BANBA is just an enroute waypoint. It is easier to enter such points into a computer by giving it a name rather than the Lat/long. All enroute waypoint names are constructed using 5 letters (which sometimes leads to "interesting" names such as DIKAS).
Landing to the south at Lanzarote is "interesting" because there are hills to the north. It isn't however half as interesting as other airfields such as Funchal.
