The Confederation of African Football today, announced a significant 60% increase on the prize money for the ultimate winner of ongoing Algeria 2023 African Nations Championship (CHAN).

According to a statement from CAF, the decision was confirmed by CAF President Dr Patrice Motsepe in line with CAF’s strategy to increase the commercial value of African competitions.

The Tournament which began on 13 January will be concluded on 4th February at the Nelson Mandela Stadium in Algiers.

CAF say this year’s champions will receive $2million compared to the US$1,250,000 received by the previous champion two years ago.

”The total prize money allocated for the tournament has been increased to US$ 7,900,000 from the US$ 5,450,000 that was paid to all the countries that participated in the previous edition of the tournament two years ago” CAF added.

Also, the runners-up will get US$800,000 while the third and fourth-placed teams will receive $500,000 each.

The four sides that fail to progress beyond the quarter-finalists will get $400,000 each while the two countries that finish second in the groups of three teams will earn $300,000 each, the same amount as countries that finish third in groups of four teams.

The bottom placed teams in all the groups will earn $200,000 each.