KARACHI – The State Bank of Pakistan (SBP) has unveiled a new framework for teenagers’ accounts enabling them to independently own and operate bank accounts and digital wallets.
The framework is designed to empower the country’s youth to save securely, transact confidently, and develop responsible financial habits, the central bank said in a statement.
By providing a convenient entry into the formal financial system at an early age, the SBP aims to foster meaningful participation of teenagers in the economy. The initiative addresses a critical 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 |
