The Benjamin Franklin Effect is just another phenomena that falls under the theory of Cognitive Dissonance since the individual is mainly trying to undergo a process of altering their existing behavior by changing or adding further cognitions to modify their thought-processes, behavior, and/or beliefs.
Individuals usually attempt to reduce dissonance as they become more self-aware because they may be afraid to suffer the impending negative consequences that may result as a product of their actions, which can be influenced by their beliefs and/or behavior. An individual may additionally try to justify particular behaviors by focusing heavily on short-term benefits. E.g., think about the various thought processes and internal justifications/changes that can take place within an individual's mindset during a in-depth social interaction between several members of an in-group clique.
The Ben Franklin Effect also focuses on an observation which proposes that when an individual does a favor for someone that they dislike, they are more likely to increasingly warm-up to that person over a period of time.