Terms & Conditions

Welcome to Swosti Ltd. (“we,” “our,” “us”). These Terms and Conditions (“Terms”) govern your access to and use of our software-as-a-service (SaaS) platforms — mfi-247 and CoopBank-247 — designed for Micro-Finance Institutions (MFIs) and Credit-Cooperatives providing loan, savings and share (for Credit-Cooperatives) facilities in Bangladesh.

By using our services, website, web Application or mobile application, you agree to these Terms.

  1. Definitions
  • “Service” means the Swosti Ltd. software applications — mfi-247 and CoopBank-247 — including all updates, modules, and online interfaces. The terms ‘Service’, ‘Product’ and/or ‘Application’ are interchangeably used in this document meaning the service we offer under the applications – mfi-247 and CoopBank-247.
  • “Client” / “User” means the organization or individual subscribing to the Service.
  • “Data” refers to all information input, uploaded, or generated within the application by the Client.
  • “Agreement” refers to these “Terms and Conditions” together with any Service Order or Subscription Agreement signed between Swosti Ltd. and the Client.
  1. Service Scope

Swosti Ltd. provides mfi-247 and CoopBank-247 on a subscription-based model (SaaS). Clients can access the system via web and mobile platforms to manage:

  • Loan disbursement and collection
  • Savings and deposits
  • Share buy & sell (for Cooperatives)
  • Member registration
  • Reporting and analytics
  • Accounting and other related operations

 

  1. User Accounts and Security
  • Clients are responsible for maintaining the confidentiality of login credentials.
  • Any activity under a Client’s account will be deemed authorized by that Client. Hence, you are responsible for any misuse of the Application and/or Services even if it is by another person or entity using your access to the Application and/or Services.
  • Swosti Ltd. must be informed immediately of any unauthorized use or security breach.
  1. Data Ownership and Privacy
  • All data entered by the Client remains the property of the Client.
  • Swosti Ltd. implements reasonable technical and organizational measures to ensure data security, backup, and confidentiality.
  • By using the Service, Clients agree to our Privacy Policy.
  1. Service Availability
  • Swosti Ltd. aims to ensure 24/7 uptime, except during scheduled maintenance or unexpected outages.
  • While we strive for continuous availability, Swosti Ltd. does not guarantee uninterrupted service.
  1. Use of your Information
    Swosti Ltd. may hold and use information provided by you for a number of purposes, which may include:
  • Carrying out any activity in connection with a legal, governmental or regulatory requirement on Swosti Ltd. in connection with existing or prospective legal proceedings or in respect of any crime or fraud prevention, detection or prosecution.
  • Monitoring and/or recording of your communications for Swosti’s business purposes such as marketing, quality control and training, prevention of unauthorised use of Swosti’s technical systems and ensuring effective systems operation in order to prevent, detect or prosecute any crime or fraud.
  • To provide Swosti Products and Services;
  • For internal record keeping;
  • To improve our Product & Services (we continually strive to improve our Application based on the information and feedback received from you);
  1. Subscription, Fees, and Payments
  • Subscription fees are based on the chosen package or user license or Fee Schedule. Fees &/or Service Charges may change from time to time, which shall be notified through webpage, application page, official letter or any other medium suitable for the purpose of notification.
  • Payments are due as per billing cycle (monthly/annually) and are non-refundable once the service period begins.
  • Failure to make timely payments may result in temporary suspension or termination of service without any prior notice.

 

  1. Support and Maintenance
  • Swosti Ltd. provides technical support via email, phone, or chat during office hours.
  • Software updates and upgrades will be rolled out periodically without additional cost, unless otherwise specified.
  1. Client Responsibilities

The Client agrees to:

  • Use the software only for lawful business purposes;
  • Not misuse, copy, modify, or redistribute the software;
  • Ensure that all data entered is accurate and lawful;
  • Obtain all necessary consents before uploading personal data of its members or customers.
  1. Intellectual Property
  • All rights, titles, and interests in the mfi-247 and CoopBank-247 platforms, including source code, database structure, design, and trademarks, remain the exclusive property of Swosti Ltd.
  • Clients are granted a non-exclusive, non-transferable, limited license to use the Service during their subscription period.
  1. Termination
  • Either party may terminate the Agreement with prior written notice (30 days).
  • Swosti Ltd. reserves the right to suspend or terminate access immediately in case of violation of these Terms or misuse of the platform.
  • Upon termination, Clients may request an export of their data within 15 days. However, a fee may be applicable for the the effort by Swosti, necessary to process and export data on client’s request.
  • In the event that we decide to permanently withdraw the Services, Contents and/or the Site, Swosti Ltd. shall not be liable to you for any ensuing loss or damage occasioned to you from such a suspension, change or termination. Termination shall however not affect your accrued liabilities towards us.
  1. Limitation of Liability
  • Swosti Ltd. shall not be liable for any indirect, incidental, or consequential damages, including loss of data or profits.
  • We do not provide any warranty or guarantee or assume any liability or responsibility as to the accuracy, timeliness, performance, completeness, suitability or otherwise of the information or materials found, offered or represented on our applications or services or products for any particular purpose. You acknowledge that such information, materials, Contents, Services, activities or offers may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
  • If you are dissatisfied or you do not agree with any part of the Site, Application, Services, Contents and/or any of these terms and conditions, your sole and exclusive remedy is to discontinue your use/access of the Site, Application, Products, Services and/or Contents.
  1. Indemnity

Client will indemnify and hold Swosti Ltd. harmless from claims arising from Client Data, Client’s breach, or misuse of the Service.

  1. Amendments

Swosti Ltd. reserves the right to update or modify these Terms at any time. Updated Terms will be posted on our website and will take effect immediately upon posting.

  1. Governing Law

These Terms shall be governed by and construed in accordance with the laws of Bangladesh.

Privacy Policy:

Swosti Ltd. (“we,” “our,” “us”) values your privacy. This Privacy Policy explains how we collect, use, store, and protect your information when you use our software platforms — mfi-247 and CoopBank-247 — provided as Software as a Service (SaaS) for Micro-Finance Institutions (MFIs) and Credit-Cooperatives in Bangladesh.

By using our services, you agree to the collection and use of information in accordance with this policy.

  1. Information We Collect

We may collect the following types of information:

  1. Organizational Information
  • Institution name, license number, and registration details
  • Branch, office, and user role information
  • Contact information (email, phone, address etc.)
  1. User Information
  • User name, designation, mobile number, and login credentials
  • Activity logs (e.g., login time, IP address, device information etc.)
  1. Member/Client Data (Input by the Institution)
  • Beneficiary or member names
  • National ID or other identification numbers
  • Loan, savings and shares (in case of Credit Cooperatives) details
  • Transaction history and repayment records

🛈 This data is owned by the subscribing institution, not Swosti Ltd. We process it solely for service delivery.

  1. Technical & Usage Information
  • Device type, browser type, and app version
  • Log data, cookies (for web interface), and diagnostic information to improve performance
  1. How We Use the Information

We use collected data for the following legitimate purposes:

  • To provide and maintain the mfi-247 and CoopBank-247 services
  • To authenticate users and manage secure logins
  • To generate reports and analytics for institutional use
  • To improve functionality, performance, and user experience
  • To communicate updates, service notifications, or policy changes
  • To carry-out promotion & marketing of our Products & Services, quality control and training, prevention of unauthorized use of Swosti’s Technical systems and ensuring effective systems operation in order to prevent, detect or prosecute any crime or fraud.
  • To comply with legal or regulatory obligations when necessary
  • To improve our Product & Services (we continually strive to improve our Application based on the information and feedback received from you).
  1. Data Ownership and Control
  • All data entered by the subscribing Client remains their exclusive property.
  • Swosti Ltd. acts as a data processor — we do not claim ownership or rights over Client data.
  • Clients may export, delete, or request copies of their data any time during the subscription period. However, a fee may be applicable for the effort by Swosti, necessary to process and export data on client’s request.
  1. Data Security

We take data protection seriously. Swosti Ltd. uses multiple layers of security, including:

  • Encrypted connections (HTTPS / SSL)
  • Secure cloud infrastructure and firewalls
  • Regular backups and disaster recovery procedures
  • Access control and role-based authentication

Despite these measures, no system is 100% secure. Clients are responsible for safeguarding their own login credentials and internal access.

  1. Data Sharing and Disclosure
  • We do not sell, rent, or trade Client data.
  • We may share limited information only when:
  1. Required by law, court order, or government regulation;
  2. Needed for technical service providers or cloud infrastructure partners (who are bound by confidentiality);
  3. Requested explicitly by the Client (e.g., data migration support).
  1. Data Retention
  • Client data is retained for the duration of the subscription.
  • Upon termination or non-renewal, data will be stored for up to 15 days before permanent deletion (unless the Client requests earlier removal).
  • Backups are securely maintained for continuity and disaster recovery.
  1. Cookies and Tracking

Our web platform may use cookies or similar technologies to:

  • Keep you logged in securely;
  • Remember preferences;
  • Analyze traffic and usage trends.
  1. Data Access and Correction
  • Clients can access, review, or correct their institutional data through their user dashboard.
  • For any request to modify or delete information, authorized representatives can contact our support team.
  1. Third-Party Links and Services
  • Our applications may contain links to third-party websites or payment gateways.
  • Swosti Ltd. is not responsible for the privacy practices or content of those third parties.
  • We encourage users to review the privacy policies of any external sites they visit.
  1. Policy Updates
  • Swosti Ltd. may update this Privacy Policy from time to time.
  • All updates will be posted on our website, Application page and, where appropriate, notified to Clients via email or system alert.
  • Continued use of the service after such updates constitutes acceptance of the revised policy.
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