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A large literature on elections and clientelism documents a growing array of election campaign activities in African countries, many of which require vast sums of money. Despite increasing sophistication in knowledge of election campaign tactics, there is little systematic knowledge about how candidates and parties raise money and what, if any, constraints they face in doing so. This paper draws on cross-national data from a range of sources to take stock of political financing regulations and practices in African countries. In addition to providing descriptive analysis of the political fundraising landscape across the continent, the paper emphasizes three important yet often overlooked trends: the role of foreign money in African elections, the failure of many public financing programs to level the electoral playing field, and the growing diversity of party-business relationships in structuring political finance. The paper concludes by outlining a research agenda to better understand the causes and consequences of these trends, and their implications for democratic advancement and stability.