KARACHI: The State Bank of Pakistan (SBP) has rolled out a new framework allowing teenagers to independently open and operate bank accounts and digital wallets, in a move aimed at expanding financial inclusion.
In a statement, the SBP said the initiative is designed to help young people manage money securely, carry out transactions with confidence, and build responsible financial habits from an early age.
The SBP said the framework will provide teenagers with easier access to the formal banking system, enabling them to participate more actively in the economy.
The SBP added that the initiative seeks to address a longstanding gap in Pakistan’s financial landscape.
| Category | Details |
|---|---|
| Eligibility | Resident Pakistani teenagers, aged 13-18 years |
| Applicability & Scope | All Banks/MFBs/EMIs; Individual or joint account; Local currency (PKR); Receive foreign remittances in PKR; Default savings account |
| Onboarding Channels | Open in-person or remotely through digital means |
| Turn Around Time | Instant opening upon completing requirements; Max 2 working days; Tracking number provided for application |
| Identity Verification & KYC | Teenager: Biometric verification or NADRA ID check Parent/Guardian: CDD requirements, indemnity, declaration of fund source; Name screening, risk profiling & transaction monitoring per SBP AML/CFT regulations |
| Value Added Services | Physical/virtual debit card; Online/app banking; No cheque book or negotiable instruments; No credit/overdraft facility |
| Sustainability/Continuity | Converts into a regular account/wallet at adulthood after fulfilling regulatory requirements |