The GeoIP library comes with a few options. Here is the full list of the options you can find in the GeoIP system plugin settings:

Sync GeoIP Database

Create a MaxMind GeoLite2 account Link to create a MaxMind GeoLite 2 account.
Create a License Key Link to create a MaxMind License Key.
License Key Enter your MaxMind License Key (see link above).
Database Version This area shows the date of the current GeoLite2 Database version installed on your website.
Sync GeoIP Database Update your GeoIP database to the latest version of the MaxMind GeoLite2 database.
The MaxMind GeoLite2 database gets updated on or just after the first Tuesday of the month.
Re-Download Database Use this to force-download the database even if it is already up-to-date. This can be useful if the database is broken for some reason.

Advanced

Show Notices Select to show a warning message in the administrator when the GeoIP database file is missing or outdated.