Regulatory Alerts2026-04-01 | BPRD Circular No. 01 of 2026Added · Updated
Teenager Account / Wallet Framework
The State Bank of Pakistan introduces a framework for banks, microfinance banks, and electronic money institutions to offer accounts or wallets to Pakistani residents aged 13 to 18. These accounts must be denominated in PKR, function as savings accounts by default, and be openable instantly or within two working days via in-person or remote channels. The framework prohibits cheque books, credit facilities, and overdrafts, while mandating parent or guardian indemnity and identity verification through NADRA. Existing instructions for minor accounts remain applicable, and institutions are required to conduct mass media campaigns to promote financial literacy.