South Africa’s Political Party Funding Act 6 of 2018 (PPFA) was enacted to promote transparency, accountability, and fair competition in the financing of political parties, with the Electoral Commission of South Africa (IEC) as the regulatory authority. The Act was amended in 2024 to include independent candidates and representatives and was accordingly renamed the Political Funding Act (PFA). The legislation regulates public and private funding, mandates the disclosure of large private donations, and places an annual limit on donations from a single donor to an individual recipient party or candidate. It also establishes the Multi-Party Democracy Fund (MPDF, ‘the Fund’), to which members of the public can contribute. The IEC administers the Fund and makes disbursements to all represented political parties and representatives in accordance with a formula established in terms of the Act. The IEC commissioned the HSRC to undertake a research study to examine the country’s evolving political funding regulatory framework. Drawing on a module of questions fielded as part of the HSRC’s 2024/25 South African Social Attitudes Survey, this article explores public opinion on the PFA and recent changes to South African political finance regulation. The article presents selected findings from the study, examining the public’s views on the institutional role and capacity requirements for ensuring effective oversight and enforcement. In addition, the underutilisation of the MPDF is explored, considering the potential for tax and other incentives to encourage private contributions to the Fund. The acceptability and adequacy of donation disclosure thresholds a reevaluated. Finally, consideration is given to whether South Africa should move from an income-based to an expenditure-based regulatory model to improve funding transparency.