Senior Product Manager - Savings Products

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.

• 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)

Why Join Renmoney

• Opportunity to shape the savings foundation of a modern Nigerian digital bank

• High visibility and direct impact on business performance

• Strong governance, leadership support, and product culture

• A role that combines product leadership, financial performance, and customer impact