Place peanut butter in bowl. Place the hot fudge sauce in a separate bowl. Put both bowls in the freezer to harden while you prepare the base. Ideally, you want them in the freezer for about 30 minutes.
Meanwhile, combine pudding mix and sweetened condensed milk. Once they are well combined, stir in banana slices and pieces of Nilla wafers.
Using electric mixer, beat heavy cream until it forms peaks. Fold whipped cream into banana pudding mixture.
Take peanut butter and hot fudge sauce out of the freezer. Using the edge of a teaspoon, scrape small pieces of peanut butter and fudge sauce and drop the dollops into the base mixture. Using a spatula, gently combine the dollops until they are distributed evenly throughout the mixture.
Place in a 2-quart container, cover tightly and place in freezer for at least 6 hours. Enjoy!