Abstract
<title>Abstract</title> <p> Financial inclusion positively affects human development in Morocco, evidenced by a long-term structural relationship observed over thirty-three years, despite major macroeconomic disruptions, including the COVID-19 pandemic. While financial inclusion and the Human Development Index (HDI) progress simultaneously, short-term growth in per capita income primarily drives HDI. The effects of financial inclusion are gradual and do not manifest immediately, emphasizing a need for caution in interpreting their impact on well-being. Furthermore, findings reveal that the relationship is symmetrical, differing from regions with higher financial volatility. This suggests that temporary credit slowdowns are unlikely to irreversibly harm human development. Significant reductions in short-term claims and improvements in banking profitability highlighted the dual impact of financial systems on human development. Finally, the study questions the assumption of immediate feedback from human development to financial inclusion, indicating it may occur over a longer time frame. <bold>JEL classification :</bold> O15 ; O40 ; O16 ; C22 ; O55 </p>