KARACHI: The State Bank of Pakistan (SBP) has announced a significant move to simplify banking for teenagers.
Under the new policy, minors aged 13 to 18 can now independently open and operate individual bank accounts and digital wallets.
The initiative aims to enhance financial literacy among young people by giving them controlled and secure access to banking services. Teenagers will be able to manage their accounts themselves while remaining under a regulated framework designed to promote responsible financial habits.
A spokesperson from the SBP explained that this measure is part of a broader effort to provide safe financial services to the youth, helping them develop accountability and money management skills from an early age.
The framework is expected to empower teenagers, providing them with practical experience in managing finances while ensuring adequate safeguards against misuse.
