Kenyans rush for state loans hours after launch
The loan must be repaid in full within 14 days, and there will be an 8% yearly interest fee that is calculated daily.
Boakyewaa Lawrencia 
Just one day after its start, more than a million Kenyans have signed up for a government loan program aimed at the country's young people and informal traders.
President William Ruto announced the Hustler Fund initiative on Wednesday, and it has already given borrowers over 400 million shillings ($3.3 million; £2.7 million).
The co-operatives minister was quoted by local media as saying that the loans were quickly taken up, with up to 600 transactions taking place every second, but that this gradually subsided.
By dialing a USSD code or utilizing an application on their mobile phones, borrowers can have access to the funds.
Individual borrowers can get loans from $4 (£3) to $408 starting at any time. At a later time, loans for organizations and small businesses will be made available.
The loan must be repaid in full within 14 days, and there will be an 8% yearly interest fee that is calculated daily.
The president who took office in September ran on a platform that included the creation of the fund.
He has hailed the fund, which aims to assist more than eight million people, as a lifeline for young people, women, and low-income groups who are unable to obtain loans from traditional lenders.
