Banda scored four goals for Zambia at the Paris Olympics this summer, including a first-half hat-trick against Australia, to become the top African goalscorer in Olympic history with 10.
He scored 13 goals for Pride in the 2024 NWSL regular season, despite only joining in March.
Spain and Barcelona midfielder Aitana Bonmati came second in the voting, while United States and Portland Thorns forward Sophia Smith finished third.
Norwegian and Barcelona winger Caroline Graham Hansen and American and San Diego Wave defender Naomi Girma were also on the shortlist.
Banda became the second most expensive women’s signing in history, behind her Zambian teammate Racheal Kundananji, when she joined the Pride from Chinese club Shanghai Shengli for $740,000 (£581,000) in March.
“My goal is always to score because I love doing it,” Banda said. “But it all starts with practice, with good training and good conversations with coaches and teammates.
“It hasn’t been easy, but I think hard work and consistency has really helped.”
The Zambia captain, who came 12th in the 2024 Women’s Ballon d’Or, is a former professional boxer who won all five of her fights before focusing on football.
“Growing up in Zambia has never been easy, especially when I was a child. It is very difficult for us to get started in a sport like football,” she said.
“Parents never believed that women could play football, so it was a challenge.
“My mother didn’t support it, but when women’s football started to be recognized in Zambia, she understood and let me do what I love to do most.”
Pride head coach Seb Hines told BBC Sport: “It is fantastic to see Barbra being recognized for what she has done, not only for our club but also for African football.
“She is super humble and a good person and that means a lot to us to have good people on our team.
“She’s a team player and despite all the accolades she’s earned and all the scoring records she has, she puts the team first.”
