SBP takes step to financially empower teenagers in Pakistan
The State Bank of Pakistan has
introduced a new initiative enabling teenagers aged 13 to 18 to independently
open and operate their own bank accounts and digital wallets.
This move marks a major step toward
financial inclusion, allowing young people to manage their finances directly
while building early habits of saving and responsibility.
The “Youth Bank Accounts Pakistan”
initiative is expected to bring around 26 million teenagers into the formal
banking system for the first time. Previously, most minors relied on joint
accounts operated with their parents or guardians.
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Under the policy, banks will offer
tailored services for young users, including digital wallets, savings products,
and online transaction facilities. The initiative is also part of a broader
strategy to expand Pakistan’s digital economy and promote financial inclusion.
To ensure safety, banks will
implement strict security measures, including mandatory identity verification
and continuous monitoring of accounts. Proper record-keeping systems will also
be maintained to prevent misuse.
Experts believe the initiative will
significantly boost financial awareness among youth and empower them to play a
more active role in the country’s economic future.
Source:
hamariweb