SBP launches bank account opening facility for teenagers

The State Bank of Pakistan (SBP) has launched a new framework for teenagers’ accounts, enabling them to independently own and operate bank accounts and digital wallets.

The framework is designed 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 SBP 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 the 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 between the ages of 13 and 18 years, this framework is an effort to nurture a generation that is financially literate, digitally adept, and capable of driving future growth.

Teenagers can now manage their accounts and wallets directly, fostering a sense of responsibility and ownership.

Built within a regulated environment, the framework ensures safety while introducing young users to formal financial services. 

Equips the youth with the tools and experience necessary to participate in an increasingly digital financial ecosystem.