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.

2. 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

3. 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.

4. 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.

5. 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.

6. 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);

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. Indemnity

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

14. Applicable Version / Language for Clarification

If these Terms and Conditions are written or presented in more than one version or language, the English version shall prevail and be considered the governing version for the purpose of resolving any ambiguity or inconsistency.

15. 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. 

16. Governing Law

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