Paraguayan President Santiago Pena has announced his resignation, bowing to mounting political pressure following the collapse of the digital lender ueno. The financial crisis, which left millions of customers unable to access their accounts, triggered widespread protests and prompted the opposition to initiate an extraordinary session in Congress to pursue an impeachment motion against the president.
In a video-recorded address delivered on Thursday, Pena explained that his decision was made to ensure the stability of the country, maintain social peace, and protect democratic institutions. The resignation follows a significant loss of support from members of his own conservative party earlier that same day. Vice President Pedro Alliana is expected to take office as his successor.
Pena, who is an ally of US President Donald Trump, faced intense scrutiny from lawmakers regarding allegations of institutional cover-ups, the misuse of pension funds, and conflicts of interest linked to the lender. Ueno had expanded rapidly from a niche fintech firm into a mid-tier bank, managing approximately $850 million in public funds. In his final statement, Pena expressed his hope that the return of these funds would be guaranteed and that the deposit guarantee fund would fulfill its purpose to protect the resources belonging to all Paraguayans.
The crisis was set in motion when the central bank of Paraguay intervened in ueno’s operations after determining the company had failed to meet minimum solvency requirements. This intervention resulted in a freeze that left roughly 3 million customers—in a nation of 6.5 million people—unable to access their money. As of Thursday, ueno had not issued any public statement regarding the situation.
