The conditional cash transfer programme (CCT) for poor families was terminated in Mexico in 2019. CCTs seek to fight poverty under a social investment logic by promoting the formation of human capital through the compliance of behavioural conditionalities. The programme – the first of its kind introduced at national level – accomplished several achievements and was maintained and developed by three successive federal administrations. As the backbone of anti-poverty policy for more than two decades, its achievements included delivering positive results to a significant proportion of the population; and triggering the expansion of social policy beyond social insurance. As a result, it was emulated by governments across the globe. A programme of these characteristics would have been expected to generate path dependency and policy stability, yet it was swiftly terminated with practically no opposition. This article applies a framework of historical institutionalism to analyse the feedback effects developed during the duration of the programme from the perspectives of beneficiaries, in order to contribute to the explanation of its termination. The research is based on qualitative empirical data from interviews with former beneficiaries. Our findings show that self-undermining mechanisms linked to a ‘hard’ design and implementation of conditionalities counterbalanced the self-reinforcing mechanisms derived from the benefits supplied by the programme, causing beneficiaries to become apathetic towards its continuity or termination. Conclusions yield theoretical insights that might serve to examine policy feedback in similar contexts, as well as lessons for policymakers regarding the design and implementation of social programmes.