This article complements existing studies on the incumbency effects of conditional cash transfers (CCTs) by analysing the principal mechanisms by which Mi Familia Progresa (MIFAPRO) in Guatemala became increasingly politicised through clientelistic vote buying and threats of programme expulsion in case of non‐electoral support. It finds that MIFAPRO constitutes an emblematic case with mixed effects that are particularly relevant in the diffusion of CCTs to other developing countries.