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This paper examines the effect of financial inclusion on firms’ sales growth in developing countries and also investigates how this effect varies depending on different subsamples (such as during a crisis versus a non-crisis, Asia versus non-Asia, manufacturing versus non-manufacturing, and small- and medium-sized firms versus large- and medium-sized firms). Our first finding is that financial inclusion helps firms increase their sales growth during normal times and in non-Asia regions. After using interaction terms between financial inclusion and financial innovation, our second finding is that financial innovation has a negative impact on the sales growth rate of firms engaging in financial inclusion. Our results provide insights and implications for policy makers and regulators.