Senior Product Manager - Savings Products at Renmoney

Renmoney - We are a passionate team determined to challenge the status quo and make financial inclusion count for the millions of under-banked individuals and small business owners in Nigeria. We provide loans, savings, and fixed deposit solutions to our customers. Our vision is to be the most convenient lending company, delivering outstanding service experiences.

We are recruiting to fill the position below:

Job Title: Senior Product Manager - Savings Products

Location: Lagos
Employment: Full-time

Description
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.

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

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

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
What’s In It For You:

• Opportunity to build products customers use every day
• High-impact role at the heart of Renmoney’s digital banking strategy
• Strong executive visibility and ownership
• A chance to shape reliable, scalable payment infrastructure in Nigeria

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should:
Click here to apply online