The State Bank of Pakistan (SBP) on Wednesday launched a new framework for bank accounts of teenagers, enabling them to independently own and operate bank accounts and digital wallets.
The framework aims to empower the country’s youth to save securely, transact confidently, and develop responsible financial habits. By providing a convenient entry into the formal financial system at an early age, the central bank aims to foster meaningful participation of teenagers in the economy
The initiative addresses a critical gap in Pakistan’s financial landscape. While overall account ownership has risen to 67% of adult population, teenagers have largely been confined to joint or parent-controlled accounts, limiting their practical financial engagement and learning. With around 26 million Pakistanis aged 13-18 years, this framework is an effort to nurture a generation that is financially literate, digitally adept, and capable of driving future growth.
Under the new framework, teenagers can now manage their accounts and wallets directly, fostering a sense of responsibility and ownership. The framework, according to the SBP, is built within a regulated environment, ensuring safety while introducing young users to formal financial services.
The initiative also helps equip youth with the tools and experience necessary to participate in an increasingly digital financial ecosystem.
This new policy marks a cornerstone of SBP’s Strategic Plan 2023-28 and the National Financial Inclusion Strategy 2024-28, which prioritize youth inclusion. It also builds on Pakistan’s internationally recognized efforts in this area, following the SBP’s receipt of the AFI Global Youth Financial Inclusion Award last year.
The Teenagers Account framework represents a strategic step towards a more inclusive financial system. By empowering teenagers, Pakistan is building a stronger and financially literate youth base with the capacity to independently and effectively access a variety of financial services being offered by banks and financial institutions.