KARACHI – In a significant step toward financial inclusion, the State Bank of Pakistan (SBP) has introduced a revolutionary framework allowing teenagers between the ages of 13 and 18 to independently own and operate their bank accounts and digital wallets.
Empowering the Next Generation According to the SBP, this new framework is designed to instill a sense of financial responsibility and independence in the youth. By allowing minors to manage their own finances, the central bank aims to bridge the gap between the younger population and formal financial services.
Key Features of the Framework The new policy grants teenagers full autonomy, meaning they can now be the primary operators of their accounts without constant parental intervention for every transaction. This move is specifically geared toward preparing the youth for the evolving digital economy while incorporating robust safety protocols and regulated access to ensure a secure banking environment for minors.
Impact on Pakistan’s Economy With approximately 26 million teenagers eligible to benefit from this initiative, the SBP envisions the growth of a financially savvy and digitally literate generation. This framework will provide independent and effective access to financial services, building a robust, youth-friendly financial system in Pakistan. This initiative is expected to significantly boost the country’s financial inclusion stats, bringing millions of young Pakistanis into the formal banking fold and setting the stage for a more documented economy.
