Preheat the air fryer to 320°F (160°C).
In a large mixing bowl, combine the mashed bananas, granulated sugar, brown sugar, and vegetable oil. Mix well until smooth.
Add the eggs one at a time, beating well after each addition.
Stir in the vanilla extract.
In a separate bowl, whisk together the all-purpose flour, baking powder, baking soda, salt, and ground cinnamon.
Gradually add the dry ingredients to the wet ingredients, stirring gently until just combined. Do not overmix.
Grease a 7-inch round cake pan that fits inside your air fryer basket or line it with parchment paper.
Pour the batter into the prepared cake pan and smooth the top with a spatula.
Place the cake pan inside the air fryer basket and cook for 25 minutes at 320°F (160°C).
Check doneness by inserting a toothpick into the center of the cake; it should come out clean.
If the cake is not fully cooked, continue air frying in 3-minute increments until done.
Remove the cake from the air fryer and allow it to cool in the pan for 10 minutes.
Transfer the cake to a wire rack to cool completely before slicing and serving.