Teenagers can now independently own and manage bank accounts: SBP

The State Bank of Pakistan (SBP) on Wednesday introduced a new banking framework designed specifically for teenagers, allowing them to open and manage their own bank accounts and digital wallets without relying on parents or guardians.

In an official statement, the central bank said the initiative is aimed at helping young people develop stronger financial skills from an early age. 

“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 statement noted.

Tweet by SBP

Officials highlighted that the move seeks to fill an important gap in Pakistan’s financial system. While access to banking has expanded significantly among adults, younger users have not had the same level of independence. “While overall account ownership of the adult population has risen to 67 per cent, teenagers have largely been confined to joint or parent-controlled accounts, limiting their practical financial engagement and learning,” the SBP explained.

With an estimated 26 million people in Pakistan between the ages of 13 and 18, the central bank said the framework is intended to help build a generation that is comfortable with both finance and technology. It described the effort as one focused on “nurturing a generation that is financially literate, digitally adept, and capable of driving future growth.”

Under the new system, teenagers will be able to take direct control of their accounts, a step the SBP says will encourage responsibility and independence. At the same time, safeguards have been built in to ensure secure access while gradually introducing young users to formal banking services. The framework also aims to prepare them for a future shaped by digital finance, giving them early exposure to tools and systems increasingly used in the wider economy.