The SBP teen bank accounts digital wallets initiative marks a major step in expanding financial access for young people in Pakistan. The State Bank of Pakistan (SBP) has introduced a new framework allowing teenagers to open and manage their own bank accounts and digital wallets.
Under this policy, individuals aged 13 to 18 can access regulated financial services independently, bringing a younger population into the formal banking system. The central bank says the initiative aims to improve financial inclusion and empower youth with early access to financial tools. Teenagers will not only open accounts but also operate them independently within a secure system.
This move aligns with broader efforts to modernise Pakistan’s financial ecosystem and promote digital banking.
According to SBP, the framework is designed to encourage responsible money management. Young users will gain hands-on experience in saving, spending, and using digital financial platforms. By introducing financial habits early, authorities hope to build a more financially aware generation.
Officials emphasised that all services provided under this system will comply with existing regulations. Safeguards are in place to protect minors’ financial interests while ensuring a safe user experience. The inclusion of digital wallets alongside traditional accounts highlights the growing role of technology in banking services.
The initiative is part of SBP’s broader strategy to strengthen financial inclusion across Pakistan, especially among underserved segments such as youth. Separately, the central bank has maintained its policy rate at 10.5 per cent, citing global economic uncertainty and rising costs. Inflation also increased from 5.8 per cent in January to 7 per cent in February.
The SBP reported improved financial indicators, including foreign exchange reserves rising to $16.3 billion as of February 27. Additionally, large-scale manufacturing showed modest growth, while GDP growth for the first half of the fiscal year reached 4.8 per cent. The current account recorded a surplus of $121 million in January 2026. Private sector credit also increased significantly, reflecting stronger lending activity across the economy.
