Mybank presented the study Radiography of Informality in the Peruentrusted to Ipsos Peruas part of your contribution to the Ideas Bank Credicorp. Javier Ichazo, CEO of the entity, gives an account of the main findings.
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Mibanco has just presented the study Radiography of Informality in Peru that was commissioned from Ipsos, what is the objective?
The study is part of our contribution to society, which Credicorp promotes in each of its subsidiaries through the Ideas Bank. Although as Mibanco we know the reality of informality from our work, it is not necessarily visible to everyone. In fact, many people have been surprised by the study’s findings. With the publication, we have generated a report that has statistical rigor, that corroborates our perception, and that calls for action to change this reality.
Among the main findings of the research, which are the most notable?
The study is quite rich, there are several findings to be delved into. Among these, one that seems key to me is the fact that 9 out of 10 microentrepreneurs show a strong inclination towards the desire to formalize. That is to say, these people’s propensity to formalize is there. Therefore, the discussion should not be about how we convince them, but rather how we help them on that path, because the process is cumbersome, even abusive. The problem is in the obstacles, not in the propensity.
What other factors do you consider impeding formality?
The fact that the process is expensive. Not only because of the payments involved, but because of the opportunity cost. In this world of entrepreneurship, if the business closes, there is no food. Therefore, the possibility of stopping work to wait in line for a procedure is not viable.
What is needed to solve this problem?
I think a process of simplification of several things should be done. For example, something that the Ipsos study highlights and we constantly hear is the complaint of micro-entrepreneurs who want to have everything in order, but doing so is very cumbersome. Therefore, one of the key policies in this problem is to have a single window. That is, a unique, simple and easy process. All requirements that lead to formalization must be standardized. You cannot go from a world in which informality has predominated to another world that is perfect.
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However, does the study also show that very few are prepared to formalize?
Only 13% feel very prepared. And this is due to a lack of knowledge. A greater effort is required from the authorities to confront the problem. Misinformation makes people feel formality as unattainable. For this reason, Credicorp is putting the problem in black and white, what is up to the public sector is to collect the information, proposals, etc. This is a joint work.
What plans do you have with the studio?
Once we have the diagnosis we are going to deepen one of the aspects of this problem to be the articulators of the proposals and alternative solutions. That is the task ahead.
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