In a large bowl, whisk together the flour, granulated sugar, baking powder, cinnamon, and salt. In a separate small bowl, beat the egg, then stir in the milk and vanilla extract.
Pour the wet ingredients into the dry ingredients and stir until just combined. The batter should be thick and slightly lumpy. Gently fold in the diced bananas, being careful not to crush them too much so you get nice chunks throughout.
Preheat the air fryer to 375 degrees F. Line the air fryer basket with parchment paper and lightly spray it with cooking spray.
Using a tablespoon or small cookie scoop, drop rounded mounds of batter onto the parchment, spacing them about an inch apart. Flatten them slightly with the back of the spoon. Spray the tops generously with cooking spray.
Cook for 6 minutes, then carefully flip each fritter using a spatula. Spray the tops again with cooking spray and cook for another 4 to 5 minutes until golden brown and cooked through.
Transfer the fritters to a serving plate. Dust with powdered sugar and drizzle with honey while they are still warm. Serve immediately for the best texture.