This paper investigates the effect of digitalization of banking services on the Nigeria economy. Specifically, this was set out to find out if specific digital banking service channels such as use of web pay and mobile pay have an effect on the economy of Nigeria. A 12 year aggregate annual digital banking service data as provided by Central Bank of Nigeria Statistical bulletin was used in this study. A multiple regression procedure was used to determine the significance of the relationship between digital banking service channels and economic performance in Nigeria. The result shows that WEB pay and Mobile Pay all exhibit a strong relationship with Nigeria economic growth. It therefore implies that digitalization of banking service channels are strongly and significantly associated with economic growth in Nigeria. This further reveals that customers in Nigeria are embracing digital methods of banking and therefore it is recommended that banks can still continue to increase awareness about the various digital platforms available to customers to explore.  However, in modern digital global market and banking sector, it is recommended that banks should encourage the consumers’ use of digital ways of banking including Remita, m-Cash, E-bills pay and NIBSS automated payment services.