Champions of the 2021 Africa Cup of Nations (AFCON) will return home with a prize money of five million U.S. dollars (about N2.8 billion).

The News Agency of Nigeria (NAN) reports that the winners’ prize money was increased from 4.5 million dollars, representing an increase of about 11 percent.

The decision was taken on Friday in Douala, Cameroon during the meeting of the Executive Committee of the Confederation of African Football (CAF).

NAN reports that the prize money increase is beginning with the 2021 AFCON which gets underway on Sunday in Yaounde.

The competition’s runners-up will get 2.75 million dollars in prize money, up from 2.5 million dollars and an increase of 10 percent.

The prize monies for the semi-finalists and the quarter-finalists were also increased, with the total sum of the increase on all prize monies being 1.85 million dollars.

CAF, in a statement, said the increase was in line with its commitment to rewarding merit performance and enhancing the status of the competition, which is now in its 33rd edition.

The new AFCON prize money structure is as follows:

* Winners: 5 million dollars (an increase of 500,000 dollars)

* Runners-up: 2.75 million dollars (an increase of 250,000 dollars)

* Semi-Finalists: 2.2 million dollars (an increase of 200,000 dollars)

* Quarter-Finalists: 1.175 million dollars (an increase of 175,000 dollars) (NAN)