KARACHI: The State Bank of Pakistan (SBP) has launched a landmark framework allowing teenagers to independently own and operate bank accounts and digital wallets. This initiative marks a significant shift in Pakistan’s financial landscape, where teenagers were previously restricted to joint or parent-controlled accounts, often limiting their practical engagement with formal banking.
According to a statement issued by the SBP on Wednesday, with approximately 26 million Pakistanis aged between 13 and 18, the SBP aims to bridge a critical gap. While adult account ownership has climbed to 67%, this new framework is designed to empower the youth to save securely and develop responsible financial habits. By providing early entry into the formal financial system, the central bank intends to nurture a generation that is both financially literate and digitally adept.
The new framework focuses on three core pillars: independent ownership, allowing teens to manage their wallets directly; secure and structured access within a regulated environment; and the creation of a foundation for the digital economy. These features are intended to give young users the tools necessary to participate in an increasingly digital financial ecosystem.
This initiative serves as a cornerstone of the SBP’s Strategic Plan 2023-28 and the National Financial Inclusion Strategy (NFIS) 2024-28. It also builds on Pakistan’s growing international reputation in the sector, following the SBP’s receipt of the AFI Global Youth Financial Inclusion Award last year. More than just a banking product, the framework is viewed as a strategic step toward a more inclusive financial system, ensuring the youth have the capacity to effectively access a variety of services offered by financial institutions.
