill that gap by providing Pakistan’s 26 million teenagers, aged 13 to 18, with the tools to save securely, transact confidently, and develop responsible financial habits, the SBP said.

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“By giving teenagers the ability to independently manage their finances, we’re not just preparing them for adulthood, but setting them on a path towards becoming responsible, digitally-savvy financial citizens,” it added.

It further said the initiative aligned with the SBP's broader financial inclusion strategy and formed a key part of its Strategic Plan for 2023-28. It also supported the National Financial Inclusion Strategy (NFIS) for 2024-28, which prioritised youth inclusion in Pakistan’s economic future.

Pakistan's commitment to youth financial empowerment was recognised internationally last year, with the SBP receiving the AFI Global Youth Financial Inclusion Award.

"The new framework is a continuation of our international efforts to build a financially inclusive society," the SBP added.

By creating opportunities for teenagers to engage directly with the banking system, the SBP said it was not only enhancing financial literacy but also laying the foundation for a digitally-skilled generation capable of driving future economic growth in Pakistan.