Paraguayans living in Pedro Juan Caballero, a city on the border between Paraguay and Brazil, suffered losses after the crisis involving the digital bank Ueno, which has around 3 million customers in the country. The financial institution, the largest issuer of credit cards in Paraguay, is facing financial problems and is the target of investigations.
After adjustments to its balance sheets, the bank's solvency ratio, which measures its ability to honor financial commitments, fell to less than half the minimum required by authorities.
The crisis also had political consequences. This Thursday (5), the president of Paraguay, Santiago Peña, resigned from his position amid the political crisis triggered by the closure of bank units, which left thousands of customers without access to their own money.
However, the Paraguayan Congress suspended the session that would decide on the resignation request. The vote was interrupted after deputies from the Colorado Party, Peña's party, left the plenary, causing the loss of the quorum necessary to continue the work.
Peña was a shareholder in the controlling group of Ueno bank. The opposition accuses the Central Bank of Paraguay of covering up irregularities.
Customers report losses and lack of information
University student Yeniffer Mendoza had an investment of 1 million guaranis, equivalent to around R$900, but the balance disappeared from the bank's app.
"I have 1 million. I did, right? My father works at the bank, so he told me and my mother. When I woke up, I looked at my cell phone and the app wasn't working and the balance we had disappeared," he told g1.
According to Yeniffer, her mother also lost the money she invested and it was worth more than hers.
"We hope to be able to recover the money. People who have little money will recover. But those who have more than 500 million will lose around 50%, as they said", he highlighted.
Administrative assistant Elias Ruiz has maintained investments in the bank for two years. He works at a university located opposite a branch of the institution, and monitored the movement of customers in the days leading up to the closure.
On Monday (2), he observed the presence of many people at the agency. On Tuesday (3), the unit closed at around 7am.
In an interview with g1, Elias stated that he did not expect the situation to reach this point. He said he suffered losses with the closure and that he did not receive guidance from the bank on how to proceed. According to him, he was informed of a 15-day deadline to try to recover part of the amount invested.
Warehouse worker Marco Antônio Vilhalba, who does not have an account with Ueno, also followed the developments of the crisis. He said that the Paraguayan population was surprised by the situation, mainly because, a week before, the president had stated that everything was fine and that customers could trust the institution.
Investigations and measures to protect depositors
Given the situation, the Central Bank of Paraguay initiated a procedure to protect depositors and limit possible impacts on the financial system. The Public Ministry also requested the opening of a criminal investigation and ordered the arrest of eight people linked to Ueno.
In recent months, the bank has already been under greater supervision. Regulatory bodies were investigating whether the institution had indirectly financed the sale of a portfolio of assets from a company linked to Grupo Vázquez, the bank's controller. The institution denied the operation.
The case also caused tension for Peña's government and raised questions about Paraguay's reputation as a destination for foreign investment in South America, especially resources from Brazil.
In this context, the then Paraguayan president asked Carvallo to resign. The head of the Central Bank commanded Ueno himself until August 2023. Both he and the monetary authority had been criticized by parliamentarians in relation to the institution's supervision.
Peña also maintained a link with the controlling group of Ueno, of which he was a partner until March 2025.
The bank manages approximately US$850 million in public resources in Paraguay. On Tuesday (3), customers looked for the institution's branches, but found the doors closed.
In response to the crisis, Peña announced an agreement with Congressional leaders to speed up voting on a bill that authorizes the use of the country's Guarantee Fund to make payments to depositors.
He also stated that the measure should ensure the return of public resources, including amounts held by the Social Security Institute (IPS) and other public pension funds.
