Cut the beef into bite-sized pieces and season with salt and pepper.
Chop the onions, bell peppers, and potatoes.
Heat oil in a pot and sauté the beef.
Once the meat turns brown, add the onions and stir-fry.
Add the bell pepper and potatoes, then stir-fry together.
Stir in tomato paste, paprika powder, and garlic.
Add water and bay leaf, then bring to a boil.
Cover with a lid and simmer on medium-low heat for about 40 minutes.
Season with salt and pepper to taste, and it's done.