SBP opens doors for teenagers to access bank accounts, digital wallets

KARACHI: The State Bank of Pakistan (SBP) has introduced a new framework aimed at expanding financial access for young individuals, allowing teenagers to open and manage their own bank accounts and digital wallets, ARY News reported.

Under the initiative, individuals aged 13 to 18 will now be able to independently access regulated financial services. The move marks a significant step toward integrating younger segments of the population into the formal banking system.

According to SBP, the framework is designed to promote financial literacy and encourage responsible money management habits among youth. Teenagers will be permitted not only to open accounts but also to operate them independently, within a secure and regulated environment.

The SBP emphasized that the initiative seeks to equip young individuals with practical financial experience at an early age, helping them better understand saving, spending, and digital financial tools.

Officials said the new system will ensure that all services provided to minors remain compliant with existing regulatory standards, while also safeguarding their financial interests.

The introduction of digital wallets alongside traditional banking options reflects a broader push to align Pakistan’s financial ecosystem with evolving global trends, particularly in digital finance.

SBP reiterated that the framework is part of its wider strategy to enhance financial inclusion across the country, with a specific focus on empowering the younger generation through structured and secure access to financial services.

Also Read: State Bank announces latest monetary policy

Earlier, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) had decided to keep the policy rate unchanged at 10.5 percent, citing global economic uncertainties driven by the ongoing conflict in the Middle East and rising costs of fuel, logistics, and insurance.

The central bank highlighted that inflation in Pakistan surged from 5.8 percent in January to 7 percent in February, reflecting growing pressure on households and businesses.

As of February 27, the SBP’s foreign exchange reserves increased to $16.3 billion, signaling improved liquidity. Large-scale manufacturing (LSM) recorded modest growth of 0.4 percent in December 2025, while overall GDP growth for the first half of the current fiscal year (July–December 2025–26) stood at 4.8 percent.

In January 2026, the current account showed a surplus of $121 million, and the GDP growth for the fiscal year is projected to range between 3.75 and 4.75 percent.

The central bank also noted that private sector credit increased by Rs790 billion as of February 20, indicating stronger lending activity in the economy. The SBP aims to raise foreign exchange reserves to $18 billion by the end of the fiscal year.