Senior Product Manager - Savings Products
RenmoneyRenmoney

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