Purpose: This study assesses the impact of macroeconomic variables on Financial Inclusion (FI). In particular, the impact of the GDP per capita, inflation, unemployment and female force population on financial inclusion.Design/Methodology/Approach: Using the World Bank dataset for 25 (high income, Latin America and Africa) countries from 2004 to 2018. We employ a panel data analysis to analyze the determinants of financial inclusion. This approach is used by Gebregziabher and Makina (2015) in their research focus on FI in African countries.Findings: The simple distribution of countries in terms of their achievements of financial inclusion index finds, 52 per cent of the countries fall in the lowest category (7 African and 6 Latin American countries), 32 per cent and 16 per cent are in the medium and high categories, respectively. We use four different types of Panel data to capture heterogeneity across samples, and choose the fixed effects model that leads to estimated unbiased coefficients.Practical implications: Results suggest there is a strong and positive impact of GDP per-capita on financial inclusion; unemployment rate has a positive sign on FI, and heterogeneous results for the inflation rate, and the share of female population in the work force. Inflation rate seems to have a negative effect on financial inclusion in countries with higher rates, and women seems to have a lower probability of be financial included in Latam countries.Originality/Value: In our estimations, we found mixed results in terms of gender. For Latam and African countries, there is a negative effect of the share of women. In Latam countries is significant at 1 %. We hypothesized this outcome as women in lower income countries have an even smaller income than men and increase demand for cash more than financial services, and are less likely to receive loans from the bank system. In contrast, for high income countries women participation has a positive and significant impact on financial inclusion.