Business Development Manager Job at Interswitch

Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis. We started operations in 2002 as a transaction switching and electronic payments processing, and have progressively evolved into an integrated payment services company, building and managing payment infrastructure as well as delivering innovative payment products and transactional services throughout the African continent. At Interswitch, we offer unique career opportunities for individuals capable of playing key roles and adding value in an innovative and fun environment.

We are recruiting to fill the position below:

Job Position: Business Development Manager

Job Locations: Lagos
Job type: Full-time

Job Summary

• To develop and implement strategic initiatives to enhance Paymate’s Remittance business payment services, oversee and manage all aspects of Paymate’s Remittance business, while ensuring exceptional customer experiences and driving growth.

Key Responsibilities
Business Case Development and Viability Analysis:

• Lead the creation of comprehensive business plans for new remittance services, including financial modelling, market opportunity assessments, and cost-benefit analyses. 
• Conduct feasibility studies to evaluate the commercial viability of new remittance products or market entries. 
• Present business cases to senior management, highlighting potential risks, return on investment (ROI), and strategic alignment with company goals. 
• Continuously review and refine the business plan based on market trends, customer feedback, and financial performance. 

Market Research and Strategy Development:

• Conduct market research to identify emerging trends, customer needs, and potential growth areas in the remittances industry. 

• Develop strategic plans to drive revenue growth, market expansion, and competitive positioning in the remittances sector. 

Partnership Development:

• Identify and establish partnerships with International Money Transfer Organisations, banks, fintech companies, payment processors, and other financial institutions to expand remittance networks. 
• Negotiate and manage contracts with international partners, agents, and distributors. 
• Foster relationships with key stakeholders to secure partnerships that will enhance service offerings and market reach. 

Customer Acquisition and Retention:

• Develop and implement strategies to acquire new customers and increase the volume of remittance transactions. 
• Collaborate with marketing teams to create customer engagement campaigns, loyalty programs, and promotions to drive usage. 
• Monitor customer satisfaction and feedback, making improvements where necessary to enhance the remittance experience. 

Regulatory Compliance:

• Stay updated on remittance regulations, anti-money laundering (AML) laws, and other relevant legal requirements in target markets. 
• Work closely with compliance teams to ensure all remittance operations meet regulatory standards. 

Product Development and Innovation:

• Collaborate with product and tech teams to develop and launch new remittance products or features, ensuring alignment with customer needs and market trends. 
• Lead initiatives for digital transformation, exploring new technologies such as blockchain, mobile wallets, and payment APIs to improve the remittance process. 

Financial Planning, Budgeting and Performance Management:

• Prepare financial forecasts, set sales targets, and monitor budgets to ensure the profitability of the remittance business. 
• Analyse performance metrics and adjust strategies to optimize revenue streams and operational costs. 
• Set clear financial goals, including revenue, profit margins, and transaction volume targets, in alignment with company objectives. 
• Monitor financial performance regularly, using key metrics to assess progress toward meeting business development and revenue targets. 
• Implement strategies to optimize profitability, manage costs, and ensure sustainable growth of the remittance business. 
• Proactively identify and address any shortfalls in financial performance, adjusting plans and tactics as necessary to meet or exceed targets. 

Sales and Account Management:

• Drive the sales pipeline, manage leads, and close deals to meet business development targets. 
• Build and maintain relationships with key clients, ensuring a high level of service and support for their remittance needs. 

Reporting and Analytics:

• Track and report on key performance indicators (KPIs), such as transaction volume, revenue growth, and customer acquisition. 
• Use data and insights to refine business strategies, increase efficiency, and enhance customer experiences. 

Cross-functional Collaboration:

• Work closely with internal teams (marketing, sales, operations, legal, and compliance) to execute business development strategies. 
• Coordinate with international teams to manage remittance services across multiple geographies. 

Requirements
General Education:

• Bachelor's Degree in Science (Degree in Computer Technology, Electronic or Computer Engineering or similar discipline) or Social Science or a degree in any other relevant discipline

Experience Requirement:
General Experience:

• At least 10 years of Managing and operating complex IT systems, preferably in a reputable Financial Institution or FinTech company. 
• Deep knowledge of remittances and payment systems, as well as financial regulations and compliance requirements. 

Managerial Experience:

• At least 3 years of experience in planning, managing, and organising resources within short/medium timescales within the overall policy framework.