Heat oil in a large saucepan to 350 degrees F (175 degrees C).
Mix pancake mix and water together until batter is smooth. Dip each banana slice in the pancake batter until fully coated.
Fry coated banana slices, 3 to 4 at a time, in the hot oil until lightly browned, about 1 minute per side; remove with a slotted spoon and transfer to a paper towel-lined plate. Sprinkle pancake pops with sugar and cinnamon.