The implementation of the Political Funding Act No. 6 of 2018 marked a turning point in South Africa’s democratic consolidation. The Act introduced a system for regulating both public and private funding of political players in a more transparent and accountable manner. Since the Act came into effect in April 2021, the Electoral Commission of South Africa (the Electoral Commission) has overseen its implementation and enforcement. The Electoral Commission has also managed two funds under this Act. We analyse the first four years of implementation of the Act (from 2021/22 to 2024/25), focusing on successes, persistent challenges, and lessons learnt. We employ a qualitative interpretive approach to the implementation of political funding in South Africa. We argue that the Act has advanced transparency and accountability, yet compliance gaps, limited public awareness, legal ambiguities, and resource constraints have limited its full effectiveness. Proposed improvements include strengthening enforcement capacity, integrating technology-driven disclosure systems, expanding civic education, and refining the legal framework. A clearer framework would also help address emerging risks such as
digital campaigning, foreign influence, and expenditure regulation. South Africa’s experience illustrates both the promise and the complexity of institutionalising transparent political finance in emerging democracies.