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.
Home
Circulars
BPRD Circular No. 01
Teenager Account / Wallet
April 01, 2026
6692
The Presidents/ Chief Executives
All Banks / Microfinance Banks (MFBs) / Electronic Money Institutions (EMIs)
Dear Sir/Madam,
Teenager Account / Wallet
In order to promote financial inclusion and nurture saving habits among the adolescents between the age of 13 to 18 years, State Bank of Pakistan is pleased to introduce the framework for teenagers’ accounts/wallets. The framework aims to allow teenagers to open and operate their accounts in banks through a simplified and convenient mechanism. It also aims to provide hands-on banking experience to teenagers for the effective and responsible use of financial services, preferably through digital means.
a. Eligibility
Resident Pakistani teenagers from the age of 13 to 18 years.
b. Applicability and Scope
All Banks/ MFBs/ EMIs. The account/wallet will be opened in the name of applicant, individually or jointly. The account/wallet will be opened in local currency (PKR) only. It will be allowed to receive equivalent PKR of foreign remittances. The account/wallet will be a savings account by default, unless otherwise requested by the applicant.
c. Onboarding Channels
This account/wallet can be opened both in-person or remotely through any digital means.
d. Turn Around Time
Opening : The account/wallet shall be opened instantly upon completion of all requirements. However, in no case, the time to open the account/wallet can exceed two (02) working days.
Tracking ID : A tracking number shall be provided to the applicants against their submitted applications for status updates.
e. Identity Verification and other KYC Requirements
For Teenager Biometric verification where applicable, or alternate ID verification mechanism from NADRA
For Parent / Guardian Applicable CDD requirements for natural persons Indemnity by the parent/guardian through digital or physical means, accepting full legal responsibility for all actions related to the teenager’s account Declaration by parent/guardian regarding source of funds.
Other CDD requirements for teenager’s account/wallet including but not limited to Name Screening, Customer Risk Profiling and Transaction monitoring shall apply in accordance with SBP’s AML/CFT/CPF regulations as amended from time to time.
f. Value added Services
The account/wallet will be bundled with physical and/or virtual debit card(s). Online and internet/app enabled banking will also be offered with this account/wallet. However, following services shall not be offered: Cheque book or other negotiable instruments. Credit or overdraft facility.
g. Sustainability/ Continuity
Upon attaining the age of majority, the same account shall be converted into a regular account/wallet, after fulfilling the relevant regulatory requirements.
It is further clarified that the existing instructions on minor account opening shall also remain applicable.
Further, to create awareness among the masses and promote user acceptance of the teen account, banks shall initiate dedicated mass media campaigns and financial literacy drives.
Please acknowledge receipt
Yours sincerely,
Syed Mansoor Ali Director
Home — Circulars — BPRD Circular No. 01
Teenager Account / Wallet
April 01, 2026