Warm the milk until lukewarm, then crumble in the yeast and add a teaspoon of sugar. Let it stand for 5-10 minutes, until foamy.
In a large bowl, whisk together the flour, the remaining sugar, and a pinch of salt. Crack in the eggs, and add the proofed yeast mixture.
Slowly mix in the melted butter, then add the club soda and vanilla extract. Stir until smooth, creating a light and airy batter.
Cover the batter with a clean kitchen towel and let it rise in a warm place for 45 minutes, or until doubled in size.
Preheat the waffle iron and grease it with butter. Pour in a portion of batter, then cook until golden brown, about 3-4 minutes.
Slice the banana into thin rounds, then spread a thick layer of Nutella on one waffle and arrange the banana slices on top.
Place another waffle on top, then spread with Nutella again and garnish with fresh banana slices.
Dust with powdered sugar, sprinkle with dark chocolate shavings, and serve with a dollop of whipped cream.
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