Mukuru is on the prowl for a Rockstar Market Development Manager to join our stellar squad! We're casting our net wide, so if you're in Johannesburg, Cape Town, or Nairobi, and you've got the zest for market magic, we want you! Join the Mukuru adventure and let's turn markets into playgrounds together!
The main purpose of this role is to implement Mukuru's expansion strategy by executing market development initiatives. Working with cross-functional teams, the role is responsible for formulating and implementing market entry and expansion plans, fostering strategic partnerships, and ensuring the successful penetration of Mukuru solutions, primarily focusing on remittances, in diverse and dynamic markets.The Market Development Manager reports directly to the Head of Market Expansion. This position is responsible for implementing the launch of new territories and managing full operations of these new territories in infant stages, up to 2 years.The MDM is required to provide strategic focus and ensure the growth of our existing territories within their portfolio through cross functional collaboration with internal stakeholders.The role is responsible for identifying new business opportunities and analysing the viability of potential future partnerships in existing markets as well managing existing partnerships.
Duties and Responsibilities (Includes but is not limited to):
Market Analysis and Strategy Development
- Conduct comprehensive market research to identify potential new territories for expansion.
- Develop comprehensive market expansion business cases outlining financial projections, risks, key demographics, and market trends.
- Develop and execute go to market strategies for market entry, considering regulatory, cultural, and competitive landscapes.
- Plan and execute new market visits to gain an understanding of market nuances and product fit based on customer needs.
- Provide recommendations for tailoring strategies to meet local market conditions, cultural nuances, and regulatory frameworks, ensuring a nuanced and adaptable approach.
- Analyse market trends and customer needs to create innovative strategies for product development and market penetration.
- Generate detailed competitor analysis reports highlighting strengths, weaknesses, opportunities, and threats in the target markets.
- Lead collaborative efforts with cross-functional teams to conceptualise, design, and develop new financial products tailored to target markets.
- Drive innovation by leveraging emerging technologies and industry trends to continuously lead financial solutions market.
- Contribute to the entire product development lifecycle, and lead projects from ideation to launch, ensuring alignment with Mukuru goals and locally translated customer needs
Expansion Execution and Operations
- Develop detailed market entry plans for each region, including entry timelines, investment requirements, and competitive positioning strategies.
- Implementation of expansion plans, ensuring a smooth entry into new territories and successful market launches.
- Develop and maintain a robust pipeline of strategic partnerships, complete with target organisations, key contacts, and proposed collaboration initiatives.
- Identify, negotiate, and establish strategic partnerships with key stakeholders and regulators in new territories.
- Managing operations for new outbound countries for the initial operations window, up to two years, taking ownership of the P&L, driving revenue growth and profitability.
- Develop plans for local market integration, considering regional variations and collaborating with regional teams to incorporate localised elements into the overall strategy.
- Ensure each new country is fully operational prior to handing over to the operational and sales function.
- Establish a collaborative framework between internal teams, creating a streamlined process for effective communication and cooperation in executing business development strategies, compliant with company standards and regulations.
- Partner with customer support and product teams to improve the customer journey.
- Collaborate with digital experts and IT teams to optimise online platform utilisation strategies.
- Provide regular progress reports , detailing cross-functional collaboration achievements, challenges, and ongoing improvement initiatives.
- Implement a feedback integration mechanism to capture insights from various teams, facilitating continuous improvement and adaptation of strategies.
Risk Management
- Develop and implement comprehensive risk mitigation strategies, identifying potential risks associated with market entry and expansion, and proposing proactive solutions.
- Work with the Compliance team to establish a regulatory compliance framework, ensuring that all market development activities adhere to local regulations and industry standards.
- Work with the legal team to develop and maintain a legal compliance checklist for market expansion activities, ensuring adherence to all relevant laws and regulations in each target region.
- Work with the audit and risk team to generate regular risk assessment reports, providing insights into potential challenges and proposing pre-emptive measures to safeguard the Mukuru's interests.
- Develop contingency plans for identified risks, outlining procedures to be implemented in the event of unforeseen challenges during market expansion.
Performance Monitoring and Reporting
- Generate detailed performance analysis reports, highlighting the success metrics achieved, challenges faced, and areas for improvement in market development activities.
- Conduct benchmarking exercises against industry standards and competitors, providing insights to refine strategies and enhance overall performance.
- Compile periodic reports on stakeholder engagement, outlining interactions with key stakeholders, their feedback, and potential areas for collaboration or improvement.
- Consolidate key recommendations for senior management based on performance analysis, providing actionable insights for optimising market development strategies and achieving organisational goals.
- Negotiate with potential partners in order to obtain mutually beneficial signed contracts
Negotiate and close new partnerships
- Coordinate meetings with new partners
- Prepare all documentation and presentations required for the meetings
- Liaise with Licensing and Compliance department to obtain required licenses
- Negotiating the terms of new agreements, subject to approval from Manager
- Ensure all documentation is in place for the final agreement
- Identify and analyse competitors, and conduct monthly (as well as ad hoc) pricing tests
Communicate effectively between internal business functions and external clients
- Liaise with the internal departments to ensure all stakeholders involved in projects are aware of plans (where applicable)
- Liaise with the relevant parties and Project Manager to ensure understanding of partners requirements
Maintain relationships with partners to provide ongoing support
- Actively engage with partners to ensure partner health improvement
- Manage issues that may arise with partners in a timeous and professional manner, escalating issues to Manager when required
- Ensure the retention of quality partnerships
- Manage concentration risk
- Ensure buy-in from Partners on any system/legal/commercial adjustments
- Manage issues that may arise with partners in a timeous and professional manner, escalating issues to management when required
Manage own professional and self-development
- Attend weekly and monthly performance meeting with Manager
- Attend all required training courses for new products
- Participate in all required compliance training and assignments
Key Requirements:
- Grade 12 / or equivalent (Essential)
- Degree: Business, Finance, Economics or related (Essential)
- Ability to speak French, Portuguese, or Kiswahili (Desirable)
- 8 years' experience in a Business Development or Market Development role (Essential)
- Experience in developing business in African countries other than South Africa (Essential) In a financial industry (Desirable) In a Remittances industry (Desirable)
- Knowledge of payments and remittances
- In-depth knowledge of current trends, dynamics, and emerging opportunities in the global fintech industry
- Knowledge of software capabilities
- Knowledge of business to-business sales and proposal writing
Additional Skills:
- Strategy development and execution
- Effective Communication
- Negotiation skills
- Time management
- Stakeholder management
- Risk management
- Adaptability
- Global Perspective
- Cultural Sensitivity
- Project Management
- Data-Driven decision making
I am sure you are reading this job description and meet majority of the criteria BUT you may also still not be 100% comfortable in applying. We believe that there is a place for everyone under the Mukuru sun and we want YOU to contribute to our diverse tapestry of talent. So come on, take a leap of faith, and send your application if you meet majority of our requirements. Remember to include a snippet of how you will bring value and help us build a future of success that will help us determine where and how you may best be suited” Maybe you are just the future Mukurian we need!!
Should you be appointed in a remote/work from home role at Mukuru, it is your responsibility to ensure that you have uninterrupted internet connectivity and a ‘work-like’ environment at your home location, in order to deliver your best in terms of performance, productivity and service to our customers.If you do not receive any response after two weeks, please consider your application unsuccessful.
NB: ALL STAFF APPOINTMENTS WILL BE MADE WITH DUE CONSIDERATION OF THE COMPANY’S DIVERSITY AND INCLUSION PLANS
