Abstract This study examines the relationship between financial inclusion and inclusive growth in Tunisia over the period 2006–2021. Using an Autoregressive Distributed Lag (ARDL) approach, the analysis distinguishes between short-run dynamics and long-run equilibrium relationships while accounting for institutional and structural factors. The results confirm the existence of a stable long-run relationship among inclusive growth, financial inclusion, governance quality, human capital, and foreign direct investment. Financial inclusion exerts a positive but transitory effect on inclusive growth in the short run, while its long-run impact remains statistically insignificant. In contrast, governance quality and foreign direct investment emerge as robust long-run drivers of inclusive growth. These findings suggest that financial inclusion is a necessary but not sufficient condition for inclusive growth in Tunisia, underscoring the importance of complementary institutional and structural reforms.