Law 15,252, enacted in 2025, establishes the possibility for retirees and pensioners of the National Institute of Social Security (INSS) to freely change banks for receiving their benefits. This measure, which begins to take effect in 2026, is expected to change the dynamics of the financial market aimed at the social security public throughout Brazil.
Meanwhile, the National Monetary Council (CMN) is responsible for regulating this portability by April, anticipating the legal deadline of 180 days set for May. The definition of criteria will be decisive in determining which institutions can participate in the competition for these clients, especially given the large benefit portfolio managed by the INSS, estimated at R$ 466 billion accumulated over the last five years.
Currently, only traditional banks with physical presence authorized by the INSS can receive the portability of these payments, which limits the entry of digital banks that operate 100% online. However, the Ministry of Finance proposes to expand this scenario, authorizing institutions without physical branches to provide this service, which could provoke significant changes in the sector.
This change, however, raises concerns from the Ministry of Social Security and the INSS itself, which fear that greater openness could compromise oversight and increase the risks of fraud. In the first four months of 2025, more than 35 thousand complaints of irregularities related to social security benefits were registered, which heightens the sensitivity of the issue for regulatory bodies.
Furthermore, the so-called payroll auction, which currently generates billion revenues for the government, may be impacted. This is because if digital banks are allowed to operate without a direct link to the INSS and without complying with rules such as maintaining branches and in-person service, there could be a decrease in interest to participate in these auctions, changing the financial structure of the market.
Agibank, an institution that went public on the New York Stock Exchange (NYSE) in February this year and whose shares have fallen more than 30%, has already expressed expectations for the maintenance of minimum criteria for physical presence. It is believed that the continuity of these requirements will restrict the performance of exclusively digital banks, thus limiting the growth potential of this modality in the benefits market.
Finally, the ongoing regulation should clarify the conditions for digital banks to receive benefits without direct contracts with the INSS, an aspect that still causes debate among economic agents and regulators. The completion of the process depends on the CMN’s deliberation, which should establish the final rules of portability and define the eligibility of financial institutions in the coming days.
Context and Reactions from the Financial Market and Regulators
BTG Pactual assessed that the probability of the proposal to change the INSS portability advancing in its current form is low. A bank consulted by BTG, which preferred not to be identified, highlighted practical difficulties in implementing the new model, especially regarding the in-person withdrawal of benefits in cash, still common among many retirees.
The Central Bank (BC) has not yet issued an official position on the changes, but the institution’s president, Gabriel Galípolo, has signaled the need for dialogue with national economic courts for a harmonized understanding. Furthermore, Galípolo confirmed meetings with Minister Alexandre de Moraes to discuss regulatory matters and urged Congress to approve the proposed constitutional amendment (PEC) defining new powers for the BC during the Parliamentary Inquiry Commission (CPI) on Organized Crime.
The Ministry of Finance argues that opening portability would increase competition in the financial sector, which could lead to a reduction in regulatory costs for banks and lower participation in benefit auctions. On the other hand, the Ministry of Social Security and the INSS itself warn of an increased fraud risk to beneficiaries, especially given the greater exposure provided by a more flexible model.
In general, the current model requires the physical presence of retirees at branches due to the in-person withdrawal of benefits, hindering a rapid transition to digital portability. Additionally, there is concern that the change could exclude retirees with difficulties accessing technology, a sensitive point raised by sector specialists.
Fintechs such as Nubank and PagBank emerge as potential competitors, betting on fully digital operations. This encourages innovation and self-regulation, which has contributed to reducing abusive practices in the market. However, the traditional financial sector closely monitors the possible consequences for its businesses, as the change could impact billions of reais in revenues and the functioning of benefit auctions.
According to a report by Valor Econômico, the National Monetary Council (CMN) is expected to address the regulation of the matter still in April 2026, possibly before the 180-day maximum deadline set forth in Law 15,252/25. Law 15,358/2026 also reinforces the obligation of financial institutions in combating organized crime, which adds an essential regulatory layer for the sector during this transition.
