Kenyans Rush For State Loans Hours After Launch

More than a million Kenyans have registered for a government loan scheme targeting the youth and informal traders just a day after its launch <br />The scheme, known as the Hustler Fund, was launched by President William Ruto on Wednesday and has already disbursed over 400m shillings ($3.3m; £2.7m) to borrowers. <br />Local media reports that the minister for co-operatives as citing an uptake of the loans, with up to 600 transactions per second, hours after the launch – which eased later. <br />Borrowers are able to access the money by dialling a USSD code or using an application on their mobile phones. <br />The loans start from between $4 and $408 for individual borrowers. Loans for groups and small enterprises will be launched at a later date. <br />Borrowers are expected to repay the loan within 14 days, and an annual interest of 8% calculated per day will be charged.