The announcement came months after French oil-gas company Total signed an eight-year sponsorship deal with CAF reportedly worth more than one billion dollars (915 million euros).
Winners of the biennial Africa Cup of Nations will receive $4 million, up from the $1.5 million pocketed by 2015 champions the Ivory Coast.
CAF Champions League title-holders are going to collect $2.5 million -- $1 million more than South African club Mamelodi Sundowns received last month.
There is an even bigger percentage increase for winners of the second-tier CAF Confederation Cup with first prize increasing from $660,000 to $1.25 million.
Both the Champions League and Confederation Cup group phases -- where prize money kicks in -- will expand next year from eight to 16 clubs.
Winners of the annual CAF Super Cup match between Champions League and Confederation Cup title-holders pocket $100,000, a 33.3 percent rise.
The biennial African Nations Championship for home-based footballers is another competition to get a cash boost with first prize climbing by $500,000 to $1.25 million.
Travel costs are a huge challenge for African teams with flights from one country to another often involving lengthy stop-overs in the Middle East and Europe to trim expenses.
Clubs like Sundowns are better placed because the Pretoria-based outfit is owned by mining magnate Patrice Motsepe.
But in poorer African countries, teams rely on government financial assistance to play in CAF and FIFA competitions.