SBP permits teens to run bank accounts

The State Bank of Pakistan (SBP) has introduced a new framework allowing teenagers to independently own and operate bank accounts and digital wallets, expanding access to formal financial services for younger users.

The central bank said the framework enables teenagers to save securely, transact confidently, and develop responsible financial habits, while providing early entry into the formal financial system and supporting their participation in the economy.

The initiative addresses a critical gap in Pakistan's financial landscape, where overall account ownership has risen to 67% of the adult population, but teenagers have largely remained confined to joint or parent-controlled accounts, limiting their practical financial engagement and learning.

With around 26 million Pakistanis between the ages of 13 and 18 years, the SBP said the framework is aimed at promoting financial literacy and digital capability among youth, equipping them to participate in economic activity.

Under the framework, teenagers will be able to manage their accounts and wallets directly, introducing a sense of ownership and responsibility. The accounts will operate within a regulated environment, ensuring safety while familiarising users with formal financial services.