I don't know anything about bananas but do you know what sex your papaya is or is it a hermaphrodite? If the flowers look like the ones in this pic they are male and will never set fruit.

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Do you have a pic of the female flower?

Sorry I don't. This was an unknown from seed and turned out to be male blooms only. Here's some info on papaya flowers that I copied:

Flowers: The five-petalled flowers are fleshy, waxy and slightly fragrant. Some plants bear only short-stalked female flowers, or bisexual (perfect) flowers also on short stalks, while others may bear only male flowers, clustered on panicles 5 or 6 feet long. Some plants may have both male and female flowers. Others at certain seasons produce short-stalked male flowers, at other times perfect flowers. This change of sex may occur temporarily during high temperatures in midsummer. Male or bisexual plants may change completely to female plants after being beheaded. Certain varieties have a propensity for producing certain types of flowers. For example, the Solo variety has flowers of both sexes 66% of the time, so two out of three plants will produce fruit, even if planted singly. How pollination takes place in papayas is not known with certainty. Wind is probably the main agent, as the pollen is light and abundant, but thrips and moths may assist. Hand pollination is sometimes necessary to get a proper fruit set.

Female and perfect blooms also have a slight swelling at the base of the bloom.
Karyn

Thank you so much for your help. At least I learned something about the papaya.
Kay

Kay, I attached a link below I found on the net...if you scroll appx. halfway down, you will see both pictures of the
male and female...You can compare it to your flowers...Hope it helps!

By the way, sometimes it just takes a little time for the tree to mature before it will be ready to hold fruits. This happened to me. I would get blooms, then fall of, this happened over several months...finally some of them started setting fruit. I had both flowers on my tree.Good luck!

Here is a link that might be useful: Papaya Tree Care/Flowers