Green’s Dictionary of Slang

banjo (string) n.

[? resemblance]

the frenum, i.e. the ridge of skin connecting the foreskin to the base of the ‘bell end’ of the penis.

[UK]Roger’s Profanisaurus in Viz 87 Dec. n.p.: banjo n. On the penis, that thin ridge of skin connecting the polo neck to the bobby’s helmet (qv).