In addition to the normal prize money for the winners, the runners up, the Player of the Series and awards for the Man of the Match, a special prize will be awarded for the 'Story of the Tournament'.
The theme for this prize will be devised in consultation with the host broadcaster, SuperSport, and will be adjudicated by a panel of commentators and members of the other media outlets.
The Africa T20 Cup will be contested by CSA's 13 semi-professional teams plus Zimbabwe, Kenya and Namibia.
"This tournament is an innovative and thrilling addition to our cricket," said CSA Chief Executive Haroon Lorgat.
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"It should provide impetus at the start of each season with exciting and competitive playing opportunities plus much needed revenue generating potential for each team.
"We are keen to lead the way in developing an Africa-wide competition. This competition will provide a major incentive for our fringe players and should also help to narrow the gap in playing standards between this level and the franchise competitions."