A Legal Examination of the Status of Minors under the Regulatory Framework Governing Neobanks
Document Type : Original Article
Author
PhD Sstudent in Family Law Studies, Shahid Beheshti University, Tehran, Iran.
Abstract
With the expansion of digital banking and the emergence of neobanks, providing financial services to children has encountered numerous legal challenges. While these services can enhance financial literacy, promote a savings culture, and increase children's economic responsibility, the absence of clear legal frameworks may lead to financial abuse and violations of children's rights. This study, using a descriptive-analytical method, examines the restrictions on payment instruments and withdrawal limits for children in neobanks and analyzes the legitimacy of these regulations from the perspectives of civil law, jurisprudential principles, and public interest. In this regard, the 1978 Law on Opening Savings Accounts for Minors and the 2022 Central Bank Directive on Banking Services for Persons under Legal Disability have been reviewed. The findings indicate that these regulations are primarily mandatory in nature, aiming to protect children's financial interests and mitigate risks associated with improper financial management. The legal analysis of payment instruments and withdrawal limits suggests that imposing such restrictions is justified within jurisprudential and legal principles, including public interest and the protection of minors. Furthermore, the age-based classification for granting banking services to children is structured based on legal and jurisprudential criteria, such as the age of discretion. Additionally, any agreement between parents and banks to entirely remove these restrictions lacks validity and contradicts mandatory banking regulations. Ultimately, the study recommends the development of financial education programs for children and parents and the utilization of advanced monitoring technologies, such as artificial intelligence, to enhance financial awareness and enable intelligent oversight of children's banking transactions.
Keywords
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