Payments and Receivables Product Lead at CITIBANK

Following the appointment of the incumbent Cash Management Head into a new role, the headcount is being repurposed into a Payment & Receivable (P&R) Product Lead to align with the regional and Cluster structure for optimal effectiveness in the delivery of our Cash mangement products proposition in Nigeria.

This role will be responsible for developing and executing P& R strategy in NIgeria with matrix reporting into the P&R Head for Sub Sahara Africa, and reports into TTS Head. The position is critical to enlivening and executing the Global PnR transformation strategy, which seeks to build relevant new payments and collections propositions with a digital-first approach, by harnessing the use of  various technologies and trends (big data, cloud, mobile, AI, etc) to materially transform client experience .

The role requires a good understanding of  Bank’s infrastructure and process flows and the  Financial Market infrastructures of  Nigeria.The role will drive innovation through Partnerships that expedite time to market and increases revenue trajectory from clients. Further, the position takes lead in identifying investment requirements, building business cases and prioritizing investment spend and strategy for incremental and strategic innovation. The role also ensures better connectivity with the Cluster and Regional teams by bringing to the Regional team's table important and emerging client, competitive & market developments which present new opportunities for Citi.

This role translates a good understanding of the key trends in the payments  industry, direct competitors' products and services into identification of growth opportunity for Citi. It is a role that requires high levels of strategic communication on progress and priorities, to negotiate and influence at senior levels, as well as to champion and enthuse the P&R  team in ensuring focused execution. The role is responsible for end results: - meaning budgeting, planning, priritizing and execution; it is critical to managing operational risk in partnership with operations and technology, particularly in the areas of regulatory change and attendant risks, and cyber-risk and the impact of these risks on product design and performance. The role also provides critical governance oversight and risk management through processes like NPAC , MCA, PAP and Capabilities management, etc.

Responsibilities:

• Leads the overall performance of payments & receivables product suite, and monitors performance drivers for the products and portfolios
• Manages the investment spend strategy and process for incremental and strategic projects
• Leads a team that is responsible for the ongoing performance and maintenance of P& R products, including client experience, pricing, risk and distribution
• Ensures robust connectivity between the cluster and the regional product teams, by communicating important & emerging client, market, regulatory and strategic developments from the cluster to the region, and from the region and global teams, into  the cluster teams.
• Ensures sales and relationship managers are trained, and ready to identify client needs, and proposes solutions in line with business objectives
• Shapes and implements performance improvement strategies, with a specific focus on crosssell and integration, including the development of competitive analyses, market analyses, product development road maps, market plans, pricing strategies and product line extensions
• Champions change by leading  innovation through Partnerships and Alliances to quicken
• Keeps abreast of important developments in financial market infrastructures in the cluster, and shapes Citi's position and voice to  achieve progressive development
• Provides subject matter expertise and leadership to in-country product leads, through consistent coaching & upskilling, exposure to new solutions, product risk management
• Partners closely with sales teams to identify client opportunities and with the client management organization to meet with prospective clients and to size new opportunities
• Gathers market intelligence and develops sophisticated market sizing studies to identify the attractiveness of particular markets segments and product offerings
• Defines and analyzes sector trends, opportunities and issues, and creates business cases to drive investment decisions.
• Represent customer needs and provide strategic direction on product development features, functionality and overall competitiveness
• Build consensus and awareness of value proposition throughout the organization and key partners
• Ensures products are well represented in the distribution channel and to drive various initiatives for growth in specific verticals
• Develops and enhances Product Approval Programs and related processes, ensures products are delivered and adhere to all parameters globally
• Collaborates with cross-functional teams, including technology, operations, legal, implementations, and sales to deliver solutions for Citi clients
• Analyzes vertical/product specific P&L's to ensure goals are being met

Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.

Qualifications:

• First degree in a numerate discipline.  MBA or Professional Accounting qualification is an added advantage
• Candidates must also have a minimum of 15 years postgraduation experience, out of which at least 10 must have been in the banking industry
• Exceptional speaking and written communication skills.
• Strong listening skills and ability to influence key stakeholders.
• Exhibits credibility, flexibility and authenticity when communicating with clients, employees, internal partners, regulators, media, and other key stakeholders.
• Proven track record of developing and executing business growth strategieshe banking industry and at least 2 as Assistant General Manager.

Education:

• Bachelor’s degree/University degree or equivalent experience
• Master’s degree preferred

The payment and receivables landscape in Nigeria is fast evolving, driven in many parts by nascent technology, regulation, innovation and entry of dynamic non bank participants into the marketplace. These changes have catalysed  the modernization of the Financial Market Infrastructure and the concomitant digitzation of traditional  payment products. It has equally fuelled growth in Alternative Payments including Mobile Payments services and E-Commerce  and recently open banking and digital currencies. To take advantage of these changes, clients are also aggressively recalibrating their business models and adopting new products and solutions that  introduce efficiencies, visibility and control.

These factors come together to create a dynamic, competitive and challenging market place that requires undiluted focus of a P&R product manager  in order for Citi to maintain and grow  wallet share and position as a leader in this space. This role will report to the TTS Head and will work actively with the SSA P&R Products Manager and partners in the region to provide subject matter expertise support to the cash management product team in the country.  It is  a critical partner to the Corporate & FI sales organization in providing content and expertize in deal structuring / commercialization.  Its functions also include:

Managing (end-to-end) the bank’s payment products with a view to significantly growing  share of wallet of our customers’ cash management business and the corresponding revenues.

Identifying payment opportunities in the Nigerian market and develop products and processes with a view to significantly encourage the customers to adopt electronic payment methods and digitization initiatives. This will enable straight through processing thereby increasing the capacity of the bank to offer payment services to its customers, reduce operational costs to the bank and increase margins on payment products.

Develop partnerships with payment service providers to enable Citi indirectly access mass payment flows and opportunities in non-target market segments of the system.

Identify and aggressively drive growth and penetration of new payment channel opportunities in Nigeria.  Introduce, deploy and drive penetration of file services to improve Citi’s payment proposition.