Prizemoney of $180,000 will be up for grabs over all three domestic cricket competitions this summer.
It's the first time New Zealand cricket has offered prizemoney for domestic competitions.
The winning association in the Twenty20 competition will receive $100 thousand while the winners of the one day and Plunket Shield competition will each receive $40 thousand.
Chief executive of New Zealand Cricket David White "prize money has long been a part of professional sport and it's good to recognise the importance of our domestic competitions."
"In doing this we underline the value of our three domestic formats and, not least, the value of the players who contest them."
New Zealand Cricket Players Association chief executive Heath Mills welcomed the introduction of the prize money pool.
"Prize money is an important component in most competitions around the world and provides additional reward to the players who win our premier cricket competitions," said Mills.