The State Bank of Pakistan (SBP) has announced a new initiative to allow teenagers to open and manage bank accounts and digital wallets. Individuals aged 13 to 18 can now access regulated financial services independently. The move aims to integrate young people into Pakistan’s formal banking system and improve financial literacy.
Under the new framework, teenagers can open accounts, operate them independently, and use digital wallets safely. SBP officials said the system helps teenagers learn how to save, spend, and use digital financial tools responsibly. “This initiative equips young people with practical financial experience early in life,” an official said.
The SBP emphasized that all services will comply with existing regulations and protect minors’ financial interests. The framework encourages safe use of digital wallets and aligns Pakistan’s financial system with global trends.
Parents and schools are expected to guide teenagers as they start using these accounts. Experts believe the initiative will promote responsible money management habits. Teenagers will gain firsthand experience with saving, budgeting, and online payments.
This initiative is part of SBP’s broader strategy to increase financial inclusion across the country. By providing young people with structured access to financial services, SBP hopes to create a generation that is financially aware and capable.
The move also comes amid ongoing challenges in Pakistan’s economy. Inflation rose from 5.8 percent in January to 7 percent in February, putting pressure on households. The SBP’s foreign exchange reserves increased to $16.3 billion as of February 27, signaling improved liquidity.
Large-scale manufacturing grew by 0.4 percent in December 2025, while GDP growth for July–December 2025–26 stood at 4.8 percent. The current account showed a surplus of $121 million in January 2026, and private sector credit increased by Rs790 billion by February 20. The SBP aims to raise foreign exchange reserves to $18 billion by the end of the fiscal year.
Financial experts say the initiative could have long-term positive effects. Early exposure to banking and digital wallets will help teenagers become financially responsible adults. It will also reduce reliance on informal financial methods among young people.
The SBP framework is being rolled out gradually across banks nationwide. Banks will provide guidance to teenagers and their parents to ensure smooth adoption. The initiative offers a secure, regulated environment for youth to learn and practice money management.
Parents and educators have welcomed the step. They believe it empowers teenagers while teaching them essential life skills. The initiative also helps teenagers navigate digital finance safely, preparing them for a more connected financial future.
This move marks a significant milestone in Pakistan’s financial sector. By combining digital innovation with youth empowerment, the SBP aims to create a financially aware generation ready to take charge of their financial lives.
