Renmoney

Senior Product Manager – Savings Products

Renmoney

full-time

Posted on:

Location Type: Hybrid

Location: Lagos • Nigeria

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Job Level

Senior

About the role

  • 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
Applicant Tracking System Keywords

Tip: use these terms in your resume and cover letter to boost ATS matches.

Hard Skills & Tools
Product ManagementFinancial analysisData-driven decision-makingProduct Requirement Documents (PRDs)Customer retention strategiesDeposit product managementRisk managementCompliance managementLiquidity managementInterest rate analysis
Soft Skills
Strong written communicationStrong verbal communicationStrategic thinkingExecution capabilityHigh sense of ownershipAccountabilityInterpersonal skillsLeadershipCollaborationProblem-solving