Developing cost-effective, readily available materials for efficient hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) in water splitting is a crucial step toward enhancing the profitability and sustainability of energy conversion systems. This research introduces a novel synthesis method for NiFeP/NPC OHs from banana peel bio-waste, a method that could revolutionize the field of materials science and electrochemistry. The use of metallic phosphides, known for their excellent electrical conductivity and catalytic activity, as bifunctional catalysts, combined with the efficient synthesis of nanoporous carbons (NPC) from banana peel bio-waste (BPW), could pave the way for a new era of sustainable and cost-effective energy conversion. By chemically activating different porogens, such as nickel, iron, and phosphorus (NiFeP), to form (oxy) hydroxides (OHs), functional carbonaceous structures with a high density of pores and large specific surface areas can be achieved. The resulting materials, designated as NiFeP/NPC OHs, are characterized by their remarkable porosity, high conductivity, large surface area, and chemical stability. These properties make NiFeP/NPC OHs particularly suitable for electrocatalysis, where they exhibit outstanding activity in both HER and OER. The optimized NiFeP/NPC OHs material shows a very low overpotential of 93 mV for HER and 243 mV for OER at 10 mA cm⁻2 and high durability over 100 h. Moreover, the bifunctional NiFeP/NPC OHs electrode demonstrates exceptional catalytic activity and stability in alkaline solutions. This study not only highlights the innovative synthesis of NPC from BPW and the cost-effective fabrication of NiFeP/NPC OHs but also sparks curiosity about the potential of this novel synthesis method.