Use a whisk to thoroughly mix the milk, vanilla essence and instant pudding together until there are no lumps. Then, pour in the condensed milk, mix well, and set aside. It will thicken and set while you prepare your other ingredients.
In a medium-sized bowl whip the cream and powdered sugar into stiff peaks.
When you are ready to assemble your pudding, peel your bananas and slice them into wheels.
Start layering the pudding by starting with a quarter of the wafers on the bottom of the bowl, then spread on some pudding mix, then some bananas, and then some cream. Repeat at least 4 layers in the bowl so that you can see the different layers from the side. Keep it in the fridge until you are ready to serve, then decorate and serve immediately.