Preheat your oven to 350°F (175°C). Line a muffin pan with cupcake liners.
In a medium bowl, whisk together the all-purpose flour, baking powder, and salt until well combined.
In a large mixing bowl, beat together the granulated sugar and vegetable oil until well blended. Then add in the egg, mashed bananas, milk, and vanilla extract until fully incorporated.
Gradually add the dry mixture into the wet ingredients while stirring gently until just combined; do not overmix.
Spoon the batter evenly into the prepared cupcake liners filling each about two-thirds full. Bake for approximately 18-20 minutes or until a toothpick inserted comes out clean.
Once baked, allow cupcakes to cool completely on a wire rack before frosting with vanilla buttercream and drizzling with chocolate ganache topped with sprinkles and cherries.