By reading/clicking “I Agree”, ticking the acceptance box, completing registration, or downloading, installing, accessing, or using the Mukto Pay mobile application, website (www.muktopay.com), USSD channel (*525#), agent/merchant network, or any other channel through which Mukto Pay services are offered (collectively, the “Services” or “Platform”), you confirm that you have read, understood, and agree to be bound by these Terms in their entirety, together with our Privacy Policy and any service-specific terms displayed at the time you use a particular feature.

If you do not agree with any part of these Terms, please do not register for, access, or use the Services. Your continued use of the Services after any revision to these Terms constitutes your acceptance of the revised Terms.

You confirm that you are using the Services within Bangladesh, in compliance with the laws, rules, regulations, and guidelines issued by the Government of the People’s Republic of Bangladesh, Bangladesh Bank, and other competent regulatory authorities, as applicable and as may be amended from time to time.

1. Definitions

• “Account” or “User Account”: Mukto Pay wallet/account opened by a User against a registered mobile number.

• “Add Money”: Process of transferring funds from a linked bank account, card, or mobile financial service into a User’s Mukto Pay Account.

• “App”: Mukto Pay mobile application available for Android and iOS devices.

• “eKYC”: Electronic Know Your Customer verification carried out during registration and, where required, on an ongoing basis.

• “MFS”: Mobile Financial Services; e-money and payment services provided via a mobile account, licensed and regulated under the Bangladesh Mobile Financial Services Regulations, 2022.

• “Make Payment”: Using a Mukto Pay Account to pay a merchant, biller, or other payee for goods or services.

• "OTP" means a One-Time Password, a unique, time-sensitive verification code used to authenticate your identity and authorize access to your Mukto Pay Account or specific transactions.

• “PIN”: Personal identification number or password chosen by the User to authenticate transactions on their Account.

• “Send Money”: Transferring funds from one Mukto Pay Account to another Mukto Pay Account.

• “Services”: The payment, wallet, and related services offered by Mukto Pay through the App, website, USSD, or agent/merchant network, as introduced or updated from time to time.

• “Withdraw Money” / “Cash Out”: Transferring funds out of a Mukto Pay Account to a bank account, agent point, or ATM.

2. Eligibility and Account Registration

• You must have attained the legal age required under Bangladeshi law to enter into a binding contract, and must be legally permitted to use mobile financial/payment services in Bangladesh.

• To register for a Mukto Pay Account, you must provide accurate and complete information, including your mobile number, name, date of birth, and a valid identification document (NID, birth certificate, or passport), and complete any required KYC/eKYC process, which may include a live selfie or other biometric verification.

• You may hold only one Mukto Pay Account against a single registered mobile number and NID, and the Account is personal to you and may not be transferred or shared with any other person.

• You are solely responsible for ensuring that the information you provide during registration and thereafter is true, accurate, current, and complete. Mukto Pay shall not be liable for any consequence arising from incorrect or misleading information you provide.

• Once registration is complete, you will set a unique PIN, which you must keep confidential. Your registered mobile number and PIN (or any and every other authentication method we may introduce, such as biometric login) will be used to access your Account.

• Mukto Pay reserves the right to accept or reject any application for registration, or to request additional information or documentation, at its discretion and in compliance with applicable regulatory requirements.

3. Scope of Services

Mukto Pay offers payment and wallet-related services which may include, without limitation, add money, send money, withdraw money, fund transfer, make payment, mobile top-up/recharge, bill payment, and such other services as may be introduced from time to time, subject to these Terms and to the applicable Schedule of Charges published by Mukto Pay. Availability of specific features may vary and may be added, modified, or discontinued at our discretion, subject to applicable law.

4. Using the Payment Services

4.1 Linking a Bank, Card, or Wallet

To use certain features such as Add Money or Withdraw Money/ Fund Transfer, you may need to link a bank account, debit/credit card, or another Mobile Financial Service to your Mukto Pay Account. By initiating a linking request, you authorise Mukto Pay to share the necessary verification information with the relevant

bank, card issuer, or MFS provider, and to debit or credit your linked account through our designated payment processor. Mukto Pay shall not be responsible for any failed linking request caused by incorrect information provided by you, and any issue relating to your linked bank, card, or MFS account should be raised directly with the relevant provider.

4.2 Add Money

You may add funds to your Mukto Pay Account from a linked bank account, card, or MFS wallet, subject to the transaction limits shown in the App. You are responsible for checking all details before confirming an Add Money transaction. If you experience a failed or delayed Add Money transaction, please contact us within 3 working days.so that we can investigate. Additional charges may apply where funds are added using a credit card, as determined by the relevant bank.

4.3 Send Money

You may transfer funds to another Mukto Pay Account by entering the recipient’s Account number and confirming with your PIN and/or one-time password (OTP). You are responsible for verifying the recipient’s details before confirming a transfer; Mukto Pay is not responsible for funds sent to the wrong recipient due to your own error.

4.4 Withdraw Money/ Fund Transfer

You may withdraw funds from your Mukto Pay Account to a linked bank account, through an agent point, or (where available) via ATM/prepaid card, subject to the applicable process shown in the App and any charges disclosed at the time of the transaction. Cash withdrawals ("cash-out") directly from your Mukto Pay Account are not permitted, except through withdrawal methods expressly made available by Mukto Pay. Withdrawals routed through partner banks may be subject to processing times set by Bangladesh Bank’s inter-bank settlement systems (e.g., BEFTN, NPSB, RTGS) and the receiving institution.

4.5 Make Payment

You may pay a participating merchant by entering their Mukto Pay merchant number, scanning a QR/Bangla QR code, or selecting Mukto Pay as a payment method on a merchant’s website or app, and confirming with your PIN and/or OTP. A service fee may apply, which will be disclosed before you confirm the payment.

4.6 Mobile Top-up and Bill Payment

You may recharge a mobile number or pay a registered biller through the App by selecting the relevant operator or biller, entering the required details and amount, and confirming with your PIN. You will receive a confirmation message once the transaction is completed. Billers (especially government billers) have the right to update the bills in their system.

4.7 Transaction Limits

All transactions are subject to minimum and maximum limits (per transaction and/or per day) as shown in the App or otherwise notified to you. Mukto Pay reserves the right to change these limits at its discretion, in compliance with Bangladesh Bank guidelines, and will provide reasonable notice of any material change where required.

5. Account Rules and Your Responsibilities

• You are solely responsible for all activity conducted through your Mukto Pay Account, whether authorized by you or not, except to the extent caused by Mukto Pay’s own error, gross negligence, or willful default.

• You must review your transaction history and Account statements regularly and notify us promptly, and in any event within 7 days, of any discrepancy or unauthorized transaction.

• You will receive SMS and/or in-app notifications for transactions on your Account. Mukto Pay is not responsible for delayed or non-delivery of such notifications caused by your mobile operator or other circumstances beyond our reasonable control.

• Repeated incorrect PIN entries may result in your Account being temporarily locked as a security measure; you will need to verify your identity with us to have it reopened. Please call 16525 for any help.

• Mukto Pay may close an Account that has held a zero balance with no transactions for an extended period (e.g., 12 months), or where required by a legal or regulatory order, subject to applicable law.

• If Mukto Pay suspects fraud, money laundering, or other illegal activity in connection with your Account, we may decline to process a transaction, place a hold on your funds, or take such other action as is reasonably necessary (such as reporting to BFIU), and our determination as to suspected fraud or illegality shall, in the absence of manifest error, be treated as conclusive for the purpose of deciding whether to act.

6. Fees and Charges

Fees applicable to Add Money, Send Money, Withdraw Money, Make Payment, and other Services will be displayed within the App or published in our Schedule of Charges before you confirm a transaction. Mukto Pay reserves the right to introduce, change, or waive fees from time to time, subject to Bangladesh Bank guidelines and reasonable prior notice where required by law. Charges levied independently by your bank, card issuer, or mobile operator (for example, credit card surcharges or SMS/data charges) are outside Mukto Pay’s control and are your responsibility.

7. Device Requirements and Security

• You must take reasonable precautions to keep your PIN, password, OTPs, and device secure, including not writing them down in a recoverable form, not sharing them with anyone (including anyone claiming to represent Mukto Pay), and not leaving the App logged in on an unattended or shared device.

• If you suspect that your PIN, password, or device has been lost, stolen, or compromised, you must notify us immediately and take steps to secure your Account (e.g., by resetting your PIN); you may be liable for transactions made before you notify us of the compromise.

• You are responsible for installing and maintaining reasonable security software (e.g., updated anti-virus/anti-malware) on your device, and for exercising caution when using the Services over public or unsecured networks.

• The App may request permissions such as camera (for eKYC/QR scanning/document capture), contacts (for quick recipient selection), storage (for uploading documents and saving receipts), and location (for finding nearby agents/merchants). We will only use these permissions for the specific purposes disclosed to you, and you may withdraw permissions through your device settings, though this may limit certain features.

• Mukto Pay employs industry-standard security measures, including encryption and fraud monitoring, but no method of transmission over the internet or mobile networks is completely secure, and your use of the Services is subject to inherent technology risks beyond our control.

8. Prohibited Activities

You agree that you will not, and will not permit any third party through your Account to:

• Use the Services for any unlawful, fraudulent, or unauthorized purpose, including money laundering, terrorist financing, gambling, betting, or phishing;

• Impersonate another person or entity, or misrepresent your affiliation with any person or entity;

• Provide false, misleading, or inaccurate information at registration or at any time thereafter;

• Attempt to gain unauthorized access to the Platform, other Users’ Accounts, or any related systems or networks;

• Use automated means (bots, scrapers, crawlers) to access or interact with the Services;

• Introduce viruses, malware, or other harmful code, or otherwise interfere with the proper functioning of the Services;

• Collect unsolicited payments, run pyramid or chain schemes, or send spam through the Services;

• Reverse-engineer, decompile, or attempt to extract the source code of the App, or use the Services to build a competing product;

• Open or operate more than one Account, or operate an Account on behalf of, or using the identity of, another person without authorization;

• Use the Services in a manner that violates any applicable law, regulation, or guideline issued by Bangladesh Bank or any other competent authority.

Where we reasonably believe you have engaged in a Prohibited Activity, we may, without prior notice, suspend or close your Account, decline to process a transaction, place funds on hold pending investigation, report the matter to the relevant authorities, and/or take any other action permitted under applicable law.

9. Authorization to Act on Your Instructions

• By using the Services, you authorize Mukto Pay to act on instructions given, or apparently given, through your Account (including via your registered mobile number, PIN, and/or OTP) without further verification, and to debit or credit your Account accordingly.

• If we reasonably believe an instruction was not properly authorized by you, we may decline to act on it, or reverse an action already taken, and will make reasonable efforts to notify you of such action.

• Once an instruction has been carried out, Mukto Pay will make reasonable efforts to reverse it at your request, but cannot guarantee this is possible, and you agree to bear any cost reasonably incurred by Mukto Pay in attempting such a reversal.

10. Complaints, Disputes, and Refunds

A refund or correction may be considered where, for example, your Account was incorrectly debited or credited due to Mukto Pay’s error, a transaction failed to be completed due to a system error on our end, or you paid successfully but a merchant’s system did not reflect the payment. A refund request will generally not be honored where you entered incorrect account or transaction details, shared your PIN/OTP/security details with someone else, or where the issue results from the underlying merchant’s failure to deliver goods or services (in which case you should raise the matter with the merchant, who may need to authorize or facilitate any refund through Mukto Pay).

• You should report a complaint or refund request as soon as possible, and in any event within 15 business days of the transaction, by contacting our support team with the transaction ID, date, amount, and reason for the complaint.

• We aim to investigate and resolve complaints, or provide you a substantive update, within 15 business days of receiving your complaint, though complex cases (e.g., requiring merchant confirmation or inter-bank coordination) may take longer, up to a maximum that we will communicate to you.

• Approved refunds will generally be credited back to your Mukto Pay Account, and may be full or partial depending on the circumstances and any applicable service charges.

• You may also raise a complaint with Bangladesh Bank or another competent regulatory authority if you are not satisfied with our resolution.

11. Suspension, Termination, and Account Closure

• You may close your Mukto Pay Account at any time by contacting our support team, provided you first withdraw or transfer any remaining balance; any bonus or promotional balance will be forfeited on closure.

• We may decline to close your Account while an investigation, dispute, negative balance, or hold on your Account is pending.

• Mukto Pay may suspend or terminate your Account, with notice where practicable, if you breach these Terms, if required by a legal or regulatory order, or if we reasonably believe suspension or termination is necessary to protect Mukto Pay, other users, or third parties from fraud or other harm.

• On termination, you remain liable for any outstanding fees, charges, or obligations incurred before closure, and any license granted to you to use the App and related materials will end immediately.

12. Intellectual Property

All content, trademarks, logos, software, designs, and other materials made available through the Mukto Pay App, website, and related channels (“Mukto Pay Content”) are owned by Mukto Pay/ NEO PSP LIMITED or its licensors and are protected under applicable Intellectual Property laws. Subject to your compliance with these Terms, we grant you a limited, non-exclusive, non-transferable, revocable license to access and use the App solely for your personal, non-commercial use. You may not copy, modify, distribute, sell, or create derivative works based on the Mukto Pay Content or the App without our prior written consent. Any feedback or suggestions you provide to us may be used by Mukto Pay without restriction or compensation to you.

13. Representations and Warranties

You represent and warrant that you have the legal capacity and authority to enter into these Terms, that all information you provide is true and accurate, and that your use of the Services will comply with these Terms and all applicable laws. If you are using the Services on behalf of a business or organization, you represent that you have full authority to bind that entity to these Terms.

14. Disclaimer of Warranties

The services are provided on an “as is” and “as available” basis. to the fullest extent permitted by law, mukto pay disclaims all warranties, whether express or implied, including warranties of merchantability, fitness for a particular purpose, and non-infringement. we do not warrant that the services will be uninterrupted, timely, secure, or error-free, and your use of the services is at your own risk, subject to any rights you may have under applicable consumer protection law that cannot be excluded.

15. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, MUKTO PAY SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFITS, DATA, OR GOODWILL, ARISING FROM USE OF THE SERVICES. WHERE MUKTO PAY IS FOUND LIABLE FOR ANY LOSS CAUSED BY ITS OWN NEGLIGENCE OR BREACH OF THESE TERMS, OUR TOTAL LIABILITY TO YOU SHALL NOT EXCEED THE TOTAL FEES PAID BY YOU TO MUKTO PAY IN THE SIX (6) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM, EXCEPT WHERE SUCH LIMITATION IS NOT PERMITTED UNDER APPLICABLE LAW.

16. Indemnification

You agree to indemnify and hold harmless Mukto Pay, its officers, directors, employees, agents, and affiliates from any claims, liabilities, damages, losses, and expenses (including reasonable legal fees) arising out of your

use of the Services, your breach of these Terms, or your violation of any right of a third party. This indemnity survives the termination of these Terms.

17. Force Majeure

Mukto Pay shall not be liable for any failure or delay in performance caused by circumstances beyond its reasonable control, including acts of God, war, terrorism, pandemic or epidemic, government action, network or infrastructure failure, or cyber-attack. If such an event continues for an extended period, either party may raise the matter for discussion regarding the future of the affected Service.

18. Data Privacy

Your personal data is collected, used, and protected in accordance with our Privacy Policy, available on our website and App, which forms part of these Terms by reference. By using the Services, you consent to the collection and processing of your personal data as described in the Privacy Policy, including for KYC/AML compliance, fraud prevention, service delivery, and, where you have separately consented, marketing communications. You may exercise your data protection rights (including access, correction, and, subject to our regulatory retention obligations, deletion) as set out in the Privacy Policy.

19. Third-Party Links and Services

The Services may contain links to, or integrate with, third-party websites, merchants, or service providers. Mukto Pay does not control and is not responsible for the content, terms, or privacy practices of such third parties, and your use of any third-party service is at your own risk and subject to that third party’s own terms and policies.

20. Amendments to These Terms

Mukto Pay may revise these Terms from time to time to reflect changes in our Services, applicable law, or regulatory requirements. Updated Terms will be published on our website and within the App, and, where a change is material, we will provide reasonable notice (for example, via SMS, email, or in-app notification). Your continued use of the Services after the updated Terms take effect constitutes your acceptance of them. You are responsible for reviewing these Terms periodically.

21. Governing Law and Dispute Resolution

These Terms are governed by the laws of the People’s Republic of Bangladesh. Any dispute arising out of or in connection with these Terms shall first be referred for an amicable resolution between the parties. If the dispute is not resolved within 15 days of being raised, it shall be referred to arbitration in Dhaka under the Arbitration Act, 2001 of Bangladesh, with each party appointing one arbitrator and the two so appointed jointly appointing a third; the arbitral decision shall be final and binding, without prejudice to either party’s right to seek interim relief from a competent court where necessary.

22. General Provisions

• Entire Agreement: These Terms, together with our Privacy Policy and any service-specific terms, constitute the entire agreement between you and Mukto Pay regarding the Services, superseding any prior understanding.

• Severability: If any provision of these Terms is found invalid or unenforceable, the remaining provisions will continue in full force and effect.

• Waiver: Our failure to enforce any provision of these Terms shall not be treated as a waiver of our right to enforce it later.

• Assignment: You may not assign or transfer your rights or obligations under these Terms without our prior written consent; Mukto Pay may assign these Terms without restriction, including in connection with a merger, acquisition, or restructuring.

• Headings: Section headings are for convenience only and do not affect the interpretation of these Terms.

• Notices: We may provide notices to you via SMS, email, in-app notification, or by posting on our website; such notices are deemed received once sent or posted.

23. Contact Us

If you have questions, complaints, or requests relating to these Terms or the Services, please contact us at:

• Email: support@muktopay.com

• Hotline: 16525

• Address: NEO PSP LIMITED, Plot-4, SW(H), Bir Uttam Mir Shawkat Sharak, Gulshan-1, Dhaka-1212, Bangladesh

BY REGISTERING FOR, ACCESSING, OR USING THE MUKTO PAY APP, WEBSITE, OR SERVICES, YOU CONFIRM THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS.