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.

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