SBP Enables Teenagers to Open Bank Accounts and Digital Wallets

The State Bank of Pakistan (SBP) has introduced a new framework allowing teenagers to open and manage their own bank accounts and digital wallets. This initiative aims to equip young Pakistanis with the knowledge and tools to manage their money responsibly and develop good financial habits from an early age.

In an official statement, the SBP said the framework will empower teenagers to save securely, make transactions confidently, and learn financial discipline. “By giving teenagers the ability to independently manage their finances, we’re not just preparing them for adulthood, but also setting them on a path to become responsible, digitally-savvy financial citizens,” the bank added.

SBP Enables Teenagers to Open Bank Accounts and Digital Wallets

Traditionally, teenagers in Pakistan could only operate joint or parent-controlled accounts, which limited their exposure to financial management. While adult account ownership in the country has risen to 67 percent, young people aged 13 to 18 have had fewer opportunities to engage with the formal financial system. The new framework targets this gap, aiming to provide Pakistan’s 26 million teenagers with direct access to banking services.

Under the new framework, teenagers can now open accounts on their own, apply for digital wallets, and perform basic banking transactions. The SBP has stressed that these accounts are designed to be safe and easy to use, allowing young account holders to build confidence in managing their finances while staying protected from risks.

This initiative is part of SBP’s broader financial inclusion strategy and aligns with its Strategic Plan for 2023-28. It also supports the National Financial Inclusion Strategy (NFIS) for 2024-28, which focuses on including youth in Pakistan’s economic growth and ensuring that young people have access to financial services.

The SBP’s commitment to youth financial empowerment has been recognized globally. Last year, the bank received the AFI Global Youth Financial Inclusion Award for its efforts to promote financial literacy and inclusion among young people. The new framework builds on these achievements, reflecting Pakistan’s dedication to creating a financially inclusive society.

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Experts say this step could have long-term benefits for the country’s economy. By allowing teenagers to handle their own accounts, the initiative not only teaches financial responsibility but also encourages digital literacy. Early engagement with digital banking can help young people develop skills needed for the future workforce and foster a culture of saving and investment from a young age.

Parents and educators have welcomed the move, noting that it encourages teenagers to make informed decisions about money while remaining supervised through secure systems. The SBP has also emphasized awareness campaigns to guide teenagers and their families on the proper use of digital financial tools.

In conclusion, the SBP’s framework marks a major step forward in youth financial inclusion in Pakistan. By giving teenagers access to their own accounts and digital wallets, the bank is helping build a generation that is financially responsible, digitally competent, and prepared to contribute to the country’s economic growth.