Whisk water, egg and oil in a large bowl. Add yeast and flour. Whisk until smooth. Cover batter and let rise at room temperature for about 1½ hours until almost doubled.
Stir in coconut, sesame seeds and nutmeg.
Cut bananas on diagonal into half inch thick slices. Add bananas to batter and coat bananas completely.
Pour safflower oil into large heavy bottomed pot to 2 inches deep. Heat oil to 350 degrees F.
Using a fork, pick up individual banana pieces and transfer to hot oil. Fry bananas 3 to 4 minutes until golden. Drain on paper towels.
Serve warm drizzled with honey.