Between our own experience dealing with idiocracy, corruption, concerns about reserve balance and loan issuance (likely causing the Central Bank to force resolutions), Weno Bank, the modern tech’y bank that has been the go-to bank for new expats is simply not what they think it is…
According to what was indicated, the dividends were not to be distributed; however, in 2025 they were also paid. This situation generates concern. Are they squeezing money out without documenting it?
Story Time
If you go to Paseo La Galerias you will see one of the most impressive buildings in Asuncion (well… in Paraguay to be fair) and Weno’s bank there is no exception. It is very modern with some unique features such as very large old wooden doors, vines hung from the ceiling, and mirrors everywhere given the appearance of a larger room. It sort of feels like an art gallery or something was revamped into being a digital bank and truthful, it feels “modern” (never mind the fact that you’re in Paraguay…). The police, who are wearing bullet proof vests with no firearm give the illusion of modernity, security and advancement.
When you enter however, you’ll find two people seated there with a look on their face that they’re upset you decided to come as you made them have to look away from their phone. Either way, you’ll be directed to use a flat screen that will give you all the information you need if you’re clever with a smart phone. Either you decide to sit on your hands for 90 minutes in a lobby area where they have one person working and about 15 waiting at any given moment for a code, or you take initiative yourself to the next kiosk screen with the number you should have received to your smart phone in Step 1. Following the steps on the screen it enables you to be issued a card like candy from a vending machine, with a contract that you sign with a little pen and move on to the final kiosk where you “deposit” the contract and click accept on the screen.
It is quite possible (I did) to acquire a bank account without speaking to anybody ever. Zero human contact. Towards the back of the bank there are two ATMs where one can make deposits and withdraw cash. The security guard was eye-catching [when I was there] but you look again and see his shotgun shells draped across his chest like a Mexican revolutionary is all for show given that there’s no shotgun in sight.
I’ll spare you from hearing my complaints but it actually wasn’t this simple…every time we spoke to someone they either lied to us, didn’t understand [what a checking account was…or how to get an account that pays interest…yes…really], or misinformed us so we simply just lost time out of our day. The point I wish to illustrate here is how loose Weno bank operates, literally nobody is watching and its face of modernity makes it appear as though we’re somehow injected into the 1st world.
Weno bank has affiliations with nearly every major consumer item across the country as with major politicians (as I describe above). It’s therefore no surprise if we expect that funny business could occur with this new bank taking the country by storm.
The Hispanic Prosperity Gala 2026, held in the United States. Another one that was also “present” as the main sponsor was the Paraguayan bank Ueno Bank, which manages millions in funds from the IPS and is linked to the presidency of Santiago Peña.
Real Convenience?
Some banks are very reliant on technology to the point that it is impossible to open an account without a cell phone (your presence will never justify an account). In Paraguay there are 3 potential SIM card carriers.
One, works but there is a problem sending text messages from the bank to this cell phone provider. The bank blames the communications company who blames the bank–and nothing gets done. Classic.
The other phone carrier company will not accept any of my identification documents required to create an account (it is uploaded digitally and if the computer doesn’t verify it, then that’s it…)
The other had a similar problem where we were unable to proceed with activiating the SIM card. We called the number for assistance and the first thing she said was “Did you try to activate it following the instructions?” which is hilarious because the only way to view the number to call is after reading the instructions.
We explained the problem and the woman asked for the number we’re trying to register and the name to simply say “well you have to go through the instructions on registering the number you have in front of you”. We asked why did you bother to take our number and name in that case to which she answered that she wanted to verify the number was Paraguayan (oh yes, that’s right, get used to being treated like you’re an utter imbecile once and awhile…). She then insisted that the malfunctioning steps we were given were the only way we can register the number. We asked what the phone number support was for if she cannot register us manually and she said “in case you have any questions”. We realized we were dealing with a complete moron and gave up.
Weno did nothing to help in any registration process. After we managed to get the account up and running we wanted to do a transfer as well. The level of incompetency and confusion was so bad we had decided it was better to not bring money into this institution and deposit only what was in my wallet at the time. Others… weren’t so lucky.
Disclaimer
For the record, I hate banks. Because… well…banks hate me, and you, and your grandmother, and your neighbor and so on. Banks are merely extensions of government that are more interested in ripping people off via the pyramid eurodollar system and hybrid reserve system to trap customers rather than offering a sort of service. In banking, outside of private banking, you are merely a tool used for financial engineering–and it’s important to understand that any deposit made to a bank is a loan to that institution.
I’m not anti-Weno anymore than any other bank… Banks should be places where people can store real money (gold) and we pay interest for them doing so or receive interest if they wish to lend out that gold… but this can only be found with storage companies now (maybe). More on this in another article in the membership group! Again if you’re wanting to open up a safe, secured, unallocated, segregated gold depository in a top jurisdiction–I can assist you.
Back to Weno
The bank failure has left nearly 60% of the country’s adult population unable to access their accounts. Ueno Bank has around 3 MILLION customers and $2.8 BILLION in deposits, including hundreds of millions in public funds.
Balance Sheet as of 2025
- While the entity currently holds G. 4.7 trillion in public funds and from the IPS, its actual cash availability at the end of last year was only G. 620.515 billion.
Colocaciones netas” (Loans issued) → 1.83B USD (+70%)
- +70% is extremely fast loan growth.
This is the most important red flag area:
Especially if underwriting isn’t strict…Rapid loan growth = higher chance of bad loans later
Additionally, Weno are excited to talk about their 115% increase on net income, however numerous reports have highlighted say the bank is spreading large expenses over 20 years instead of recognizing them now–a sort of financial accounting trickery to continue to issue more debt. This makes profits look higher today than they really are according to standard accounting procedures.
It’s not only Weno, but the entire banking system is completely over extended
All, and then some, of the deposits are lent out again.
Weno had particularly attracted expats because of their massive discount partnerships with other companies all over the country. Ranging from shopping to gasoline to travel to grocer… there were incentives to “score” high on Weno for larger discounts. However it has become obvious now that this was merely a short-term ploy to get as much capital in as quick as possible, to write massive loans, run up the balance sheet and take one’s cut out of this giant pie.
It’s Paraguay after all
Few remember or are aware that more than 200,000 private bank transfer data, phone numbers and emails from ueno bank customers appeared leaked on the web in August of this year after an email sent to several media, authorities and the same bank. In response to publications on social networks, the bank issued a statement not knowing the incident had even taken place–and carried on as usual.
HispanicNomad on X
They told me they know somebody hacked into my bank account. They have PICTURES of the thieves withdrawing money from my account from an ATM. They acknowledge that this happened and my account was violated and money was stolen
BUT
They told me they have nothing to do with it, so I’m on my own. No money back, no nothing
BIG News
Around US$380 million in IPS pension funds is caught up in the crisis, and the Central Bank chief has resigned
A report recently read:
The Central Bank of Paraguay (BCP), by unanimous decision—as set forth in a resolution by its Board of Directors dated November 2, 2026—has initiated a resolution process for Ueno bank. This action follows the discovery that the bank’s solvency ratio had fallen below fifty percent (50%) of the required minimum, a result of adjustments made to its financial statements during a regularization process. The measure aims to address the bank’s situation in an orderly manner, protect depositors, and preserve the stability of the financial system. This process is governed by Law No. 2.334/03, “On Deposit Guarantees and the Resolution of Financial Intermediation Entities Subject to the General Law on Banks, Financial Companies, and Other Credit Entities.” The resolution process encompasses the actions stipulated by law to address the entity’s circumstances. Within this framework, the Superintendency of Banks will appoint interveners to verify the entity’s financial position as of the date of the resolution. The primary objective of these interveners will be to safeguard the entity’s assets and, within the scope of their legal authority, carry out the necessary steps to ensure the orderly conduct of the resolution process. Protecting depositors is a priority of this process. Under the applicable legal framework, deposits are guaranteed up to an amount equivalent to seventy-five (75) monthly minimum wages—for various unspecified activities—per natural or legal person at each financial institution. As of today, this limit amounts to 228,300,000 PYG. This coverage applies per depositor, per institution, rather than to each individual account. Furthermore, the BCP will implement the mechanisms provided for by law to seek the greatest possible protection for any balances that exceed the coverage provided by the Deposit Guarantee Fund (FGD). This measure is a response to the specific situation of the entity in question. The Central Bank of Paraguay (BCP) emphasizes that this is an isolated case and does not reflect a systemic condition within the Paraguayan financial sector. The BCP’s objective is to address this matter in an orderly fashion while maintaining confidence in the financial system. The BCP will conduct the process systematically and in strict compliance with the law. Decisions, the mechanisms to be implemented, and instructions for depositors will be communicated through the BCP’s official channels. Depositors and the public are advised to rely on these official communications and to avoid making decisions based on rumors or unverified information. The protection of depositors will be accompanied by an investigation into relevant responsibilities, within the scope of the BCP’s legal authority. Where appropriate, sanctions will be applied, and the relevant authorities will be notified. The Central Bank of Paraguay remains institutionally committed to acting firmly and responsibly to protect depositors and preserve financial stability.
Of course this was notified at 3:24AM too… classic Paraguay. At the time of writing there’s numerous protests all throughout the country since 60% of the country can’t get at their money and nearly all of their savings for a better life, a home, for family– has blown up.
March: 15% capital ratio.
Now: solvency below even half the legal minimum.
Scumbags
The final moments of the bank’s life, begging its customers to transfer their salary or even just 10 million to access an alleged refund…trying to squeeze their own customers till the very end, knowing what was coming.
Closing
People showing up to the country for the first time won’t notice the wolf in sheep’s clothing. In fact, they’ll be roped into the nice building, the easy tech’y setup and the temptation for large discounts.
With that said, I predicted to a friend that within the next 3 years Weno bank would blow up as it couldn’t service it’s own growth rate and that they were going to create bubbles that could no longer be managed. It would seem I was far too conservative in this prediction.
What it shows is a system built on speed, optics, and financial engineering, not on conservatism, resilience and organic growth–all of which would be a unicorn in Paraguay. When a bank is growing loans at 70%, smoothing expenses over decades, and operating in an environment where oversight feels optional, you’re no longer looking at a boring, stable institution—you’re looking at something far more fragile than it appears.
The polished floors, the digital kiosks, the “modern” branding—it all works to distract from the one thing that actually matters in banking discipline and wise capital allocation. And the result, we are seeing now. An already poor country has just got even more poor and insecure. At best, the Central Bank honors the deposit minimum coverage of around $38,000 USD equivalent).
Worse yet, I don’t think we can say Weno is the only financial institution operating like this. The broader system is stretched in the same direction: deposits recycled into loans at full tilt, liquidity thinner than it looks, and confidence doing most of the heavy lifting. The ideology is to the clouds–until we stop flying.
Because in banking, the moment perception shifts, reality tends to follow quickly behind it. And when that happens, it won’t be the architecture, the fancy building, the convenient applications or the growth rates that matter—it’ll be what’s actually there underneath–if anything is left (I suspect the building won’t be standing as the mob will decide to trash it)
As of now, the Central Bank is stealing the show and it remains to be seen what will be down with the bank–whether depositors (myself included) will be able to get their money at the end of the day–or whether this is an enormous heist, just like everything else in this landlocked country.
