On August 4, 2026, the Ministry of Finance executed Decree 977, which amends Decree 2555 of 2010 by adding Chapter 8 to Title 8 of Book 35 of Part 2, thereby establishing the regulatory framework for financial portability as a service within the open finance system. The decree is grounded in Article 94 of Law 2294 of 2023 (National Development Plan), which establishes the right of financial consumers to request the transfer of financial products between supervised entities, and entered into force the day following its publication.
Financial portability is defined as the right of the financial consumer to request at any time the transfer of financial products held with an originating entity (supervised by the SFC) to a destination entity (also supervised), together with the information associated with the financial portability certificate. The purpose of the new chapter is to establish the regulatory framework for this right, guaranteeing conditions of transparency, interoperability, consumer protection, and free choice.
The new framework applies to all entities supervised by the Financial Superintendence of Colombia (SFC) that participate in the open finance system and offer financial products subject to portability. Specifically, the following products are covered: (1) commercial credit products (excluding credits placed through rediscount); (2) consumer credit products; and (3) mortgage credit products, including housing leasing.
The decree establishes a principle of gratuity: the portability process may not generate costs, penalties, or additional charges to the financial consumer, without prejudice to costs associated with the transfer, appraisal, assignment, or subrogation of guarantees. Portability of mortgage credits will not generate notarial fees, registration fees, or stamp taxes. The consumer may withdraw at any time before the offer is presented without costs or negative credit reports.
The portability procedure follows six steps: (1) The consumer submits a request to the destination entity; (2) The destination entity requests the portability certificate from the originating entity, which has a maximum of 3 business days to send it; (3) The destination entity conducts a portability study within 30 calendar days when payroll deductions or guarantees with registration/inscription are involved, or 5 calendar days in all other cases; (4) The destination entity communicates the decision, stating reasons if negative or presenting an offer if positive; (5) The consumer has 5 business days to accept or reject the offer; (6) If accepted, the destination entity formalizes the product opening and the originating entity issues a clearance certificate (paz y salvo).
The financial portability certificate is the document through which the originating entity provides the destination entity with the necessary information. Its minimum content includes: (i) identification of the product and holder; (ii) outstanding balance; (iii) product characteristics; (iv) associated payments and fees; (v) existence of guarantees; and (vi) transaction history for the last 12 months. The certificate is valid for 30 calendar days when guarantees with registration exist, or 5 calendar days in other cases. Its issuance does not constitute an offer or acceptance.
The portability offer must contain economic conditions, interest rates, terms, commissions, associated costs, validity period, and applicable terms. The offer is irrevocable once communicated to the consumer.
The decree establishes 12 duties for participating entities, including: interoperability; available channels for consumer guidance; secure and free access to information; prohibition of barriers to portability; clear and complete information; complaint handling protocols; due diligence; verification of certificate information; mechanisms for cancellation or disaffiliation related to global guarantees or collective insurance; change of beneficiary in individual insurance; and mechanisms for structured or securitization schemes.
The decree also introduces additional modifications to Decree 2555 of 2010: (a) Addition of paragraph (l) to Article 2.28.1.2.1, allowing the lessee to port a housing leasing contract; (b) Modification of Article 2.28.1.3.1, permitting the transfer of real estate assets under housing leasing in the context of financial portability; and (c) Addition of paragraph 4 to Article 2.35.8.2.1, formally including the financial portability service within the open finance framework.
Regarding timelines and transition regime: (a) Entities must enable access to portability certificate information within 12 months from the issuance of standards (the SFC may extend this by an additional 6 months); (b) The SFC will include the portability scheme in the standardization schedule within 2 months following publication of said schedule; (c) The SFC will publish the portability certificate standards and define the information to be reported within a maximum of 24 months from the decree’s entry into force.
In this context, financial entities should: (a) review and adjust their technology systems to ensure interoperability; (b) adapt internal origination and client onboarding processes to incorporate the portability study; (c) prepare consumer communication, complaint handling, and service protocols; (d) review contractual conditions of credit products to ensure they do not contain barriers to portability; (e) monitor SFC timelines for the issuance of standards and adjust implementation schedules accordingly; and (f) train internal teams on the portability procedure and associated duties.