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Combine flour, baking powder, nutmeg, and salt in one bowl.
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In another bow, beat egg yolks slightly. Beat in milk, bananas, and oil.
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Add egg mixture to flour mixture all at once. Stir just till combined but still slightly lumpy.
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In small bowl, beat egg whites until stiff peaks form.
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Gently fold beaten egg whites into flour mixture, leaving a few puffs of egg white. Do not overmix!
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Pour batter onto pre-heated, lightly greased waffle maker.
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Bake waffles according to manufacturer's directions.
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Serve hot and fresh. I topped mine with butter and syrup, and they were delicious!