TITLE: Colombia's Financial Regulation Unit Implements Financial Portability Decree to Enhance Market Competition
BODY:
On August 6, 2026, Colombia's Financial Regulation Unit (URF) announced the issuance of Decree 0977 of 2026, which regulates financial portability across the Colombian financial system. The decree enables financial consumers to transfer certain financial products between entities free of charge, securely, and without operational barriers, strengthening consumer choice and promoting greater competition among financial institutions.
Financial portability forms part of Colombia's mandatory open finance framework, established through Decree 0368 of 2026. The regulatory framework aims to create a more open, competitive, and innovative financial system by enabling data usage and expanding consumer options. The decree adopts a decentralised model based on interoperability, informed consent, traceability, and technological neutrality principles, allowing financial entities to exchange information through secure and standardised mechanisms while protecting consumer data.
The portability process operates as follows: consumers submit portability requests to their destination entity, which then requests a portability certificate from the origin entity within three business days. The destination entity evaluates the request and presents an offer within five calendar days (or up to 30 calendar days for products backed by payroll deductions or registered guarantees). Consumers have five business days to accept or reject the offer. The process incurs no costs, penalties, or negative credit reporting for consumers, though costs associated with guarantee transfers may apply where applicable.
Eligible products include commercial portfolio credit (excluding rediscount operations), consumer portfolio credit, and mortgage portfolio credit, including residential leasing. The regulation aims to expand financial inclusion, encourage innovation, and facilitate access to improved financial services for all Colombians by strengthening consumer choice and lowering barriers to market entry for new competitors.