SBP launches teen banking framework to promote financial literacy

ISLAMABAD: The State Bank of Pakistan (SBP) has said it launched a new initiative on Wednesday, allowing teenagers aged 13 to 18 to independently open and manage bank accounts and digital wallets. The move aims to promote financial inclusion, digital literacy, and responsible money habits among the country’s youth.

Currently, while 67 per cent of adults in Pakistan have bank accounts, teenagers are largely restricted to joint or parent-controlled accounts.

This limits their direct engagement with formal financial services and their ability to develop practical money management skills.

With around 26 million citizens in this age group, the SBP sees early financial empowerment as crucial for nurturing a generation that is financially aware and digitally skilled.

Under the new framework, teenagers will enjoy several key benefits. They will have full ownership and control of their bank accounts and digital wallets, fostering independence and financial responsibility. They will gain secure, structured access to banking services, allowing them to safely navigate the formal financial system. The framework will also provide exposure to digital payments and online transactions, building a foundation for participation in Pakistan’s expanding digital economy. Additionally, banks will offer products specifically tailored to meet the needs of young customers.

In a move to build a financially savvy young generation, SBP has launched a new framework for teenagers’ accounts, enabling them to independently own and operate bank accounts and digital wallets. See PR: https://t.co/lOgGG3kxJe pic.twitter.com/bwIgWIcOOf

— SBP (@StateBank_Pak) April 1, 2026

The initiative operates under SBP’s Prudential Regulations, which provide safeguards to ensure transparency, security, and sound banking practices. Banks are required to verify customer identity, follow strict Know Your Customer (KYC) procedures, monitor accounts continuously, and maintain robust compliance mechanisms to prevent misuse.

Officials from the SBP described the framework as more than a banking product; it is a strategic step toward building an inclusive financial system. By empowering teenagers to manage their own accounts, the central bank hopes to instil financial responsibility, encourage a culture of savings, and prepare young citizens to actively participate in the country’s economy.

This initiative is part of the SBP’s Strategic Plan 2023–28 and the National Financial Inclusion Strategy 2024–28, both of which prioritise onboarding youth into formal banking channels and building a digitally capable, financially literate generation.