CAPE TOWN, SOUTH AFRICA - JANUARY 19: South Africa during the 2014 African Nations Championship match between South Africa and Nigeria at Cape Town Stadium on January 19, 2014 in Cape Town, South Africa. (Photo by Manus van Dyk/Gallo Images)

Johannesburg - Despite crashing out the African Nations Championship (Chan) at the first hurdle, Bafana Bafana will pocket about R1.3 million in prize money for finishing third in their group, it was announced on Tuesday.

The prize money for Chan would total US3.2m (about R34m) the Local Organising Committee (LOC) said.

The winner of the tournament would earn US750 000 (about R8.1m), the runner-up US400 000 (about R4.3m), and the third and fourth placed teams US250 000 (about R2.7m) each.

The losing quarter finalists would take home US175 000 (about R1.9m) each, the teams placed third in the group stage US125 000 each, and those placed fourth in the group stage US100 000 (about R1m) each.

The tournament, which is being hosted by South Africa, ends on February 1.