Preheat oven to 350°F. Line two cupcake tins with liners, set aside.
Combine the cake mix, water, eggs, oil, baking powder, and baking soda in a large bowl and mix until smooth. Fold in the mashed bananas. Scoop into the prepared cupcake tins, filling them about ¾ of the way up. Bake for about 18 to 21 minutes or until golden brown and a toothpick, inserted in the center, comes out clean. Allow to cool down completely.
Using an ice cream scooper, top with a scoop of frosting. Drizzle each with hot fudge sauce (do not warm it). Top with sprinkles and a cherry on each. Eat right away or store in the fridge until ready to eat. Enjoy!