Preheat the air fryer to 320°F (160°C) for 5 minutes.
In a large mixing bowl, combine the mashed bananas, granulated sugar, brown sugar, vegetable oil, eggs, and vanilla extract. Mix well until smooth.
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.
Lightly grease a 7-inch round cake pan or an air fryer-safe baking pan.
Pour the batter into the prepared pan and smooth the top with a spatula.
Place the pan in the air fryer basket and cook at 320°F (160°C) for 25 minutes or until a toothpick inserted into the center comes out clean.
Carefully remove the cake from the air fryer and let it cool in the pan for 10 minutes.
Remove the cake from the pan and transfer it to a wire rack to cool completely before slicing and serving.