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FLORA MAKULE
CFO – RELIANCE INSURANCE
Mentoring, coaching, and volunteering are more than just professional activities; they are the cornerstones of human-centric leadership. This philosophy goes beyond management, recognising the importance of nurturing others to realise their full potential. One leader who exemplifies this approach is Flora Makule, a dynamic and transformational figure in the finance sector. Flora’s leadership style is rooted in her passion for mentoring and her commitment to fostering a culture of growth and accountability, especially among women in finance.
Flora Makule currently serves as Chief Finance Officer (CFO) at Reliance Insurance, Tanzania, where she is instrumental in driving strategic growth and operational excellence. She has over 17 years of banking experience, along with expertise in financial management, risk assessment, and strategic planning.
Among her notable achievements at Reliance Insurance, Flora has been leading the development and refinement of the company’s strategic plans for the periods 2020-2022 and 2023-2025. Under her visionary leadership, Reliance Insurance has been experiencing significant growth, with revenue soaring from TZS 18 billion in 2018 to TZS 44 billion as of 2023. Additionally, she has been overseeing the expansion of the company’s investment portfolio, which has grown from TZS 22 billion to TZS 43 billion during the same period.
One of Flora’s key strengths lies in her ability to navigate complex financial landscapes while fostering innovation. She played a pivotal role in the early adoption of IFRS 9 and IFRS 17, positioning Reliance Insurance as one of the first two companies in Tanzania’s insurance industry to fully comply with these international financial reporting standards. This proactive approach not only ensured regulatory compliance but also mitigated financial risks, reinforcing the company’s reputation for reliability and transparency.
Flora’s expertise in reinsurance further solidified Reliance Insurance’s financial standing, as she successfully led the recovery of TZS 7 billion from an outstanding balance of TZS 10 billion.
Flora is a firm believer in developing talent from within, mentoring and upskilling her team to foster a motivated workforce that is aligned with the company’s strategic goals.
Before joining Reliance Insurance, Flora honed her skills at Akiba Commercial Bank, where she held various leadership positions. As Finance Officer, she was instrumental in identifying income leakages and implementing strategies that boosted the bank’s other income streams. Flora successfully managed the budgeting for the opening of 10 new branches, demonstrating her ability to manage large-scale projects while ensuring regulatory compliance. Her time at Akiba was marked by her keen financial acumen and her dedication to continuous improvement, traits that have become hallmarks of her leadership style.
Flora holds a Master’s degree in International Business from the University of Dar es Salaam Business School and is a Certified Public Accountant (CPA) (Tanzania). She has pursued a variety of specialised programs, including Corporate Social Responsibility, Enterprise Risk Management, and Financial Analysis for Microfinance Practitioners.
She has also undertaken leadership and management training, such as the Advanced Management Programme (AMP) at Strathmore University, the Pan Africa AMP Global Module at IESE Business School in Spain, and the Leading Disruptions, Growth and Scale program at CEIBS in Ghana. Additionally, she holds a Certificate in Insurance from the Chartered Insurance Institute (CII) and is studying for a Virtual Practitioner Diploma in Executive Coaching.
One of the key lessons Flora has learned throughout her career is the importance of adaptability. In the fast-paced and constantly-changing world of finance, she believes that leaders must remain flexible and open to new ideas. This mindset has enabled her to embrace technological advancements and incorporate them into her strategic planning, ensuring that her organisation stays ahead of the curve.
Beyond her immediate professional environment, Flora serves as a Board Member of the Tanzania Association of Women Certified Accountants (TAWCA) and is a Member of several other professional organisations, including the Global Association of Risk Professionals (GARP) and the Chartered Insurance Institute (CII). As a board member, she has been an active participant in shaping policies that promote gender equality and financial literacy, particularly in underserved communities.
Flora is deeply committed to community service, serving as a church elder at Makongo Parish, Tanzania, and actively participating in various fundraising and volunteering initiatives. She is especially passionate about empowering young women to pursue careers in finance, believing that mentoring the next generation of leaders is one of the most meaningful ways to create lasting change.
In addition to her professional and community roles, Flora is a proud mother and a dedicated Rotarian with the Rotary Club of Dar es Salaam, Oysterbay. Her involvement in Rotary has not only broadened her giving spirit to support the less privileged but also expanded her network and strengthened her social commitments, enhancing her ability to make a positive impact.
Flora’s dedication to mentoring, coaching, and volunteering reflects her belief that leadership is about more than just achieving personal success; it is about creating opportunities for others to succeed as well.
