Drain and rinse the soaked black beans.
In a large pot, heat vegetable oil over medium heat. Add chopped onion and cook until softened and translucent.
Add minced garlic, diced carrot, and bell pepper. Cook for an additional 5 minutes, stirring occasionally.
Stir in ground cumin, paprika, black pepper, and salt.
Add the soaked black beans and mix well.
Add vegetable broth or water, tomato paste, and bay leaf. Bring to a boil.
Reduce heat and simmer for about 1 to 1.5 hours, or until beans are tender. Stir occasionally and add more liquid if necessary.
Remove the bay leaf. Adjust seasoning with salt and pepper if needed.
Garnish with chopped fresh parsley, if desired.
Enjoy your meal!