Paraguayan President Santiago Peña announced his resignation on Thursday following the collapse of Ueno Bank, a major digital bank tied to his government. The crisis triggered widespread protests, froze millions of people’s savings, and cost Peña the support of his own Colorado Party. Minutes after his announcement, the lower house voted 78-0 to impeach him, sending the charges to the Senate.

Peña, a former International Monetary Fund economist, had enjoyed the backing of powerful politicians and was welcomed in Washington as a key ally of the Trump administration. However, the turmoil at Ueno Bank turned his party against him, with even his mentor, former President Horacio Cartes, backing impeachment.

Ueno Bank had exploded from an obscure finance company to a household name in less than five years, claiming more than 60% of Paraguay’s adults as customers. The bank’s rapid growth and importance, despite warnings about its lending practices, have been attributed to the close ties between Peña’s Colorado Party and the country’s regulators and business elite.

As the crisis unfolded, Ueno’s app, cards, and transfers went dark, and its branches locked their doors, leaving desperate depositors lined up outside. The state guarantee fund has been tasked with repaying stranded depositors within five business days, starting with small accounts.

Six Ueno executives have been jailed pending trial, and two others have been placed under house arrest. Prosecutors have charged 27 bank officials and associates with breach of trust and attempted fraud, alleging that Ueno made large loans to related companies without adequate guarantees and diverted some of the money to other group businesses.

Protesters, including Ueno employees who lost their jobs, have taken to the streets, demanding accountability and the return of their money. Many see the bank’s collapse as a case study in official corruption, with Paraguay ranking second-worst in South America on Transparency International’s latest index of perceived corruption.

The turmoil has also hit Paraguay’s currency, with the guaraní falling nearly 7% against the U.S. dollar this week. As the country grapples with the fallout from the Ueno Bank scandal, Vice President Pedro Alliana is expected to be sworn in as the new president, while opposition senators continue to demand a trial for Peña to prevent him from becoming a senator for life with legal protections.