Senior Product Manager - Savings Products
Renmoney · Lagos
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)
Benefits
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