Even at South African rates, that's low considering risk and other factors towards the programmer.
Furthermore, freelance is generally by billable hour or fixed rate. By billable hour, I mean something built of worth for that hour - that's usually around 80% of actual time spent.
Unfortunately at that rate, the only programmers I can see that will find this offer attractive is: 1. Those who did crash courses and have no real world experience. 2. Programmers who lost their jobs and need something for the interim. 3. Freelancers trying to get into the market (or get clients).
My standard freelance rate at the moment is about $40/hour and I consider myself a pretty good developer with 4 years commercial development experience and have done quite a few freelance gigs (I have been coding for 6 years prior as a hobbyist). I consider this money as my 'spending' money.