If you are using dried beans, soak the dry beans overnight in a container large enough to have 2 inches of water above the layer of dried beans. After they have soaked, drain and set aside.
In a large stock pot or Dutch oven, heat up the oil (with achiote if you have it) on medium-high heat. Once the oil is hot, add in the diced onion and green pepper. Let sauté until soft, about 4-5 minutes.
First, add the salt to the veggies. Then, turn the heat down to medium heat and add in the minced garlic. Stir and cook until fragrant, about 2-3 minutes.
Next, add in the cumin, oregano, smoked paprika and tomato paste. Stir and let bloom and cook, for about 3 minutes.
Next, add in the dried and soaked beans, or add in the canned beans along with their juices. See notes for how to make menestra de frejol with canned beans. Then add in the broth.
Bring the bean stew to a simmer and cover the pot with a lid. Simmer on low heat for 1.5 to 3 hours, depending on the size of your beans. Black beans will take around 1.5 hours, whereas canary beans and pinto beans will take closer to 3 hours. Keep an eye on them and test their tenderness with a fork. Once the beans are tender, take off the heat.
Serve this Ecuadorian bean stew with a scoop of rice, pickled onions, avocado, and patacones, along with a garnish of fresh cilantro if desired. Enjoy!