Senior Product Manager - Savings Products at Renmoney

Description

Product Strategy & Ownership

• Own the end-to-end strategy for Renmoney’s savings products, including:
  • Everyday savings accounts
  • Fixed or term deposits
  • Structured and goal-based savings products
  • Future diaspora savings offerings
• Translate Renmoney’s 2025–2027 long-term business strategy into a clear product roadmap for savings.
• Ensure savings products support:
  • Deposit growth
  • Lower funding costs
  • Healthy balance between short-term and long-term funds
• Define product value propositions for different customer groups such as individual retail customers, small and medium-sized businesses, and Nigerians in the diaspora.

Balance Sheet & Commercial Performance

• Work closely with the Finance and Treasury teams to:
  • Improve the mix between on-demand savings (money customers can withdraw anytime) and fixed deposits (money locked for a specific period)
  • Reduce the Cost of Funds (COF), which means how much the bank pays customers for deposits
  • Model how pricing, interest rates, and savings tenors affect profitability and liquidity
• Own key savings performance metrics, including:
  • Total deposits and monthly net inflows
  • Average balance per customer
  • Cost of Funds (interest paid on deposits)
  • Customer retention and churn (how many customers stay or leave)

Execution & Delivery

• Lead cross-functional execution with:
  • Engineering (software development)
  • Design (user experience and interface)
  • Risk Management
  • Compliance (regulatory adherence)
  • Operations and Customer Support
  • Marketing and Growth teams
• Write Product Requirement Documents (PRDs) that clearly describe what is being built and why.
• Prioritize features and initiatives based on customer value, risk, effort, and business impact.
• Ensure savings features are reliable, scalable, compliant with regulations, and easy for customers to use.

Governance, Risk & Compliance

• Represent savings products in the Product Governance Council (PGC), which is the internal committee that reviews, approves, and governs all product changes.
• Participate in Asset and Liability Committee (ALCO) sessions, where senior leaders manage:
  • Liquidity (availability of cash)
  • Interest rate risk
  • Funding strategy
• Ensure savings products comply with:
  • Central Bank of Nigeria (CBN) regulations
  • Nigeria Data Protection Regulation (NDPR), which governs customer data privacy
  • Internal audit, risk, and control frameworks
• Proactively identify risks, trade-offs, and dependencies before they become issues.

Customer Experience & Growth

• Improve savings adoption through:
  • Simple and clear onboarding
  • Smooth funding and withdrawal experiences
  • Transparent communication of interest, penalties, and terms
• Use savings as a foundation to cross-sell other products such as loans and payments.
• Work with the Analytics team to understand customer behavior and lifetime value.

Requirements

• 6–10+ years of Product Management experience
• Direct experience with banking, savings, or deposit products
• Experience working in regulated financial institutions such as banks, microfinance banks, or fintechs
• Proven ability to own products that impact revenue and the balance sheet
• Experience working closely with Finance, Risk, and Compliance teams

Skills & Competencies

• Strong understanding of financial concepts such as interest rates, liquidity, and funding costs
• Data-driven decision-making combined with sound professional judgment
• Ability to operate at both strategic and execution levels
• Strong written and verbal communication skills, including with executive leadership
• High sense of ownership and accountability

Success Metrics (First 12–18 Months)

• Consistent growth in customer deposits
• Improved funding efficiency through a better deposit mix
• Strong adoption and retention of savings products
• On-time delivery of roadmap initiatives that meet regulatory and audit requirements
• Clear, trusted product leadership in executive and governance forums

Nice-to-Have

• Experience with diaspora banking or international savings products
• Exposure to senior financial decision-making forums such as ALCO
• Experience in fast-growing fintech or digital banking environments
• Familiarity with analytics, experimentation, and customer insight tools

Key Stakeholders

• Head of Product
• Finance and Treasury teams
• Risk Management and Compliance teams
• Engineering and Design teams
• Marketing and Growth teams
• Executive Management, including:
  • Chief Executive Officer (CEO)
  • Deputy Chief Executive Officer
  • Asset and Liability Committee (ALCO)
  • Product Governance Council (PGC)