The Ministry of Finance and Public Credit and the Regulatory Projection and Financial Regulation Studies Unit (URF) announced the draft decree that seeks to modify Decree 2555 of 2010 in relation to the financial portability scheme.
The initiative aims to establish a regulatory framework that guarantees the right of financial consumers to request the portability of their products, in compliance with the provisions of article 94 of Law 2294 of 2023.
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According to the document, Financial portability will allow consumers to transfer their financial products from one entity to another for freesecure and without operational barriers, along with the associated general and transactional information. This mechanism seeks to strengthen the freedom of choice of users and promote competition within the Colombian financial system.
The draft decree is structured as a use case of the open finance system, adopting a decentralized model based on the principles of interoperability, informed consent, traceability and technological neutrality.
According to the proposal, this approach will allow financial entities to interact directly with each other through secure and standardized mechanisms, guaranteeing transparency and protection of the financial consumer.
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With this initiative, the Government seeks to promote a financial system that is more competitive and inclusive, which facilitate consumer mobility and encourage innovation in the offering of financial products and services.
The URF invited citizens, financial entities and other interested actors to learn about the draft decree and its supporting technical document, which are available on the entity’s website. In addition, you can send your comments and observations until October 25, 2025.
Credit cards…
Financial portability in Colombia emerges as a measure aimed at strengthening competition and inclusion within the financial system. This concept, widely implemented in other countries, It seeks to enable consumers to transfer their financial products—such as credits or cards—from one entity to another without facing complex procedures.additional costs or unnecessary delays.
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Its main objective is to empower the user, allowing them to freely choose the institution that offers the best conditions in rates, services and benefits, without losing their history or relevant financial information.
In the Colombian context, This figure takes on special relevance in a market where, according to figures from the Financial Superintendencycompetition between entities still faces operational and technological barriers. Until now, changing banks or transferring financial products could involve long processes, additional charges or loss of information.
With the implementation of financial portability, the Government seeks to modernize the system and align it with international trends in open finance. where consumer data can be shared between entities with their consent, guaranteeing transparency and security.
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From an economic perspective, financial portability could energize the market by encouraging improvements in the offering of products and services by entities, for the benefit of the consumer. Besides, It is expected to contribute to financial inclusion, since a more competitive and accessible system would facilitate the entry of new users into the sector.. Taken together, this measure represents an important step towards the consolidation of a more equitable, digital and user-centered financial ecosystem.
VALENTINA DELGADILLO ABELLO
Portfolio Journalist
