I'm assuming you are doing this to an assembled playable banjo? If so, I've done this to every banjo I own.

I’ve never heard of a tool for this, but after playing a Telecaster for years, my banjos fretboard edges felt very sharp. A LITTLE TEENY BIT goes a long long long way. And once it's done, it can't be undone. I didn’t necessarily want to “round” my fretboard edge noticeably, rather just wanted to nicely “dress” the edges to take the bite out of them. I did it freehand, using micro mesh pads from Stu Mac. The advantage is you go slow, don’t go too far, get it exactly how you want, and progressively using the finer grit, you can get a smoother nicer finish than even the original factory finish. Make sure any fret sprout is taken care of before you start, or you may end up with scalloped fretboard edges. It's well worth the effort, and turns a good playing neck, into a great playing neck that's pure butter in you hands. I also suspect that this is an important component to a banjo that feels incredibly playable, compared to another, and the player my not realize why. 

Try searching "bow sander" or "sanding bow".

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Originally posted by Dean T

I'm assuming you are doing this to an assembled playable banjo? If so, I've done this to every banjo I own.

I’ve never heard of a tool for this, but after playing a Telecaster for years, my banjos fretboard edges felt very sharp. A LITTLE TEENY BIT goes a long long long way. And once it's done, it can't be undone. I didn’t necessarily want to “round” my fretboard edge noticeably, rather just wanted to nicely “dress” the edges to take the bite out of them. I did it freehand, using micro mesh pads from Stu Mac. The advantage is you go slow, don’t go too far, get it exactly how you want, and progressively using the finer grit, you can get a smoother nicer finish than even the original factory finish. Make sure any fret sprout is taken care of before you start, or you may end up with scalloped fretboard edges. It's well worth the effort, and turns a good playing neck, into a great playing neck that's pure butter in you hands. I also suspect that this is an important component to a banjo that feels incredibly playable, compared to another, and the player my not realize why. 

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I first noticed this 'rounding' when I got my Enoch Trademen last year. It was the first think I experienced when I played it. I am currently restoring an only English banjo and the replacement ebony fingerboard is quite 'sharp' that the edges.

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Originally posted by Maurice McMurry

Try searching "bow sander" or "sanding bow".

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Many thanks for that. Will investigate it.