The State Bank of Pakistan (SBP) has launched a landmark framework allowing teenagers to independently open and operate bank accounts and digital wallets, in a move aimed at promoting financial inclusion and digital literacy among the country’s youth.
Announced on Wednesday, the initiative is designed to help teenagers save securely, make transactions confidently, and develop responsible financial habits from an early age.
According to SBP, the new framework seeks to bridge a longstanding gap in Pakistan’s financial landscape, where teenagers have so far largely remained dependent on joint or parent-controlled accounts, limiting their direct engagement with formal financial services.
The central bank noted that while overall account ownership in Pakistan has risen to 67% of the adult population, the country’s teenage segment has remained underserved. With nearly 26 million Pakistanis between the ages of 13 and 18, the framework is expected to play a key role in building a financially literate and digitally skilled young generation.
Under the new framework, teenagers will be able to directly own and manage their accounts and wallets, encouraging financial responsibility and independence. SBP said the initiative has been introduced within a regulated environment to ensure secure and structured access to formal banking services.
The central bank added that the framework would also provide young people with the experience and tools needed to participate effectively in an increasingly digital economy.
SBP said the initiative is aligned with its Strategic Plan 2023-28 and the National Financial Inclusion Strategy (NFIS) 2024-28, both of which place strong emphasis on youth inclusion in the financial system.
The framework also builds on Pakistan’s international recognition in the field of youth financial inclusion, following SBP’s receipt of the AFI Global Youth Financial Inclusion Award last year.
Describing the move as more than just a new banking product, SBP said the framework represents a strategic step toward a more inclusive financial system and will strengthen the ability of young Pakistanis to access a wider range of services offered by banks and financial institutions.
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