The increase in prize money would not only be for the winners but for all teams involved in the AFCON. Runners up will now receive $2 million, a 100 percent increase; semi-finalists bag $1.5m, up from $750,000, and quarter-finalists pocket $800,000, an increase from $600,000 in the past.
Third-place finishers in the group stage will receive $575,000, up from $500,000, while bottom-placed sides would now receive $475,000, an increase from $400,000, totaling the overall prize money from $10 million to $16.4 million for the AFCON.
According to CAF, the new development will also affect other of its competitions across the continent.
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Champions League will get $2.5million, up from $1.5m, while the Confederation Cup prize money will become $1.25m, up from $660,000.
The increased funding is part of the new deal CAF signed with French multinational integrated oil and gas company, Total in July, to take over the sponsorship of all 10 events organised by the football body.
“The Confederation of African Football (CAF) and Total reached an agreement today under which the Group will become the official sponsor of African football for the next eight years,” CAF said in July.