The State Bank of Pakistan (SBP) has unveiled a new framework for teenagers’ accounts, enabling them to independently own and operate bank accounts and digital wallets. This initiative aims to empower teenagers to save securely, transact confidently, and develop responsible financial habits.

Teenagers aged 13 to 18 can now open accounts on their own and apply for digital wallets, targeting the 26 million teenagers in Pakistan. This significant change provides them with direct access to banking services, a shift from the previous system where they could only operate joint or parent-controlled accounts, limiting their exposure to financial management.

The framework is part of SBP’s broader financial inclusion strategy and aligns with its Strategic Plan for 2023-28. By providing a convenient entry into the formal financial system at an early age, the SBP aims to foster meaningful participation of teenagers in the economy.

According to recent statistics, only 67 percent of adults in Pakistan own bank accounts, highlighting the need for initiatives that engage younger populations. The SBP has received the AFI Global Youth Financial Inclusion Award for its efforts to promote financial literacy and inclusion among young people.

This initiative includes structured access with safeguards intended to regulate usage while introducing users to formal banking services. By giving teenagers the ability to independently manage their finances, the SBP is not just preparing them for adulthood but also setting them on a path to become responsible, digitally-savvy financial citizens.

Details remain unconfirmed regarding the specific implementation timeline and the full range of services that will be available through these accounts. However, the SBP’s commitment to enhancing financial literacy and inclusion for youth marks a significant step forward in the country’s banking landscape.