SBP allows teenagers to independently open, operate bank accounts

KARACHI: The State Bank of Pakistan (SBP) has launched a new regulatory framework enabling teenagers to independently open and operate bank accounts and digital wallets, in a move aimed at strengthening youth financial inclusion and promoting early financial literacy.

Under the initiative, individuals aged 13 to 18 will be able to own and manage their accounts directly, marking a significant shift from the previous practice where minors were largely restricted to joint or parent-controlled accounts. The central bank said the framework is designed to help young people develop responsible financial habits, save securely and participate more actively in the formal economy.

Pakistan has approximately 26 million teenagers within this age bracket, many of whom have so far had limited exposure to practical financial services. While overall account ownership in the country has risen to 67 percent of the adult population, teenagers have remained on the periphery of the banking system, highlighting a major gap in financial inclusion.

The SBP said the new framework ensures that teenagers’ accounts will operate within a fully regulated and secure environment, providing structured access to financial services while safeguarding against misuse. The initiative is also intended to prepare young users for participation in an increasingly digital financial ecosystem by familiarising them with digital payments and mobile banking tools at an early stage.

The policy forms part of the central bank’s broader reform agenda under its SBP Strategic Plan 2023-28 and the National Financial Inclusion Strategy 2024-28, both of which prioritise expanding access to financial services among youth and underserved segments of society.

The move also builds on Pakistan’s growing international recognition in youth financial inclusion, following the SBP’s receipt of the Alliance for Financial Inclusion (AFI) Global Youth Financial Inclusion Award last year.

SBP officials said the teenagers’ account framework represents a long-term investment in building a financially literate and digitally capable young population, which will support sustainable economic growth and deepen the country’s financial system over time.

Copyright Business Recorder, 2026